Brazil and Switzerland sign cooperation agreements
The resolutions aim to intensify the dialogue and the exchange of information on the current financial scenario
Visit of Swiss authorities provided the signing of a cooperation agreement in the area of fintechs between the regulatory bodies Swiss Financial Market Supervisory Authority (Finma) and its Brazilian counterpart, the Securities and Exchange Commission (CVM).
“The agreement represents a breakthrough in our cooperation in the field by providing the appropriate framework for fintech’s innovative companies to engage in discussions and understand regulatory requirements. In addition, the agreement helps reduce regulatory uncertainty and the deadline for commercialization, “said Swiss Secretary of State Jörg Gasser at an event held yesterday in Sao Paulo.
“In addition, the competent authorities will also share information on emerging trends in the sector and their impacts on the regulatory side,” he says.For the chairman of the Association of Swiss Banks, Herbert J. Scheidt, fintechs are essential for financial development.
“A new financial system has developed over the last two years, and fintech and technologies such as blockchain and crypto-coins are very important in this new scenario,” he says.According to him, Brazil is a fertile ground for the development of financial initiatives.
“The Brazilian banking system, compared to Switzerland, is very young and, with that, there is a lot of space for development and participation of new companies,” he says.
Negotiations The delegation arrived in Brazil yesterday to sign agreements such as the Double Taxation Convention (DTC), which aims to avoid double taxation. It included a clause to establish the criteria for access by the Brazilian authorities to information on the accounts of Brazilians in Switzerland, facilitating investigations into tax and financial crimes. The other agreement was the Automatic Exchange of Information (AEOI), which allows Swiss financial institutions to collect data from Brazilians.