1 The following in particular are treated as a non-reporting financial institution that is a governmental entity:
- a.
- the Swiss Confederation;
- b.
- the cantons and communes;
- c.
- wholly owned instrumentalities and agencies of an entity under letters a or b, including in particular institutions, bodies and funds of the social security system at federal, cantonal and communal level.
2 The following in particular are treated as a non-reporting financial institution that is an international organisation:
- a.
- any partner organisation of the Swiss Confederation to an international headquarters agreement;
- b.
- any diplomatic mission, permanent mission or other representation to international organisations, consular post or special mission whose status, privileges and immunities are governed by the Vienna Convention of 18 April 19617 on Diplomatic Relations, the Vienna Convention of 24 April 19638 on Consular Relations or the Convention of 8 December 19699 on Special Missions.
3 The Swiss National Bank and any of its wholly owned bodies are treated as non-reporting financial institutions that are a central bank.
4 The financial institutions referred to in paragraphs 1 to 3 above are reporting financial institutions with respect to payments arising from an obligation in connection with commercial financial activities that correspond to those of a specified insurance company, a custodial institution or a depository institution.
5 The following occupational benefit institutions in particular are treated as a non-reporting financial institution that is a broad participation retirement fund, a narrow participation retirement fund, a pension fund of a governmental entity, international organisation or central bank or an entity that presents a low risk of being used to evade tax and has substantially similar characteristics to any of the non-reporting financial institutions according to the applicable agreement:
- a.10
- pension institutions and other retirement arrangements established in Switzerland according to Articles 48 and 49 of the Federal Act of 25 June 198211 on Occupational Old Age, Survivors' and Invalidity Pension Provision (OPA), Article 89a paragraph 6 or 7 of the Swiss Civil Code (CC)12 or Article 331 paragraph 1 of the Swiss Code of Obligations (CO)13;
- b.
- vested benefits institutions established in implementation of Article 4 paragraph 1 and Article 26 paragraph 1 of the Vested Benefits Act of 17 December 1993 (VBA)14;
- c.
- the substitute occupational benefits institution under Article 60 of the OPA;
- d.
- the guarantee fund under Articles 56 to 59 of the OPA;
- e.
- institutions for recognised forms of pension benefits under Article 82 of the OPA;
- f.
- investment foundations according to Articles 53g to 53k of the OPA, provided all of the participants in the investment foundation are pension institutions or other retirement arrangements according to letters a to e.
6 If the applicable agreement does not provide for a deadline, a credit card issuer shall be treated as a qualified credit card issuer and thus as a non-reporting financial institution if it fulfils the conditions set out in the applicable agreement at the time this Act comes into force. If a credit card issuer commences its commercial activity after this Act comes into force, it shall be treated as a non-reporting financial institution if it fulfils the conditions set out in the applicable agreement within six months of commencing commercial activity, at the latest.
7 Swiss collective investment schemes subject to the Collective Investment Schemes Act of 23 June 200615 that fulfil the conditions set out in the applicable agreement with respect to interests in the collective investment vehicle and to unit certificates which are structured as shares in bearer form are in particular treated as a non-reporting financial institution that is an exempt undertaking for collective investment vehicles. The Federal Council shall set the conditions according to which a collective investment vehicle is treated as a non-reporting financial institution. It determines the vehicles.
8 If the applicable agreement does not provide for a deadline, collective investment vehicles fulfil the condition with respect to unit certificates which are structured as shares in bearer form if they:
- a.
- do not issue any unit certificates which are structured as shares in bearer form from the time this Act comes into force; and
- b.
- have measures and procedures in place which ensure that unit certificates which are structured as shares in bearer form are redeemed or withdrawn from the market as soon as possible, but at the latest within two years of this Act coming into force.
9 If the applicable agreement so provides, a trust is treated as a non-reporting financial institution to the extent that the trustee of the trust is a reporting financial institution and reports all information required to be reported under the applicable agreement with respect to all reportable accounts of the trust.
10 ...16
11 The Federal Council may designate further entities as non-reporting financial institutions if they present a low risk of being used to evade tax and have substantially similar characteristics to any of the non-reporting financial institutions according to the applicable agreement. It shall set the conditions according to which other entities are treated as non-reporting financial institutions.