Despite the tax dispute and the fines, the US market is still attractive to Swiss banks and the institutions continue to enter and service US customers. Following this trend, Reyl & Cie is registering as an investment advisor with the SEC and openigng an office in Santa Barbara. The new entity, called Reyl Overseas Ltd, falls within the activity ‘asset management’, said the Geneva bank in a statement. Reyl decided not to participate in the US Tax Program in December 2014.

On this topic, Le Temps reports comments from Shelby du Pasquier, a lawyer and partner at Lenz & Staehelin, ‘Beyond the trauma provoked by the US tax dispute, the Swiss banking center realized the importance of the US market. Regulations requires them to register with the SEC if they intend to canvass customers residing in the United States’ .