The main take-aways are :
– In the event of an early submission, the 120 days deadline still starts by default after December 31, 2013.
-The Program defines an independent examiner as a ‘qualified independent attorney or accountant’. The independent examiner needs to sign personally and the communication with the examiner is not considered as confidential or protected.
-the burden to show the applicability of a penalty reduction rests with the bank itself. The accounts that can be taken into account to for a reduction are defined in the US Program.
Those clarifications also contain a warning to the Swiss Banks: ‘Those that have criminal exposure but fail to come forward or participate but are not fully forthcoming do so at considerable risk’.