The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts

Total Page:16

File Type:pdf, Size:1020Kb

The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts United States Senate PERMANENT SUBCOMMITTEE ON INVESTIGATIONS Committee on Homeland Security and Governmental Affairs Carl Levin, Chairman John McCain, Ranking Minority Member OFFSHORE TAX EVASION: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts MAJORITY AND MINORITY STAFF REPORT PERMANENT SUBCOMMITTEE ON INVESTIGATIONS UNITED STATES SENATE RELEASED IN CONJUNCTION WITH THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS FEBRUARY 26, 2014 SENATOR CARL LEVIN Chairman SENATOR JOHN McCAIN Ranking Minority Member PERMANENT SUBCOMMITTEE ON INVESTIGATIONS ELISE J. BEAN Staff Director and Chief Counsel ROBERT L. ROACH Counsel and Chief Investigator ALLISON F. MURPHY Counsel ANGELA MESSENGER Detailee JOEL CHURCHES Detailee MARY D. ROBERTSON Chief Clerk ADAM HENDERSON Professional Staff Member HENRY J. KERNER Staff Director and Chief Counsel to the Minority MICHAEL LUEPTOW Counsel to the Minority ELISE MULLEN Research Assistant to the Minority BENJAMIN DRISCOLL MEGAN SCHNEIDER Law Clerk Law Clerk ELIZABETH FRIEDRICH ALEX ZERDEN Law Clerk Law Clerk JACOB ROGERS Law Clerk Former Subcommittee Staff Who Contributed ANDREW DOCKHAM Counsel to the Minority for Senator Tom Coburn DENNIS BOGUSZ Congressional Fellow ELENA BEGUNOVA LANE POWELL Law Clerk Law Clerk GIGI GOOD DYLAN TEGGART Law Clerk Intern THARUNI JAYARAMAN DORIS WEIL Law Clerk Law Clerk JULIE KOVIN Law Clerk 2/25/14 (1335) Permanent Subcommittee on Investigations 199 Russell Senate Office Building – Washington, D.C. 20510 Majority: 202/224-9505 – Minority: 202/224-3721 Web Address: http://www.hsgac.senate.gov/subcommittees/investigations OFFSHORE TAX EVASION: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts TABLE OF CONTENTS I. EXECUTIVE SUMMARY. 1 A. Subcommittee Investigation. ... 2 B. Investigation Overview. ... 2 C. Findings of Fact and Recommendations. ... 6 Findings of Fact: (1) Bank Practices that Facilitated U.S. Tax Evasion. .. 6 (2) Inadequate Bank Response. .. 6 (3) Lax U.S. Enforcement. .. 7 (4) Swiss Secrecy. ... 7 Recommendations: (1) Improve Prosecution of Tax Haven Banks and Hidden Offshore Account Holders. .. 7 (2) Increase Transparency of Tax Haven Banks That Impede U.S. Tax Enforcement. 7 (3) Streamline John Doe Summons. ... 7 (4) Close FATCA Loopholes. .. 8 (5) Ratify Revised Swiss Tax Treaty. 8 II. BACKGROUND. 9 A. U.S. Tax Initiatives To Combat Hidden Foreign Accounts. 10 B. Multinational Tax Efforts To Combat Hidden Foreign Accounts . 22 C. Switzerland. 30 III. CREDIT SUISSE: CASE STUDY IN SWISS SECRECY. 41 A. Background on Credit Suisse. 42 (1) Credit Suisse Private Banking. 45 (2) Clariden Leu. 46 (3) Credit Suisse’s U.S. Cross Border Business.. 47 (4) Credit Suisse Internal Investigation. 49 B. U.S.-Linked Accounts in Switzerland. 52 (1) Over 1,800 Swiss Bankers Serviced Accounts for U.S. Clients.. 54 (a) Swiss Bank Secrecy. 55 (b) Credit Suisse Organizational Barriers. 56 (c) U.S.-Linked Swiss Accounts Outside of SALN. 58 (2) Most U.S. Account Assets Were Undisclosed. 61 C. Credit Suisse Banking Practices that Facilitated U.S. Tax Evasion. 65 (1) Legal and Policy Restrictions on U.S. Activities. 66 i (2) Traveling to the United States.. 67 (3) Soliciting Clients on U.S. Soil. 71 (4) Recruiting U.S. Clients at Bank-Sponsored Events. 72 (5) Masking Account Ownership Through Offshore Entities. 73 (6) Facilitating Client Formation of Offshore Entities. 74 (7) Violating U.S. Securities Laws.. 77 (8) Counseling U.S. Clients on Avoiding Cash Reports. 78 (9) Supplying Credit and Cash Cards. 79 (10) Misusing New York Office to Service Swiss Accounts. 80 (11) Servicing U.S. Clients in Switzerland.. 86 D. Corporate Actions Contributing to Improper U.S. Cross Border Business.. 90 (1) Defining U.S. Persons in Ways that Excluded Key U.S. Taxpayers. 90 (2) Ignoring Concentration Policy. 92 (3) Restricting Oversight of U.S.-Linked Accounts in Switzerland.. 95 (4) Reviewing Accounts Through W-9 and Exit Projects. 99 E. Analysis. 113 IV. PRESSURE ON NET NEW ASSETS REPORTING BY PRIVATE BANK.. 115 A. Defining Net New Assets (NNA). 115 B. NNA Under U.S. Securities Law.. 116 C. Importance of NNA. 116 (1) Investors Watching NNA. 117 (2) Touting NNA as Key Performance Indicator to Investors. 120 (3) NNA Used As Internal Performance Measure. 122 D. Financial Standards Governing NNA Reporting. 123 (1) Standards for Disclosing Total NNA. 123 (2) Internal Bank Process for Recognizing NNA. 126 E. NNA at Credit Suisse Private Bank in 2012. 127 (1) First Quarter 2012.. 127 (2) Second Quarter 2012.. 130 (3) Third Quarter 2012. 133 (4) Fourth Quarter 2012. 136 V. LAX U.S. ENFORCEMENT. 140 A. Legal Tools Available to DOJ and IRS. 141 (1) Nova Scotia Subpoenas.. 141 (2) John Doe Summons. 144 (3) Prosecution Authority. 145 (3) Treaty-based Solutions. 147 (a) Mutual Legal Assistance Treaties. 147 (b) Tax Treaties. 147 (c) Extradition Treaties. 149 B. DOJ and IRS Enforcement Efforts, 2009 - 2013.. 151 (1) Initial U.S. Enforcement Actions. 152 ii (2) Initial Swiss Reaction to U.S. Enforcement Efforts. 156 (3) Slowdown of U.S. Enforcement Efforts . 157 (a) Negotiations Timeline. 158 (b) Results of the Negotiations. 167 i. Proposed 2009 Treaty Revisions. 167 ii. Non-Prosecution Agreements and Non-Target Letters. 169 iii. FATCA Agreement. 171 C. DOJ Enforcement Efforts Related to Named Persons. 174 D. Analysis . .. ..
Recommended publications
  • Sales Prospectus with Integrated Fund Contract Clariden Leu (CH) Swiss Small Cap Equity Fund
    Sales Prospectus with integrated Fund Contract Clariden Leu (CH) Swiss Small Cap Equity Fund September 2011 Contractual fund under Swiss law (type "Other funds for traditional investments") Clariden Leu (CH) Swiss Small Cap Equity Fund was established by Swiss Investment Company SIC Ltd., Zurich, as the Fund Management Company and Clariden Leu Ltd., Zurich, as the custodian bank. This is an English translation of the offical German prospectus. In case of discrepancies between the German and English text, the German text shall prevail. Part I Prospectus This Prospectus with integrated Fund Contract, the Simplified Prospectus and the most recent annual or semi-annual report (if published after the latest annual report) serve as the basis for all subscriptions of Shares in this Fund. Only the information contained in the Prospectus, the Simplified Prospectus or in the Fund Contract will be deemed to be valid. 1 General information Main parties Fund Management Company: Swiss Investment Company SIC Ltd. Claridenstrasse 19, CH-8002 Zurich Postal address: XS, CH-8070 Zurich Phone: +41 (0) 58 205 37 60 Fax: +41 (0) 58 205 37 67 Custodian Bank, Paying Agent and Distributor: Clariden Leu Ltd. Bahnhofstrasse 32, CH-8070 Zurich Phone: +41 (0) 844 844 001 Fax: +41 (0) 58 205 62 56 e-mail: [email protected] Website: http://www.claridenleu.com Investment Manager: Clariden Leu Ltd. Bahnhofstrasse 32, CH-8070 Zurich Phone: +41 (0) 844 844 001 Fax: +41 (0) 58 205 62 56 Auditors: KPMG Ltd Badenerstrasse 172, CH-8004 Zurich 2 Information on the Fund 2.1 General information on the Fund Clariden Leu (CH) Swiss Small Cap Equity Fund is an investment fund under Swiss law of the type “Other funds for traditional investments” pursuant to the Swiss Federal Act on Collective Investment Schemes of June 23, 2006.
    [Show full text]
  • Abacha Funds at Swiss Banks”
    Embargo: 4 September 2000 10 a.m. “Abacha funds at Swiss banks” Report of the Swiss Federal Banking Commission Berne, 30 August 2000 1. Object of the investigation and regulatory framework 1.1. Object and scope of the investigation In November 1999 the Swiss Federal Banking Commission (SFBC) began investiga- tions to ascertain whether a total of 19 banks in Switzerland had fully adhered to due diligence requirements (see 1.2 below) as set out in banking law and other applicable legislation in accepting and handling funds from the entourage of the former President of Nigeria, Sani Abacha. The SFBC did not institute any criminal proceedings in respect of money laundering or any other offence. Criminal proceedings in connection with Abacha-related funds are pending in Geneva. The request for judicial assistance from Nigeria does not fall within the SFBC’s remit; this is being handled by the Federal Office of Justice and by the in- vestigating authorities in Geneva. The administrative procedure undertaken by the SFBC involved an extraordinary amount of work. A very large quantity of documentary material needed to be evaluated. Discussions took place with the management of many of the banks concerned. At one bank all persons actually or potentially involved were formally questioned. The re- sources deployed by the SFBC were correspondingly large: 12 people, i.e. 14 % of the SFBC’s total staff, were at one time or another involved with the processing of the mat- ter and related investigatory tasks. 1.2. Due diligence obligations When accepting and depositing funds from customers, banks have a number of obliga- tions with regard to due diligence, with a view to upholding public trust in a properly op- erating banking system (‘maintenance of trust or reputation’).
    [Show full text]
  • Credit Suisse First Boston
    SUPPLEMENTAL LISTING DOCUMENT If you are in doubt as to any aspect of this document, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and Hong Kong Securities Clearing 1 Company Limited (“HKSCC”) take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. Offer of 180,000,000 European Style (Cash Settled) Average Return* Call Warrants in Global Registered Form due May 18, 2005 relating to the existing issued ordinary H shares of RMB1.00 each of Huaneng Power International, Inc. (Stock Code: 9945) issued by Credit Suisse First Boston 7 (incorporated under the laws of Switzerland) 8 Exercise Price: HK$8.88 per Warrant Expiry Date: May 18, 2005 This Supplemental Listing Document is published for the purpose of obtaining a listing of all of the above warrants (the “Warrants”) relating to the existing issued ordinary H shares of RMB1.00 each of Huaneng Power International, Inc. (the “Company”) to be issued by Credit Suisse First Boston (the “Issuer”) on the Stock Exchange, is supplemental to and should be read in conjunction with a base listing document published on April 23, 2003 (the “Base Listing Document”) (as amended or updated from time to time) and contains particulars given 1 in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Rules”) for the purpose of giving information with regard to the Issuer and the Warrants.
    [Show full text]
  • Large Cap Equity Fund
    North Carolina Supplemental Retirement Plans Annual Review FEBRUARY 2013 Table of Contents • Defined Contribution Trends – Streamlining Investment Choices – DC Spend Down • Service Provider Disclosures – ERISA 408(b)(2) Regulations • Fee Review – NCSRP Fees – Stable Value Fund Fees • GoalMaker Discussion (Separate Slides) • Considering Other Fund Lineup Options • Fund Performance Review •Disclaimer MERCER 1 Defined Contribution Trends Trends for Large Plan Sponsors • Streamline number and types of investments offered – Combine style-specific (value/growth) choices for participants - Removes need to rebalance among styles - One fund choice that includes multiple underlying strategies across the style spectrum • Focus on retirement income MERCER 3 Streamlining Investment Choices • Research has shown that participants are neither good at making their own investment choices nor happy about this responsibility • Limited participant understanding remains one of the most significant challenges for plan sponsors • Plan sponsors are looking to: – Reduce redundant investment choices – Blend styles and managers – Lower risk for participants • Offering limited options allows clear and simple communication of plan • Allows each participant to create a portfolio that fits their risk tolerance and time horizon MERCER 4 Custom Funds Sample Large Cap Multi-Manager Structure Large Cap Equity Fund • Combining strategies with low or negative excess return correlations are expected to reduce the Index tracking error and increase the fund’s expected 5% information
    [Show full text]
  • The Zurich Banking Centre
    The Zurich banking centre Facts and figures 2015/2016 edition Foreword Zurich’s banking centre is of key importance to the region and a significant contributor to its economic value creation. It also plays a pivotal role as an employer, educator, lender, customer, taxpayer, and promoter of cultural institutions. The banking centre is currently in a phase of historic change. With business models being realigned and new regulations implemented, it is essential to establish the right operating environment for the financial sector and safeguard Zurich’s locational advantages for the future. The common goal for all those involved must be to position the financial centre as stable and forward-looking, thus enabling it to maintain its appeal both internationally and locally and continue to play an impor- tant economic role in the Zurich region. The Canton of Zurich and the Zurich Banking Association work to create the conditions in which the banking centre can flourish. They also endeavour to promote a reasoned debate on its future with publications such as this, which we hope you enjoy reading. Zurich, January 2015 Thomas Ulrich Markus Assfalg President of the Zurich Head of the Business and Banking Association Economic Development Division of the Office for Economy and Labour of the Canton of Zurich A key player in Zurich’s economy Nominal gross value creation in Nominal gross value creation the banking sector in Switzerland: in the Zurich financial centre: CHF 28.9 bn (2013) CHF 28.0 bn ( 2013 ) 12% 44% 43% 56% 45% Zurich region Banks Insurance companies Rest of Switzerland Other financial service providers Source: BAKBASEL The Zurich financial centre, which covers the cantons of Zurich, Schwyz and Zug, is an economic mainstay of the region, with around one in every five Swiss francs of economic value created here linked directly to its activities.
    [Show full text]
  • Amy Liu, Et Al. V. Credit Suisse First Boston Corp., Et Al. 03-CV-20459
    ; fL V ~ UNITED STATES DISTRICT COUR ~ 2 0 9 SOUTHERN DISTRICT OF FLORID A Case No. CIV - MARTINE Z AMY LIU on behalf of herself and all others similarly situated, Plaintiff, vs. CREDIT SUISSE FIRST BOSTON CORPORATION, CREDIT SUISSE FIRST BOSTON, INCORPORATED, CREDIT SUISSE FIRST BOSTON-USA, CREDIT SUISSE FIRST BOSTON, CREDIT SUISSE GROUP, FRANK QUATTRONE, GEORGE BOUTROS, WILLIAM BRADY, JOHN M . HENNESSY, ALLEN D . WHEAT, RICHARD THORNBURGH, CHARLES WARD, DAVID A . DENUNZIO, EDWARD COMPLAINT-CLA§S,AGTION NADEL, JOHN HODGE, JACK TEJAVANIJA, JURY TRIAL DEMANDED AIRSPAN NETWORKS, INC ., ERIC D. STONESTROM, JOSEPH J . CAFFARELLI, AT ROAD, INC., KRISH PANU, THOMAS C. HOSTER, OCCAM NETWORKS INC . (formerly "ACCELERATED NETWORKS, INC ."), SURESH NIHALANI, FREDERIC T . BOYER, AVANTGO, INC., RICHARD OWEN, DAVID B . COOPER, JR ., AUTOWEB .COM, INC. (AUTOBYTEL, real party in interest), DEAN A . DEBIASE, SAMUEL M. HEDGPETH III, BSQUARE CORP ., WILLIAM T . BAXTER, BRIAN V. TURNER, BLUE COAT SYSTEMS, INC . (formerly "CACHEFLOW, INC."), BRIAN M. NESMITH, MICHAEL J. JOHNSON, CLARENT CORP. (VERSO TECHNOLOGIES, INC., real party in interest), JERRY SHAW-YAU CHANG, RICHARD J . HEAPS, COMMERCE ONE, INC., MARK B . HOFFMAN, PETER F . PERVERE, CORILLIAN CORP ., TED F. SPOONER, STEVEN SIPOWICZ, CENTILLIUM COMMUNICATIONS, INC., FARAJ AALAEI, JOHN W . LUHTALA, DIGITAL IMPACT, INC ., WILLIAM C. PARK, DAVID OPPENHEIMER, E MACHINES, INC ., \ yV-v STEPHEN A. DUKKER, STEVEN H . MILLER, EFFICIENT NETWORKS, INC., MARK A. FLOYD, JILL S . MANNING, E.PIPHANY, INC ., ROGER S . SIBONI, KEVIN J. YEAMAN, EVOLVE SOFTWARE, INC., JOHN P. BANTLEMAN, DOUGLAS S . SINCLAIR, HANDSPRING, INC., DONNA L. DUBINSKY, BERNARD J . WHITNEY, IMPROVENET, INC ., RONALD B. COOPER, RICHARD G.
    [Show full text]
  • First Horizon
    UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK FEDERAL HOUSING FINANCE AGENCY, AS CONSERVATOR FOR THE FEDERAL ___ CIV. ___ (___) NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION, COMPLAINT Plaintiff, JURY TRIAL DEMANDED -against- FIRST HORIZON NATIONAL CORPORATION, FIRST TENNESSEE BANK NATIONAL ASSOCIATION, FTN FINANCIAL SECURITIES CORPORATION, FIRST HORIZON ASSET SECURITIES, INC., UBS SECURITIES, LLC, J.P. MORGAN SECURITIES LLC, CREDIT SUISSE SECURITIES (USA) LLC (f/k/a CREDIT SUISSE FIRST BOSTON LLC), MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., GERALD L. BAKER, PETER F. MAKOWIECKI, CHARLES G. BURKETT, AND THOMAS J. WAGEMAN, Defendants. TABLE OF CONTENTS NATURE OF ACTION ...................................................................................................................1 PARTIES .........................................................................................................................................5 The Plaintiff and the GSEs ...................................................................................................5 The Defendants ....................................................................................................................6 JURISDICTION AND VENUE ....................................................................................................10 FACTUAL ALLEGATIONS ........................................................................................................11 I. THE SECURITIZATIONS ................................................................................................11
    [Show full text]
  • Barclays Bespoke Disclosure Commodity Futures Trading Commission Rule 1.55(K)
    BARCLAYS BESPOKE DISCLOSURE COMMODITY FUTURES TRADING COMMISSION RULE 1.55(K) Barclays Bespoke Disclosure – v2.0 February 2021 COMMODITY FUTURES TRADING COMMISSION RULE 1.55(K): FCM-SPECIFIC DISCLOSURE DOCUMENT The Commodity Futures Trading Commission (Commission) requires each futures commission merchant (FCM), including Barclays Capital Inc. (BCI), to provide the following information to a customer prior to the time the customer first enters into an account agreement with the FCM or deposits money or securities (funds) with the FCM. Except as otherwise noted below, the information set out is as of December 31, 2019. BCI will update this information annually and as necessary to take account of any material change to its business operations, financial condition or other factors that BCI believes may be material to a customer’s decision to do business with BCI. Nonetheless, BCI’s business activities and financial data are not static and will change in non-material ways frequently throughout any 12-month period. NOTE: BCI is a subsidiary of Barclays Group US Inc. (BGUS), which is a subsidiary of Barclays US LLC (IHC LLC). The IHC LLC is an indirect parent entity of BCI and is a wholly-owned subsidiary of Barclays Bank, PLC (BBPLC and together with its subsidiaries Barclays or the Group). BCI’s FCM business forms part of the Investment Banking division of Barclays Group (together with Barclays). Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management. Information that may be material with respect to BCI for purposes of the Commission’s disclosure requirements may not be material to BGUS, IHC LLC or BBPLC for purposes of applicable securities laws.
    [Show full text]
  • Activity Report 2014
    Activity Report 2014 s a world-leading financial center building on a A rich history, Switzerland’s financial sector has the natural ambition of housing a world-leading research and training center in banking and finance. The Swiss Finance Institute is the product of this ambition. Established at the initiative of the Swiss Bankers Association, it is a private foundation created in 2006 with the support of the Swiss banking and finance community, the Swiss stock exchange, the Swiss Confederation, the Swiss National Science Foundation, and several Swiss universities with the aim of advancing research activities in finance and executive education in the banking and finance sector. The Swiss Finance Institute encompasses three pre-existing foundations – the International Center for Financial Asset Management and Engineering (FAME), the Swiss Banking School, and the Stiftung Banking und Finance an der Universität Zürich. This merger has led to the creation of one of the major European providers of research, doctoral training, and advanced executive education in banking and finance. This report gives an overview of the Swiss Finance Institute’s activities from January to December 2014. 2 Table of Contents A Word from the Board 4 Swiss Finance Institute Faculty 5 Research Highlights 6 Research Projects 8 PhD Program in Finance 12 PhD Graduate Placements 13 Education 14 Knowledge Center 19 Knowledge Transfer 20 Governing and Advisory Bodies 23 2014 Facts & Figures 25 Research Paper Series 2014 28 SFI Professors 34 SFI Adjunct Professors 66 Overview of Courses Offered in 2014 at the Swiss Finance Institute 68 Knowledge Transfer Events Provided by the Swiss Finance Institute during 2014 69 3 A Word from the Board The Year of Cohesion 2014 saw SFI strengthen collaboration amongst the SFI activity areas, SFI members, and external partners.
    [Show full text]
  • St.Gallen Symposium 2011
    CLUSTER 12 St. Gallen Symposium 2011 Just Power Programme st 41 St. Gallen Symposium University of St. Gallen, Switzerland 12–13 May 2011 12–1341 MAY 2011 1 2 Editorial At the 41st St. Gallen Symposium, the International Content 3 Students’ Committee (ISC) addresses a topic of particular importance: “Just Power”, a subject that Just Power promises to be particularly rewarding, because “power” is a truly global force with relevance to Cluster A: The power of politics and arms many of the economic and political fields that the St. Gallen Symposium has been championing for Cluster B: The power of money and ownership decades. The first part of this brochure offers you Cluster C: The power of voice indepth insights into the topic of the 41st St. Gallen Symposium, a theme subdivided into five clusters. Cluster D: The power of leadership and authority Differentiated comments and statements from speakers and Leaders of Tomorrow of the upcoming Cluster E: The power of values and ideas “3 Days in May” offer a thematic glimpse of the topics addressed and present various opinions on “Just Power”. The second half of this brochure People 17 contains the detailed programme which provides an overview of the sessions and the respective speakers Topic Leaders at the symposium. In pursuing our goal of supporting and Leaders of Tomorrow enhancing intergenerational dialogue, this year we are particularly proud to present St. Gallen Connect, a web platform which allows you to easily get in Programme 12–13 May 2011 19 touch with our Leaders of Tomorrow. Furthermore, St. Gallen Connect provides you with an intuitive Programme interface to organise your individual stay at the St.
    [Show full text]
  • Credit Suisse Group Finance (Guernsey)
    BASE PROSPECTUS Credit Suisse AG (incorporated with limited liability in Switzerland) and Credit Suisse Group Finance (Guernsey) Limited (incorporated with limited liability in Guernsey, Channel Islands) and Credit Suisse Group AG (incorporated with limited liability in Switzerland) Euro Medium Term Note Programme Notes issued by Credit Suisse Group Finance (Guernsey) Limited will be unconditionally and irrevocably guaranteed by Credit Suisse Group AG (incorporated with limited liability in Switzerland) ________________________________ Under this Euro Medium Term Note Programme (the Programme), each of Credit Suisse AG, acting through its Zurich head office or a designated branch (CS), Credit Suisse Group Finance (Guernsey) Limited (CSG Finance Guernsey) and Credit Suisse Group AG (CSG), in its capacity as an issuer and together with CSG Finance Guernsey and CS, each an Issuer and together the Issuers) may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer of such Notes (the relevant Issuer) and the relevant Dealer (as defined below). The payments of all amounts due in respect of the Notes issued by CSG Finance Guernsey (Guaranteed Notes) will be unconditionally and irrevocably guaranteed by Credit Suisse Group AG (in such capacity, the Guarantor). Notes may be issued in bearer, registered or uncertificated form (respectively Bearer Notes, Registered Notes and Uncertificated Notes). The Notes may be issued on a continuing basis to one or more of the Dealers specified under ‘‘Description of the Programme’’ and any additional Dealer appointed under the Programme from time to time by CSG or CS (each a Dealer and together the Dealers), which appointment may be for a specific issue or on an ongoing basis.
    [Show full text]
  • DISCOVER IMD Developing Leaders Transforming Organizations Impacting Your Future WELCOME to IMD 3
    ® REAL LEARNING. REAL IMPACT DISCOVER IMD Developing leaders Transforming organizations Impacting your future WELCOME TO IMD www.imd.org 3 4 THE IMD DIFFERENCE 6 IMPACT AT IMD Browse these 8 PROGRAMS FOR INDIVIDUALS AND TEAMS pages to discover: 10 DIGITAL TRANSFORMATION 12 CUSTOM PROGRAMS FOR ORGANIZATIONS 14 CORPORATE LEARNING NETWORK 16 ALUMNI COMMUNITY 18 THOUGHT LEADERSHIP 21 CLIENT AND MARKET DEVELOPMENT TEAM 22 FACULTY 26 IMD GOVERNANCE 28 SUPPORTING IMD’S FUTURE 4 IMD is an independent business school, with Swiss roots and global reach, expert in developing leaders and transforming organizations to create ongoing impact. Lausanne, Switzerland THE IMD DIFFERENCE Singapore You can join IMD programs at our campus in Lausanne, Switzerland, at our Executive Learning Center in Singapore and at other key locations around the world. You can also join IMD online programs. V1 5 BUILDING ON OUR HERITAGE AND EXPERIENCE TO DELIVER WHAT YOU WANT: REAL IMPACT THOUGHT LEADERSHIP/ RESEARCH Rigorous Relevant Insightful Actionable REAL IMPACT You Your Organization & Beyond UNDERSTANDING PEDAGOGY & NEEDS & CONTEXT INTERACTIONS Close to practice Innovative Client-centric Impactful Independent Interactive At IMD, we combine three interdependent elements to ensure that we are designing and delivering interventions that achieve high individual and organizational impact - both in the immediate and long-term. RIGOROUS, INSIGHTFUL AND UNDERSTANDING YOUR NEEDS & STATE-OF-THE-ART PEDAGOGY ACTIONABLE THOUGHT LEADERSHIP CONTEXT We employ our state-of-the-art As an institution with a strong academic As IMD was founded by and shares understanding of individual and pedigree, our activities are informed continuous ties to the business collective learning processes by world-class thought leadership – community, we have an exceptional to design and deliver impactful developed at IMD and elsewhere.
    [Show full text]