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LA TRIBUNE MENSUELLE DES MEMBRES DU GSCGI
I
EMIUM
NV
GSCGI
ICTAE F
www.gscgi.ch
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S ID wealthgram@gscgi.ch
LITATI E
Vol.X — N°106 — Mai 2021
CIFA INITIAL CONTRIBUTOR
AFTER COVID-19, NEW THINKING
ON CREATING REAL VALUE AND
FINANCING THE SDGs?
CIFA’s SIDE EVENT ON THE MARGINS OF THE 2021 UNITED NATIONS’ ECOSOC
“FINANCING FOR DEVELOPMENT FORUM (FfD)”
Tuesday, April 13, 2021 —Videoconference via Zoom conducted by CIFA
“This event has been co-hosted by the Permanent Mission of Uruguay to the United Nations”
Groupement Suisse des Conseils en Gestion Indépendants—www.gscgi.ch
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Vol.X — N°106 — Mai 2021
EALTH
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LE GROUPEMENT EN BREF
Le Groupement Suisse des Conseils en Gestion Indépendants—GSCGI—
est votre Groupement Professionnel Indépendant qui:
▶ Depuis 28 ans, défend auprès des autorités compétentes les intérêts de ses Membres et de
leurs professions, les représentent en Suisse (DFF, SFI, FINMA), en Europe (via la FECIF) et
mondialement (via la CIFA).
▶ Propose d’importantes solutions utiles pour ses Membres, telles que:
• service juridique
• plan-cadre d’assurance RC professionnelle
• contrat-type de gestion discrétionnaire
• contrat-type de conseil financier
• accord cadre de formation continue avec l’AZEK
• permanence fiscale
• accord cadre avec BRP SA pour les risques ‘Cross-Border’ et ‘Suitability’
• solutions externes pour les services de compliance officer et risk control manager
• conférences mensuelles éducatives
▶ Publie le WealthGram, magazine ‘en ligne’ mensuel de ses Membres. Tout ce qui est important
et utile à connaître sur les investissements et leur analyse, l’environnement réglementaire, la
fiscalité, la jurisprudence, etc., vous est présenté chaque mois dans ce magazine.
Éditions récentes...
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Vol. X Vol. X Vol. X Vol. IX
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Membre Partenaire du GSCGI Membre du GSCGI Membre du GSCGI
Groupement Suisse des Conseils en Gestion Indépendants—www.gscgi.ch Groupement Suisse des Conseils en Gestion Indépendants—www.gscgi.ch Groupement Suisse des Conseils en Gestion Indépendants—www.gscgi.ch Groupement Suisse des Conseils en Gestion Indépendants—www.gscgi.ch
Editeur: G S C G I Les informations contenues dans le présent document sont basées sur des articles obtenus auprès des Advisory Committee Director,
auteurs, des services statistiques reconnus, des rapports ou communications des auteurs, ou d’autres
7, rue François Versonnex sources jugées fiables. Toutefois, ces informations n’ont pas été vérifiées par le GSCGI, et le GSCGI ne fait
aucune déclaration quant à leur exactitude ou leur exhaustivité. Toute déclaration de nature non factuelle
Maquette & Réalisation:
ne constitue que des opinions courantes, qui sont sujettes à changement.
CH - 1207 Genève/Suisse Cosima F. Barone
Information contained herein is based on articles obtained from the authors, recognized statistical services,
Tél. +41 (0) 22 736 18 22 issuer reports or communications, or other sources, believed to be reliable. However, such information
has not been verified by GSCGI, and GSCGI does not make any representation as to its accuracy or
www.finarc.ch
secretariat@gscgi.ch
completeness. Any statement nonfactual in nature constitute only current opinions, which are subject
to change.
c.barone@finarc.ch
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SOMMAIRE
2 LE GROUPEMENT EN BREF 20 IN GLOBO
Le Groupement Suisse des Conseils en Gestion Various by CFB.
Indépendants—GSCGI—est votre Groupement
Professionnel Indépendant.
21 ANALYSES & PLACEMENTS
4 ÉDITORIAL
- Surveiller la reprise mondiale. SYZ Group,
Membre Partenaire du GSCGI
Le WealthGram a 10 ans! Questionnaire... - Why More U.S. Inflation Is Right Around the
Corner. Prof. Steve H. Hanke.
5 LE SPONSOR DE MAI 2021
CIFA—Convention of Independent Financial
Advisors. AFTER COVID-19, NEW THINKING
24 LE COIN TECHNIQUE
- Resumption of Downtrend of US$ Index! BEST.
ON CREATING REAL VALUE AND FINANCING - Commodities’ relentless rise may pause mid/
THE SDGs? late Q2. MJT.
7 LES MEMBRES PARTENAIRES DU GSCGI 26 LES CONFÉRENCES DES AMIS DU GSCGI
Retrouvez ici, dans la prochaine édition, les Société Générale—May 19, 2021
Membres Hermès-Elite du GSCGI.
8 LE GSCGI EN EUROPE & MONDE
27 LES CONFÉRENCES MENSUELLES DU GSCGI
Nos Réunions mensuelles et Conférences en
FECIF informs... latest information from: EIOPA, présentiel sont temporairement interrompues.
European Commission, ESMA and EBA.
12 LE GSCGI EN EUROPE & MONDE
28 LA CONFÉRENCE MENSUELLE DU GSCGI
- 22 Avril 2021: Programme de formation
CIFA informs... Program of CIFA’s FfD Side continue LSFin. Accord-cadre AZEK—GSCGI.
Even, co-hosted by the Permanent Mission of - 28 Avril 2021: Services, Produits et Compétence
Uruguay to the United Nations. Fiscale. Accord-cadre BRPSA—GSCGI
13 JURISTES, FISCALISTES & JURISPRUDENCE 30 BOOK REVIEW
- FINMA—Handover of CEO role on 1 May 2021. THE GOD EQUATION: THE QUEST FOR A
- Joint Statement on the U.S.-EU Joint Financial THEORY OF EVERYTHING by Michio Kaku
Regulatory Forum.
31
- La contestation tardive d’opérations bancaires.
- SFI: Le réseau des FinTech vertes présente son CLIN D’OEIL À L’HISTOIRE
plan d’action. Inflation is here. Will it be ‘Transitory’?
19 ASSURANCE RC PROFESSIONNELLE 32 LE SPONSOR DE MAI 2021
Plan-Cadre d’Assurance Responsabilité Civile CIFA—Convention of Independent Financial
Professionnelle pour les Membres du GSCGI. Advisors—www.cifango.org
Groupement Suisse des Conseils en Gestion Indépendants—www.gscgi.ch
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ÉDITORIAL
Le WealthGram a 10 ans!
Le WealthGram, tribune mensuelle des Membres du Le WealthGram se dote d’un nouveau ‘design’ en ce mois
GSCGI, est VOTRE magazine! Il a été créé en 2012 afin de mai 2021.
de vous permettre de communiquer vos connaissances Désireux d’améliorer davantage nos services aux
et expériences professionnelles, vos analyses, votre Membres du GSCGI ainsi qu’aux lecteurs en général, de
vision, vos stratégies d’investissement, ceci aux lecteurs comprendre vos intérêts et besoins actuels, permettez-
en Suisse et au-delà de nos frontières. nous de vous poser ces quelques questions.
Vous, les Membres du Groupement, avez la priorité de Le questionnaire ci-après est court et se compose de 5
publication. A chaque publication de vos articles et de questions.
votre logo & publicité, votre professionnalisme aura une Par avance, nous vous remercions de votre précieuse
visibilité très largement agrandie. participation.
QUESTIONNAIRE — WealthGram — MAI 2021
A retourner SVP au Secrétariat du Groupement.
1. Le WealthGram du GSCGI vous est envoyé une fois par mois. Cette fréquence
est pour vous:
⬜ bonne ⬜ insuffisante ⬜ trop fréquente
2. Quels sujets en particulier attendez-vous de trouver dans le WealthGram?
⬜ financier ⬜ juridique-jurisprudence-régulation ⬜ métiers des GFI
⬜ solutions et services du GSCGI pour les Membres
⬜ analyses ... indiquer préférences _______________________________
⬜ conférences/GSCGI ⬜ conférences/Membres ⬜ conférences/autres
⬜ communication Membres ... ⬜ produits ⬜ analyses ⬜ autres
⬜ autre & commentaire ... _____________________________________
3. Souhaitez-vous une nouvelle rubrique «Boîte à Outils» pour y référencer les
fournisseurs de services qui s’adressent aux GFI? ⬜ oui ⬜ non
Avez-vous des suggestions par rapport à vos attentes? _________________
_________________________________________________________
4. En ce qui concerne le format du WealthGram, préférez-vous:
⬜ des analyses détaillées ⬜ des articles courts
⬜ autre & commentaire ... _____________________________________
5. Avez-vous d’autres suggestions? _________________________________
_________________________________________________________
_________________________________________________________
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LE SPONSOR DE MAI 2021
AFTER COVID-19, NEW THINKING ON CREATING REAL VALUE AND
FINANCING THE SDGs?
CIFA’s SIDE EVENT ON THE MARGINS OF THE 2021 UNITED NATIONS’ ECOSOC
“FINANCING FOR DEVELOPMENT FORUM (FfD)”
Tuesday, April 13, 2021 —Videoconference via Zoom conducted by CIFA
“This event has been co-hosted by the Permanent Mission of Uruguay to the United Nations”
Welcome address by Alejandro KATZ, Representative of the Permanent Mission of Uruguay to
the United Nations...
I’m honored to open today´s event, both because
of the importance of its matters but because of the
institution behind it. It’s a great please to co-host this
event with the Convention of Independent Financial
Advisors (CIFA).
Our cooperation with CIFA has proven extremely
fruitful and I am delighted to be joining this activity
in representation of Uruguay.
The way we envisage the post COVID-19 world is You can count on Uruguay as a partner in this
already a critical question. But when we add the endeavor. You will see us working side by side with
importance of facing the SDGs in this context, we you in providing long lasting solutions in order to
realize that there is a lot of work to do. achieve the goals within the SDG 1 as a top priority.
The economic impact of the COVID-19 pandemic As I have mentioned, it is with a great pleasure to
will strike fearlessly on the implementation of the my country to co-host this event.
17 Sustainable Development Goals. However, it
is the SDG number 1, End poverty in all its forms Thank you very much for your attention.
everywhere where we will see a considerable threat
to its plausible implementation.
Uruguay is transitioning from being a middle-
income country, to a higher per capita one. However,
the effects of the pandemic have shown us how
structural gaps and liabilities can not always be
shown by the sole per capita income measure.
It is in this environment where we find fundamental
to count on the role of the private sector, but also
the civil society and the academia participating
in providing ideas to reduce poverty in such a
challenging environment.
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LE SPONSOR DE MAI 2021
AFTER COVID-19, NEW THINKING ON CREATING REAL VALUE AND
FINANCING THE SDGs?
Introductory Remarks – Tony Mahabir, President of CIFA
Good afternoon Excellencies, fellow heads of NGOs The old adage by the French writer Jean-Baptiste
and distinguished guests! Karr stated in 1849: “plus ça change, plus c’est la
même chose” ... in English: “the more things change,
On behalf of CIFA, I also want to express our deep the more they continue to be the same”.
and profound gratitude and appreciation to our co-
host: The Permanent Mission of Uruguay to the Allow me to share a few but significant things that
United Nations and in particular His Excellency are as revelent and permanent in the post-Covid era
Senior Alejandro Katz! as they were pre-Covid:
1. Society and the private sector have to create real
The achievement of the UN 2030 Sustainable wealth, as they have in the past.
Development Goals could get significantly side 2. Sustainability is wealth creation!
tracked or delayed if we face another financial crisis! 3. Subsidized economies were not sustainable in the
However, we are living in “fantasy land” if we think past and probably won’t be in the future. Let us
that another financial crisis and its destructive not promote “addiction through subsidization”.
behavior are behind us.
We all know that human capital and personal
We are currently still calculating the “financial empowerment cannot be realized to its full potential
destruction” as a result of Covid-19. So far, 225Million unless we eradicate poverty, and promote financial
jobs have been lost worldwide and the International literacy and accessibility.
Monetary Fund projects that, even with the $18
trillion USD that has already been spent to stimulate Finally, could externalities like the creation of “new
economies around the world, the global economy currencies”, “digital gold” if you will, aka crypto
will lose $12 trillion USD, or more, by the end of 2021. which can be issued without a central bank, be the
next weapons of wealth destruction or could it be
From CIFA’s point of view, the question is not strategically deployed as a tool for greater liquidity
whether another “financial crisis” is looming on the around the world?
horizon, but instead how do we create a “resilient,
sustainable, and inclusive” financial infrastructure to We hope our debate today is not only insightful, but
mitigate wealth destruction? through divergent views we can come to agree on
a common set of values and shared understanding
Similar to the broader acceptance on the street with to address these highly complex and international
these evolving times, that the world will be entering challenges before us!
a “New Normal” post Covid-19, one can’t help but
wonder: If this modest goal is achieved today, then CIFA would
▶ Is Monetary Policy going to transition to a “New have met its mandate to contribute constructively
Normal” as well? to this wonderful 2021 Financing for Development
▶ Are the traditional fiscal incentives going to be forum by the UN!
replaced by something newer? So let the great debate begin. I turn you over to our
▶ Is Multi-lateralism dead and a thing of the past? influential Moderator, Dan Mitchell!
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LES MEMBRES PARTENAIRES DU GSCGI
Le Groupement apprécie beaucoup la fidélité des ses Membres Partenaires et tient à les remercier de leur
précieuse collaboration et de leur contribution (sponsorship et articles) au succès du WealthGram.
Retrouvez ici, dans la prochaine édition, les Membres Hermès-Elite du GSCGI.
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LE GSCGI EN EUROPE & MONDE
FECIF informs... Francesco Surace | Analyst
Cattaneo Zanetto & Co. | Rome | Milan | Brussels
www.cattaneozanetto.it
FECIF NewsFlash 60/2021—EIOPA: Discussion by 29 July. The feedback is welcome to all parts
paper on blockchain and smart contracts in of discussion paper covering blockchain, smart
insurance contract and crypto assets use cases in insurance,
related risks and benefits and regulatory barriers as
Executive Summary—The European Insurance and well as possible European approach to blockchain
Occupational Pensions Authority (EIOPA) published and smart contracts in insurance. EIOPA will assess
a discussion paper on blockchain and smart contracts the feedback to better understand and address
in insurance. EIOPA invites stakeholders to provide blockchain developments in the insurance sector as
their views by filling in the EU survey by 29 July. well as the risks and benefits related to them.
Analysis—The aim of the paper is to provide a high- Sources—The discussion paper is available here. The
level overview of risks and benefits of blockchain consultation here.
and smart contracts in insurance from a supervisory
perspective as well as to gather feedback from ***
stakeholders.
FECIF NewsFlash 58/2021—European
On one hand, blockchain has the potential to Commission: new sustainable finance package
deliver key digital opportunities, reduce duplication
of processes, increase process automation and Executive Summary—The European Commission
efficiency, enhance customer experiences, and today adopted a package of measures aimed at
improve data quality. On the other hand, the encouraging capital flows to sustainable assets
adoption of blockchain may also trigger new risks to across the European Union.
insurers, supervisors, and consumers. As blockchain
technology is still evolving, several challenges are Analysis—Today’s (April 21, 2021) measures include:
emerging, such as the complexity of the technology, ■ The delegated act on the climate aspects of the
energy consumption, data protection and privacy, EU taxonomy.
cyber risk, integration with legacy infrastructures, ■ A proposal for a directive on corporate sustainability
or interoperability and standardisation between reporting.
different blockchains. ■ Six amending delegated acts related to fiduciary
duties and investment advice and insurance that
Although the current regulatory and supervisory will ensure that financial firms, such as advisors,
framework can be considered mostly effective asset managers or insurers, include sustainability
to address emerging risks, specific issues should in their procedures and in the investment advice
be considered, based on the evolution of the they provide to clients.
technology and its uses in business processes. It is
important to ensure appropriate understanding by In order to ensure transition in the financial sector,
insurance undertakings and supervisors as well as the elements of the package aim is to improve
proportionate governance policies and processes, the reliability and comparability of sustainability
to guarantee that all relevant risks are identified and information. Aimed at redirecting investor interest
properly managed. towards more sustainable technologies and
businesses, today’s measures are part of the EU
EIOPA invites stakeholders to provide their views institutions’ ongoing efforts to make Europe climate
to this discussion paper by filling in the EU survey neutral by 2050.
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FECIF informs... Francesco Surace | Analyst
Cattaneo Zanetto & Co. | Rome | Milan | Brussels
www.cattaneozanetto.it
1. Delegated act on the climate aspects of the EU 2. A new directive on corporate sustainability
taxonomy reporting
The EU taxonomy is a tool to provide transparency Today’s proposal revises and strengthens the
to companies and investors, who will find in it a existing rules introduced by the Directive on non-
common language that they can use whenever financial disclosure. The European Commission
they invest in projects and economic activities with aims to create a set of rules that will, over time,
significant positive impacts on the climate and put sustainability reporting on an equal footing
the environment. It will also introduce disclosure with financial reporting. EU sustainability reporting
requirements for companies and financial market requirements will be extended to all large and listed
participants. A communication, also adopted by the companies, bringing the number of companies
College today, sets out the Commission’s approach in the EU that will have to comply with detailed
in more detail. standards to nearly 50,000, compared to 11,000
that are currently subject to existing requirements.
The delegated act agreed to by the College of The Commission proposes to develop standards
Commissioners introduces the first set of technical for large companies and separate, proportionate
screening criteria designed to define activities that standards for SMEs, which unlisted SMEs can use
contribute substantially to two of the environmental on a voluntary basis.
objectives under the Taxonomy Regulation: climate
change adaptation and climate change mitigation. Overall, the proposal aims to ensure that companies
The criteria are based on the scientific opinion of publish reliable and comparable sustainability
the Technical Expert Group (TEG) on Sustainable information. The aim is to ensure consistency of
Finance and were defined following a consultation. sustainability disclosures within the financial system
and companies will be required to report on the
The scope of the delegated act covers the economic impact of sustainability issues, such as climate
activities of around 40% of listed companies, in change, on their activities and the impact of their
sectors that are responsible for almost 80% of direct activities on human rights.
greenhouse gas emissions in Europe. This includes
sectors such as energy, forestry, manufacturing, The proposal will also simplify the reporting process
transport and construction. The delegated act for companies, many of which are currently obliged
on the EU taxonomy is an evolving document, to apply a variety of rules and regulatory frameworks.
which will continue to evolve over time in light The proposed EU sustainability disclosure rules are
of developments and technological progress. The expected to be a kind of “one-stop shop” where
criteria will be reviewed periodically so that new companies find a one-stop solution to meet
sectors and activities, including transitional and the information needs of investors and other
other enabling activities, can be added as they are stakeholders.
added.
Regarding the next steps: The proposal will follow
Regarding the next steps: the College of the ordinary legislative procedure. It will need to
Commissioners reached a political agreement on be approved by both the European Parliament and
the text today. The delegated act will be officially the Council. Once approved the directive will need
adopted at the end of May when it has been to be transposed into national law by member
translated into all EU languages. States.
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FECIF informs... Francesco Surace | Analyst
Cattaneo Zanetto & Co. | Rome | Milan | Brussels
www.cattaneozanetto.it
3. Amendments to delegated acts on investment diminish the investment outcome for final investors.
advice and insurance, fiduciary duties, and Clear and understandable information about the
product governance and control impact of costs on the returns that retail investors
can expect to receive is key to allowing investors to
The six amending acts adopted today encourage make informed investment decisions. Ensuring this
the financial system to support both companies that information is made available is a key element in
have embarked on the path to sustainability and meeting ESMA’s investor protection objective.
those that are already sustainable...
■ Investment advice and insurance: when The main findings in the report are the following:
considering whether an investment is suitable for ■ Fund costs: UCITS costs only marginally declined
a client, the advisor will be required to discuss the over time. For one-year investments they were
client’s sustainability preferences with the client. 1.4% in 2019 compared to 1.5% in 2018 on average
■ Fiduciary duties: the changes clarify the across asset classes;
obligations a financial firm has when assessing its ■ Volatile returns: Average gross UCITS fund
sustainability risks, such as the impact of flooding performance depends on market developments
on the value of investments. and varies significantly over time. It amounted to
■ Governance and oversight of insurance 7.7% in 2019, while it reached no more than +0.2%
and investment products: financial product in 2018 for a one-year investment. The market
manufacturers and financial advisors will be impact of COVID-19 falls outside the reporting
required to consider sustainability factors when period;
packaging their products. ■ Retail investors: Retail clients pay on average
around 40% more than institutional investors
Sources—The Delegated act and the proposal for a
across asset classes. A ten-year investment of EUR
directive on corporate sustainability disclosure are
10,000 in a portfolio composed of equity, bond
available upon request from either FECIF or GSCGI.
and mixed funds led to a gross value of around
The texts of the delegated acts on fiduciary duties
EUR 21,800 and EUR 18,600 after costs. Around
are not yet available.
EUR 3,200 in costs were paid by the investor;
■ Risks: Higher risk exposures entailed higher costs
*** irrespective of the asset class;
FECIF NewsFlash 53/2021—ESMA: third ■ Active and passive funds: The evidence on
annual statistical report on the cost and cost structure showed that costs were higher
performance of EU retail investment products for active equity and bond UCITS compared to
passive and UCITS ETFs, ultimately implying
Executive Summary—The European Securities and net underperformance of active equity and
Markets Authority (ESMA) published its third annual bond UCITS, on average, compared to passive
statistical report on the cost and performance of and UCITS ETFs. Top-25% active equity UCITS
European Union (EU) retail investment products. overperformed compared to the top-25% passive
and related benchmarks, at shorter horizons.
Analysis—In the report ESMA finds that the costs However, the cohort of UCITS changes over time
of investing in key financial products, such as making it complicated for investors to consistently
UCITS funds, retail alternative funds, and structured identify outperforming UCITS;
investment products (SRPs) remain high and ■ ESG funds: ESG outperformed non-ESG equity
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FECIF informs... Francesco Surace | Analyst
Cattaneo Zanetto & Co. | Rome | Milan | Brussels
www.cattaneozanetto.it
UCITS mostly due to sectoral factors. According Executive Summary—The European Banking
to the evidence, actively managed ESG funds Authority (EBA) published today a consultation
showed lower costs than non-ESG, not supporting paper on draft regulatory technical standards (RTS)
the view that there is systematic greenwashing by on disclosure of investment policy by investment
ESG funds; firms. The consultation runs until 01 July 2021.
■ Retail AIFs: Retail AIFs, similar to UCITS, showed
high return volatility. While being negative in 2018, Analysis—The draft RTS put forward comparable
gross annualised returns in 2019 were 12% for Fund disclosures that should help stakeholders understand
of Funds (FoFs) and 9% for the residual category investment firms’ influence over the companies in
“Others” that includes investment primarily which they have voting rights and the impact of
focused on equity and bonds. Net returns confirm investment firms’ policies on aspects such as the
what has been observed for gross returns, being governance or management of those companies.
11% for FoFs and 7% for Others; The draft RTS put forward templates and tables
■ SRPs: The analysis on costs and performance for the disclosure of information on the investment
scenarios for SRPs showed that total costs were firm’s voting behaviour, explanation of the votes, and
largely attributable to entry costs and varied the ratio of approved proposal, with the objective to
substantially by country and payoff type. Moreover, show if the investment firm is an active shareholder
there was little difference in simulated returns that generally uses its voting rights, and how it uses
between moderate and favourable performance them. They also include information on the use
scenarios; and of proxy advisory firms that should help address
■ Transparency: There is limited comparability uncertainties about potential conflicts of interest.
across Member States. Heterogeneity and data Finally, they include information on investment
availability issues persisted, as well as lack of firms’ voting guidelines, including, when relevant, a
harmonisation in national regulation. breakdown by geographical zone, economic sector or
topic of the resolution being voted. These disclosure
This report aims at facilitating increased participation requirements apply to class 2 investment firms with
of retail investors in capital markets by providing total assets above EUR 100 million. These firms will
consistent EU-wide information on cost and have to disclose this information in relation to those
performance of retail investment products. It also companies whose shares are admitted to trading on
demonstrates the relevance of disclosure of costs a regulated market and in which the proportion of
to investors, as required by the MiFID II, UCITS voting rights exceeds 5% of all voting rights issued
and PRIIPs rules and the need for asset managers by the company.
and investment firms to act in the best interest of
investors, as laid down in MiFID II, and the UCITS Sources—Please follow this link in order to provide a
and AIFM Directives. feedback. The consultation paper is available at this
link.
Sources—The report is available here.
***
***
FECIF NewsFlash 46/2021—EBA: consultation
on regulatory technical standards on disclosure
of investment policy by investment firms
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INVITATION
LE GSCGI EN EUROPE & MONDE
SIDE EVENT 0N THE MARGINS OF
THE 2021 UN ECOSOC
FINANCING FOR DEVELOPMENT FORUM
CIFA informs...
AFTER COVID-19, NEW THINKING
CIFA’s SIDE EVENT ON THE MARGINS OF THE 2021 UNITED NATIONS’ ECOSOC
“FINANCING FOR DEVELOPMENT FORUM (FfD)”
ON CREATING REAL VALUE AND
Tuesday, April 13, 2021 —Videoconference via Zoom conducted by CIFA
“This event has been co-hosted by the Permanent Mission of Uruguay to the United Nations”
FINANCING THE SDGs?
AFTER COVID-19, Tuesday, AprilNEW 13, 2021THINKING
ON CREATING 01:15REAL
— 02:45pmVALUE AND
Videoconference via Zoom conducted by CIFA
Q & A with the audience:FINANCING THE SDGs?
Panel Discussion: about 1 hour
about 45 minutes (Representatives of Member States, private sector and civil society)
This event is co-hosted by the Mission of Uruguay to the United Nations
PROGRAM
■ Welcome address by Alejandro KATZ, Representative of the Permanent Mission of Uruguay to the United Nations
■ Introductory Remarks by Tony MAHABIR, President of CIFA
PANEL DISCUSSION
Panelists:
William K. BLACK, Associate Professor of Economics and Law, University of Missouri-Kansas City, USA
Steve H. HANKE, Professor of Applied Economics, Johns Hopkins University
Stephanie KELTON, Professor of Economics and Public Policy, Stony Brook University, USA
Joe OLIVER, former Minister of Finance and Minister of Natural Resources, Canada
Stephen B. YOUNG, Global Executive Director, The Caux Round Table for Moral Capitalism, St. Paul, Minnesota, USA
Moderator:
Daniel MITCHELL, Chairman, Center for Freedom and Prosperity
All the valuable information, including
CIFA — CONVENTION UN ECOSOC
OF INDEPENDENT FfD mainADVISORS
FINANCIAL forum program and Side-Events’
— A Non-Profit Foundation program,
CIFA’s side-event program,
A Non-Governmental Organizationthe Welcome
in “general Address,
consultative status”the
with Introductory Remarks
the Economic and and(ECOSOC)
Social Council the main debate
of the video,
United Nations
www.cifango.org
cand be found on...
https://cifango.org/UN-ACTIVITIES
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JURISTES, FISCALISTES & JURISPRUDENCE
FINMA—Handover of CEO role on 1 May 2021
Jan Blöchliger will replace Mark Branson as FINMA CEO ad interim on 1 May 2021.
Michael Waldburger will head the Banks division ad interim from 1 April 2021.
Following the resignation of FINMA CEO Mark The Executive Board has appointed Michael
Branson (press release), FINMA’s Board of Directors Waldburger as a member of the Executive Board
has finalised the details for the handover of power. and head of the Banks division ad interim effective 1
April 2021 until further notice.
As previously communicated, Mark Branson will
hand over the role of CEO on 1 May 2021 ad interim Mark Branson will continue to support FINMA during
to Jan Blöchliger, the current head of the Banks the transition period until the end of May 2021. His
division. Jan Blöchliger will familiarise himself with employment will be terminated after a cooling-off
his new role of interim CEO in April 2021. To enable period on 31 July 2021.
him to do so, he will already hand over the leadership
of the division from 1 April 2021.
Swiss Financial Market Supervisory Authority FINMA
Laupenstrasse 27, 3003 Bern
Phone +41 31 327 91 00, Fax +41 31 327 91 01
info@finma.ch
Lien URL: https://www.finma.ch/en/news/2021/04/handover-of-ceo-role-on-1-may-2021/
***
Retrouvez également la FINMA en chiffres
dans son Rapport Annuel de 2020...
https://www.finma.ch/en/news/2021/03/20200325-mm-jb2020/
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JURISTES, FISCALISTES & JURISPRUDENCE
Joint Statement on the U.S.-EU Joint Financial Regulatory Forum
Washington, DC—U.S. and EU participants in the is likely to continue and cooperative international
U.S.-EU Joint Financial Regulatory Forum (“the engagement to mitigate financial stability risks
Forum”) met virtually on March 24 and 25, 2021, to remains critical.
exchange views on topics of mutual interest as part
of their ongoing financial regulatory dialogue. Participants discussed issues and priorities relating
to sustainable finance, along with addressing
U.S. participants included officials from the climate-related financial risks, consistent with
U.S. Department of the Treasury and staff from their respective mandates. They shared views
independent regulatory agencies, including: the on U.S. administration efforts to tackle climate
Board of Governors of the Federal Reserve System change, and the EU’s implementation of its 2018
(FRB), Commodity Futures Trading Commission Action Plan on Financing Sustainable Growth,
(CFTC), Federal Deposit Insurance Corporation including the Taxonomy, ecolabels and green
(FDIC), Securities and Exchange Commission (SEC), bond standards and the upcoming Sustainable
and Office of the Comptroller of the Currency (OCC). Finance Strategy. The United States provided an
U.S. participants expressed views on issues in their update on sustainable finance-related financial
respective areas of responsibility. disclosures, and EU participants did the same on
the revised Non-Financial Reporting Directive
EU participants included representatives of the proposal and application of the Sustainable Finance
European Commission, European Banking Authority Disclosure Regulation. Participants discussed a
(EBA), European Securities and Markets Authority broader assessment of and possible responses
(ESMA), European Insurance and Occupational to climate-related financial risks. Participants
Pensions Authority (EIOPA), European Central Bank also discussed different areas where cooperation
(ECB), Single Supervisory Mechanism (SSM), and could be intensified moving forward, including in
Single Resolution Board (SRB). international forums like the G20, where the United
States is co-chairing the Sustainable Finance Study
The Forum focused on six themes: Group, the International Platform for Sustainable
Finance, and others.
(1) next steps in the COVID-19 recovery and
mitigating financial stability risks, Regarding banking, participants discussed measures
(2) sustainable finance, taken to ensure that banks can help support the
(3) multilateral and bilateral engagement in banking economic recovery, and the implementation of
and insurance, Basel III reforms. Participants also discussed cross-
(4) regulatory and supervisory cooperation in capital border resolution developments, and FATCA issues.
markets, They also discussed developments in the field of
(5) regulatory and supervisory developments insurance, including the EU’s review of Solvency II,
regarding financial innovation, and U.S. and EU insurance-related pandemic response
(6) anti-money laundering and countering the work, including on public-private partnerships, and
financing of terrorism (AML/CFT) issues. implementation of the U.S.-EU Covered Agreement.
The COVID-19 crisis has had an unprecedented On capital markets, participants discussed their
impact on the global economy, and while the United continued monitoring of the transition from panel
States and the European Union are expected to reference rates and the progress in their respective
experience strong recoveries, heightened uncertainty legislative and supervisory efforts to ensure a
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JURISTES, FISCALISTES & JURISPRUDENCE
Joint Statement on the U.S.-EU Joint Financial Regulatory Forum
smooth transition away from LIBOR. They took stablecoins, and central bank digital currencies.
note of EU efforts to implement public country-by- Participants acknowledged the importance of
country reporting. They also discussed the EU review ongoing international work on financial innovation,
of the Alternative Investment Fund Management with a view to promote responsible innovation and
Directive, and U.S. work on potential reform options international supervisory cooperation.
for money market funds. They also took stock of
ongoing discussions regarding data transfers and the Participants also discussed AML/CFT developments,
registration of EU funds, SEC substituted compliance including pandemic-related fraud and the laundering
for EU-domiciled securities-based swap dealers in of the proceeds, the AML provisions in the National
the United States, and the European Commission’s Defense Authorization Act, and EU AML Action
equivalence decision for SEC-registered central Plan implementation. Participants recognized the
counterparties (CCPs). CCP recovery and resolution potential for enhanced cooperation to combat
developments were also mentioned. Participants money laundering and terrorist financing bilaterally
also discussed CFTC capital and financial reporting and in the framework of FATF.
requirements for swap dealers.
Participants acknowledged the importance of the
The participants acknowledged the constructive audit Forum in fostering ongoing financial regulatory
oversight cooperation over the past decade between dialogue between the United States and European
the Public Company Accounting Oversight Board Union, and agreed that regular communication on
(PCAOB) and EU audit regulators, and recognized regulatory and supervisory issues of mutual concern
that the European Commission’s adequacy decision should support financial stability, investor protection,
supports continued cooperation in the interest of market integrity, and a level playing field.
investors and capital markets. The participants
welcomed the European Data Protection Board’s Participants will continue to engage on these topics,
recently issued positive opinion on a data protection as well as on other topics of mutual interest ahead
agreement between the PCAOB and the French of the next Forum meeting, which is expected to
competent authority. take place in the summer of 2021.
In addition, participants shared views on regulatory
and supervisory developments regarding financial
innovation and recent efforts by the United States
and the European Union to improve operational
resilience in the financial sector. Participants
also exchanged views on recent developments
and regulatory proposals involving new forms of
digital payments, including crypto-assets, so-called https://home.treasury.gov/news/press-releases/jy0084
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JURISTES, FISCALISTES & JURISPRUDENCE
La contestation tardive d’opérations bancaires
...article de Célian Hirsch—Centre de droit bancaire et financier—https://cdbf.ch/1178/
À quelles conditions une clause de réclamation de USD 500’000.-. Surprise et choquée, la cliente se
déploie ses effets? Dans un arrêt du 1er décembre plaint auprès de l’ancien chargé de relation de n’avoir
2020, la Cour de justice genevoise se penche sur cette jamais été informée de ces pertes.
problématique à l’aune d’une affaire dans laquelle
la cliente aurait tardé à contester des opérations Après avoir demandé et reçu l’intégralité des relevés
prétendument effectuées sans instruction (ACJC bancaires, la cliente confirme à la banque qu’elle
1747/2020, entré en force). les a bien examinés. Plus de trois mois plus tard, la
cliente se retourne contre la banque en alléguant
La cliente, qui a étudié la finance et travaillé au sein qu’elle n’avait jamais autorisé les opérations forex.
d’une banque en Angleterre, ouvre un compte à De son côté, le chargé de relation affirme n’avoir
Genève. Elle n’octroie aucun mandat de gestion de jamais effectué d’opérations sans instruction de la
fortune ou de conseil en placement à la banque. Elle cliente. Néanmoins, aucune trace d’instructions
signe la documentation contractuelle, qui comprend relatives à des opérations sur le marché des changes
notamment une clause de banque restante et une ne se trouve dans le dossier de la banque ou dans
clause de réclamation. Cette dernière a la teneur les enregistrements d’entretiens téléphoniques. La
suivante: cliente allègue également qu’elle n’avait pas reçu
la documentation bancaire lorsqu’elle a signé les
«Any complaints of the Account Holder regarding the accusés de réception.
execution or non-execution of orders of any kind, or
objections to a statement of account or safekeeping Saisi d’une demande en paiement de USD
account, or other communications, shall be submitted to 1’070’582.-, le Tribunal de première instance déboute
the Bank immediately, or at the latest no later than one la cliente. Il laisse ouverte la question de l’existence
month after receipt of the corresponding advice. (…) The d’instructions de la cliente. En effet, la cliente a, en
Account Holder shall bear any damages and/or losses tout état, ratifié les transactions. Vu ses connaissances
resulting from late objections. (…)». et son expérience dans le domaine bancaire, il est
peu vraisemblable qu’elle ait signé des accusés de
La cliente et son chargé de relation développent une réception sans avoir reçu la documentation banque
relation d’amitié. Ils échangent régulièrement par restante. Elle pouvait par ailleurs comprendre, grâce
téléphone et courrier électronique. À deux reprises, la sa formation dans la finance, que son portefeuille
cliente signe un accusé de réception confirmant que comprenait des positions forex. Même si les parties
la correspondance banque restante lui a été remise. étaient liées par une relation execution only, la cliente
devait vérifier les documents remis. À défaut de
Lors du départ du chargé de relation, un nouveau contestation dans le délai, la cliente était réputée
chargé appelle la cliente pour lui demander ce avoir ratifié les opérations litigieuses.
qu’elle veut faire avec les opérations sur le marché
des changes, lesquelles avaient engendré des pertes
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JURISTES, FISCALISTES & JURISPRUDENCE
La contestation tardive d’opérations bancaires
...article de Célian Hirsch—Centre de droit bancaire et financier—https://cdbf.ch/1178/
Sur appel de la cliente, la Cour de justice se penche expérience en matière bancaire, elle pouvait, ou
sur la fiction de ratification découlant de la clause de à tout le moins devait, comprendre la portée de
réclamation. ces relevés de compte. Elle a d’ailleurs elle-même
affirmé, dans un courriel adressé au nouveau
La Cour de justice commence par rappeler la chargé de relation, qu’elle avait examiné de manière
jurisprudence du Tribunal fédéral relative à la minutieuse la documentation remise. Elle a
validité de telles clauses. En particulier, la fiction de cependant attendu plusieurs mois, après ce dernier
ratification s’applique aux opérations que le client courriel, pour contester les opérations litigieuses.
aurait dû découvrir en y prêtant l’attention que les
circonstances permettaient d’exiger de lui. Par conséquent, la cliente a ratifié les opérations
litigieuses en recevant effectivement la
La clause de réclamation est parfois jumelée d’une documentation pertinente qu’elle pouvait et devait
clause de banque restante, laquelle entraine une comprendre et sans s’y opposer dans le délai de 30
fiction de réception. Lorsque la banque s’écarte jours. L’appel est ainsi rejeté.
intentionnellement des instructions de son client
alors que rien ne le laissait prévoir, la banque Cet arrêt, qui examine de manière précise la
commet un abus de droit en se prévalant de cette jurisprudence du Tribunal fédéral, est une bonne
double fiction (réception et ratification). Cela étant, piqure de rappel de la portée des clauses de
le Tribunal fédéral a récemment considéré que réclamation, ainsi que de la méthode à suivre afin de
cette jurisprudence n’était pas applicable lorsque le juger de leur validité.
client avait reçu la documentation et qu’il pouvait
ou devait se rendre compte de l’irrégularité des Le tribunal examine d’abord si la documentation
opérations (4A_449/2018 commenté in cdbf. a été effectivement remise. Dans la négative, la
ch/1061). Il convient alors de constater l’étendue jurisprudence relative à l’abus de droit s’applique (cf.
des connaissances du client afin de déterminer s’il cdbf.ch/1028/ et références citées). Si les documents
était en mesure d’appréhender la documentation ont été remis, le juge constate dans un deuxième
bancaire. temps si le client devait ou pouvait se rendre compte
de l’irrégularité des opérations. S’il ne dispose pas
En l’espèce, la Cour de justice ne tranche pas la des connaissances ou d’expérience suffisantes, la
question de la réception effective des documents clause de réclamation est inefficace. Dans l’autre
lors de la signature des accusés de réception. En hypothèse, le juge vérifie en dernier lieu si le délai
effet, la cliente a reçu en tout état la documentation d’opposition contractuel, en règle générale 30 jours,
par courrier électronique après la discussion a été respecté. S’il n’a pas été respecté, l’abus de
téléphonique avec le nouveau chargé de relation. droit peut à notre avis encore s’appliquer, bien que
Elle était ainsi, dès cette réception, informée des de manière plus restrictive par rapport à la situation
opérations litigieuses. Vu sa formation et son dans laquelle la documentation n’a pas été remise.
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JURISTES, FISCALISTES & JURISPRUDENCE
SFI: Secrétariat d’État aux questions financières internationales
Le réseau des FinTech vertes présente son plan d’action
Le 8 avril 2021, le nouveau réseau qui réunit des start-
up et des experts du domaine des FinTech vertes a
présenté un plan d’action pour une place financière
suisse verte et innovante. Ce plan est conforme à
l’objectif du Conseil fédéral qui est de faire de la
Suisse l’un des principaux centres mondiaux de
services financiers numériques et durables.
Le réseau des FinTech vertes a été créé en novembre
2020, avec la collaboration du Secrétariat d’État
aux questions financières internationales. Le
plan d’action présenté par le réseau contient 16
propositions concrètes qui sont axées sur l’avenir et
qui visent à combiner technologies numériques et
finance durable. Ces propositions vont de la création
d’une plateforme de données sur la durabilité à la
promotion de l’open finance ou à l’extension des
possibilités de financement des FinTech vertes, en
passant par le lancement d’un concours d’innovation
pour les start-up de ce domaine.
Le réseau entend que ses propositions incitent les
autorités, les associations, les milieux scientifiques
et les entreprises à réaliser des innovations
prometteuses. Les propositions feront l’objet d’une
vaste discussion lors d’une table ronde présidée par
le conseiller fédéral Ueli Maurer le 19 mai 2021.
Lien URL: https://www.sif.admin.ch/sif/fr/home/dokumentation/fokus/green-fintech-action-plan.html
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ASSURANCE RC PROFESSIONNELLE
Plan-Cadre d’Assurance Responsabilité Civile Professionnelle
... pour les Membres du GSCGI
Le GSCGI offre à ses membres une couverture cadre à l’abri de situations inattendues et génératrices de
d’assurance exclusive, négociée avec les assureurs conséquences financières parfois dévastatrices.
ZURICH et LIBERTY. Ces deux assureurs sont Pratiquement, les Membres pourront s’adresser
nos partenaires exclusifs autorisés à présenter les au Secrétariat du GSCGI, ou à la Commission
couvertures des risques (ci-après) aux conditions Assurances, pour obtenir tous les renseignements.
préférentielles pour les Membres du GSCGI. Un formulaire/questionnaire spécifique du GSCGI
Ces couvertures étendues et complètes — a été édité pour obtenir les offres des assureurs, il
Responsabilité civile professionnelle (RCPI) figure sur le site web du Groupement et est donc à
couvrant également les cas de médiation; disposition des Membres. Il devra être complété par
Responsabilité des dirigeants (D&O); Assurance le gestionnaire de fortune et le Conseiller financier
Fraude (FR); Assurance Cyber (AC) — offrent une pour demander les offres avec la preuve de sa
sécurité accrue aux Gestionnaires de fortune et qualité de Membre et envoyé confidentiellement au
Conseillers financiers dans leur activité quotidienne. courtier Patrimgest.
L’assurance professionnelle met les professionnels Le GSCGI n’a pas accès à ces informations.
COUVERTURES D’ASSURANCES
Responsabilité civile professionnelle (RCPI) d’une filiale. Font aussi partie les conflits du travail: licenciement abusif,
Elle couvre les actes fautifs commis par la société du gérant indépendant discrimination, harcèlement.
ou l’un de ses représentants en cas d’erreur, d’omission dans le cadre de Qui est assuré? Tous les dirigeants exécutifs et les administrateurs
l’activité professionnelle qui entraînerait un préjudice financier d’un tiers. ainsi que leur famille directe.
Les fautes les plus courantes sont: Quelle est la couverture?
— Mauvaise exécution d’un ordre — Les frais engagés pour la défense des assurés à titre privé
— Oubli d’un délai — Les dommages et intérêts dus au lésé après jugement et condamnation
— Non respect de la stratégie convenue — Les réparations résultant d’un accord amiable (après acceptation de
— Rupture abusive d’un crédit l’assureur)
— Défaut de conseil
Assurance Fraude (FR)
— Délit de fraude fiscale
L’évolution technologique et économique des sociétés financières a
Qui est assuré?
beaucoup évolué et les risques au sein de ces entreprises aussi. Le risque
1 L’institution financière et/ou ses filiales
de fraude devient élevé dans les services financiers surtout en fonction
2. Toutes les personnes physiques agissant dans l’exercice de leur
de l’importance croissante des équipements informatiques. L’infidélité et
fonction dans la société (salarié, stagiaire, dirigeant, administrateur)
la malhonnêteté des employés sont aussi une source de fraude. L’usage
Quelle est la couverture? L’assureur va payer:
■ Les frais de médiation intensif d’Internet fragilise les services en terme de risques de sabotage ou
■ Les frais engagés pour la défense des assurés de terrorisme cybernétique. Des fraudes peuvent aussi être commises sur
■ Les dommages et intérêts dus au lésé après jugement et condamnation les marchés ou sur l’octroi des crédits.
■ Les réparations résultant d’un accord amiable (après acceptation de Qui est assuré? L’entreprise
l’assureur) Couverture d’assurance: Une telle assurance a pour but de garantir les
pertes subies par la société suite à la fraude:
Responsabilité des dirigeants (D&O) 1. Commise par un ou plusieurs employés y compris la fraude
En tant que dirigeant de votre entreprise, vous n’êtes pas à l’abri de
informatique et le transfert de fonds
revendications à titre personnel même s’il s’agit d’une erreur d’un employé.
2. Fraude informatique interne ou externe (hacking)
En effet, un lésé peut aller chercher une responsabilité personnelle vers
3 Frais de procédure et honoraires d’avocat
le directeur ou l’administrateur de la société pour obtenir réparation du
préjudice sur les biens propres du dirigeant. Assurance Cyber (AC)
Il peut vous être reproché une mauvaise décision ou de ne pas avoir pris Le risque cyber peut affecter l’activité des Gestionnaires de fortune
une décision, d’avoir fait un choix stratégique contraire au but social, indépendants et des Conseillers financiers.
d’avoir effectué des investissements hasardeux, communication financière Couvertures: Cyber-RC, restauration des données et des systèmes, gestion
insuffisante ou erronée, manque de surveillance des dirigeants ou des crises & perte d’exploitation.
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