• Regulatory environment

Regulatory environment

AEOI – Automatic Exchange of Information

Member countries of the OECD and other countries have introduced the AEOI in order to increase tax transparency. The AEOI requires Swiss financial institutions to identify reportable accounts and to report these to the competent tax authority, which will then forward the information to the tax authority of the respective partner state.

Link to the list of partner states

Link to the AEOI federal act and to the AEOI ordinance

Deposit protection

In case of insolvency of a Swiss bank or a Swiss securities firm, bank deposits up to a maximum of CHF 100'000 are protected. This deposit protection scheme prescribed by Swiss banking law is implemented by esisuisse.

Federal Act on Financial Services (FinSA), General Information

  • The FinSA entered into force on January 1, 2020. Dreyfus Sons & Co Ltd, Banquiers (hereinafter "Dreyfus Banquiers") has implemented it step by step within the statutory transition period until December 31, 2021.

  • Dreyfus Banquiers is a bank domiciled in Switzerland and is supervised by the Swiss Financial Market Supervisory Authority FINMA.

    Contact details Dreyfus Banquiers

    Dreyfus Sons & Co Ltd, Banquiers
    Aeschenvorstadt 16
    PO Box
    CH-4002 Basel
    Tel: +41 61 286 66 66           

    Contact details FINMA

    Swiss Financial Market Supervisory Authority FINMA
    Laupenstrasse 27
    CH-3003 Bern
    Tel: +41 61 327 91 00

  • Dreyfus Banquiers is affiliated with the Swiss Banking Ombudsman. The Swiss Banking Ombudsman deals with specific client complaints against banks domiciled in Switzerland. It is neutral and treats enquiries confidentially and free of charge. The Ombudsman generally only takes action after a client has submitted his complaint in writing to the bank and the bank has had the opportunity to comment.

    Contact details

    Swiss Banking Ombudsman
    Bahnhofplatz 9
    PO Box
    CH-8021 Zurich
    Tel: +41 43 266 14 14

  • SwissBanking's brochure "Risks Involved in Trading Financial Instruments" contains information on typical financial services as well as on the characteristics and risks of financial instruments.

  • Key Information Documents in connection with financial futures transactions (opening transactions for options and futures) are available under the following links of the respective derivatives exchange:
    EUREX
    EURONEXT
    Option Clearing Corporation (OCC)

  • Dreyfus Banquiers' Best Execution Policy contains the principles for achieving the best possible execution of client orders. It applies to the execution of client orders within the framework of investment management, investment advisory and execution only relationships.

Best Execution Policy

1. Purpose and legal basis

The Best Execution Policy of Dreyfus Banquiers contains the principles for achieving the best possible execution of client orders. It is based in particular on the Swiss Financial Services Act (FIDLEG). The Best Execution Policy is published at www.dreyfusbank.ch under "Regulatory Environment".

2. Scope of application

The Best Execution Policy applies to the execution of client orders within the framework of asset management, investment advisory and execution-only relationships. It applies insofar as financial instruments pursuant to Art. 3 lit. a FIDLEG are acquired or sold (see section 3).

Fixed-price transactions, counterparty transactions and transactions on the primary market are not to be understood as client orders within the meaning of this best execution policy.

Fixed-price transactions occur when the client concludes transactions with Dreyfus Banquiers at a specific price. In this case, an appropriate result is achieved by offering the client prices in line with the market.
Counterparty transactions occur when Dreyfus Banquiers participates in the transaction as a counterparty to the client and therefore does not take the client's interests into account (e.g. derivative contracts agreed bilaterally with the client).

The best execution policy does not apply to institutional clients pursuant to Art. 4 Para. 3 lit. a to d FIDLEG or in the case of client instructions (see section 4).

3. Financial instruments

Financial instruments within the meaning of this Best Execution Policy are:

  • Listed shares and exchange-traded funds (ETF)

  • Interest-bearing securities

  • Listed derivatives

  • Unlisted shares

  • Structured products

  • OTC derivatives

  • Foreign exchange

  • Precious metals

4. Priority of client instructions

Deviating instructions from the client take precedence over the principles of this Best Execution Policy. This means that Dreyfus Banquiers is exempt from compliance with the Execution Policy to the extent of the relevant instruction and that there are no obligations to achieve the best possible result.

5. Criteria for the choice of execution venue in general

When executing orders, Dreyfus Banquiers takes particular account of the following factors:

  • Price (best possible market price)

  • cost

  • probability of execution

  • speed

As a rule, the two factors price and costs will be weighted higher than the other execution factors. However, Dreyfus Banquiers may decide to give higher priority to other execution factors in individual cases for objective reasons (e.g. in exceptional market situations).

In addition, orders are generally executed without delay and in the order in which they are received (time component) and in the number of financial instruments placed by the client (quantitative component). This may also be deviated from in justified individual cases (e.g. when bundling orders).

In particular, stock exchanges, multilateral trading systems, organised trading systems, systematic internalisers, liquidity pools, interbank platforms, brokers or Dreyfus Banquiers in the case of self-entry can be considered as execution venues (see also the appendix "Execution venues").

6. Brokers in particular

In particular, in the absence of access to an execution venue, such as in the absence of stock exchange membership, Dreyfus Banquiers may transmit an order to a broker for execution. Dreyfus Banquiers checks its brokers before working with them and on an ongoing basis during the existing relationship. In particular, Dreyfus Banquiers ensures that they have taken appropriate precautions to achieve best execution of client orders. The individual transactions processed via a broker are then the responsibility of the broker in accordance with the measures taken by the broker to achieve best execution.

7. Consolidation of orders

Dreyfus Banquiers may combine orders from individual clients. However, this is only permissible if the following conditions are met:

  • the combination appears to have a positive effect for the individual client due to the characteristics of the client orders;

  • the aggregation is unlikely to have a detrimental effect on the clients.

Where Dreyfus Banquiers aggregates orders for its own account (nostro) with orders from clients, clients will receive preferential treatment over Dreyfus Banquiers for partial executions.

8. Final provisions

If, exceptionally, significant difficulties arise which could affect the correct execution of a private client's order, Dreyfus Banquiers will inform the client as soon as possible.

9. Final provisions

Dreyfus Banquiers reviews the effectiveness of its Best Execution Policy once a year.
Dreyfus Banquiers may amend this Best Execution Policy at any time and will publish the latest version on www.dreyfusbank.ch (under "Regulatory Environment").

ISA Section 49A permit

Dreyfus Banquiers located in Basel, Switzerland holds a permit granted by the Israel Securities Authority (ISA) under Section 49A to the Securities Law. The permit allows the provision of brokerage services to clients domiciled in Israel. It was issued on the basis of Dreyfus Banquiers' declaration that it is subject to the supervision of the Swiss Financial Market Supervisory Authority FINMA. Dreyfus Banquiers' activities are not subject to the supervision of the ISA. This permit does not constitute an opinion regarding the quality of the services rendered by Dreyfus Banquiers or the risks that such services entail.

Conflicts of interest

The provisions on conflicts of interest in section 3 of the General Terms and Conditions apply. In addition, Dreyfus Banquiers provides the following information:

The "group companies" referred to are Midas Wealth Management S.A., Luxembourg, in which Dreyfus Banquiers holds a majority interest. Their products may be used as part of the portfolio, particularly in Dreyfus Banquiers' investment fund mandate.

Dreyfus Banquiers has a structured process for product selection and does not provide any specific incentives for employees to favour individual products. There is also an organizational separation between the front and back office departments.

Guidelines for the financial service providers on the integration of ESG-preferences and ESG-risks and the prevention of greenwashing in investment advice and portfolio management

  • Dreyfus Banquiers uses an assessment model from a recognised provider as part of its ESG investment management and ESG advisory mandates in order to systematically implement the environmental, social and governance (ESG) sustainability criteria.

  • This model evaluates the ESG opportunities and risks of the investments made and compares them within the relevant economic sector.

  • The ESG mandates of Dreyfus Banquiers aim for a leading ESG assessment at portfolio level, whereby sustainability criteria are not placed above the agreed investment strategy.

  • Professional clients as defined in the Swiss Federal Act on Financial Services (FinSA) release Dreyfus Banquiers from its information, documentation and accountability obligations under the above guidelines. These do not apply to institutional clients.

  • Information on ESG risks can also be found in the SwissBanking brochure "Risks involved in trading with financial instruments".

Guidelines for mortgage providers on the promotion of energy efficiency

Addressing the foreseeable need for renovation on an information sheet for real estate financing. The objective is to motivate owners to address the issue of energy efficiency for their property and thus support the long-term protection of the capital invested.

EU disclosure rules on cross-border tax arrangements – DAC6

  • The "Council Directive (EU) 2018/822 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements" (DAC6) is in force since 1st July 2020.

  • DAC6 envisages reporting obligations for cross-border tax arrangements of EU taxpayers or intermediaries to EU tax authorities, allowing the authorities to act as promptly as possible against any undesirable tax planning models.

  • Possible DAC6 relevant circumstances must be reported by the client, as Dreyfus Banquiers itself is not an EU-related intermediary within the meaning of the Directive and therefore does not carry out such reporting and does not provide any advice or services in this area.

Link to the Directive