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Saturday, January 1, 2011
Volume:
27
Issue:
1
Abstract:
On October 22, the Swiss Financial Market Supervisory Authority (FINMA) issued a position paper on legal and reputational risks in cross-border financial services (“Position paper on legal risks”).
1. Background
FINMA explained that the legal and reputational risks associated with international financial services have increased substantially in recent years, to the extent that they have threatened the continued existence of some institutions and have had a destabilizing effect on the economy. The risks impact banks and insurers and other financial services providers involved in cross-border activity...(more)...