...We have taken significant steps over the past several years to implement reforms and exit clients who did not meet strict new HSBC standards. HSBC’s Swiss private bank has reduced its client base by almost 70% since 2007.Major regulatory reform is under way in numerous jurisdictions to ensure…that in the near future, an individual wishing to “hide” assets from tax authorities will be unable to do so. HSBC fully welcomes and supports these reforms...Beginning in 2012, Global Private Banking [GPB] developed a tax transparency policy, stating that it will close accounts and refuse any new business where it has reason to believe the client or potential client is not in full compliance with relevant tax obligations...