Merger ends information-sharing deadlock, US to obtain investment data from Swiss banking customers.

According to the Financial Times, the United States and Switzerland ended a years-long impasse over the sharing of information on customer investments, which will give the United States a clearer picture of its holdings in European banking centers. The agreement comes after the U.S. Securities and Exchange Commission inspected at least eight Swiss companies doing business through U.S. entities, three people familiar with the matter said. Inspections include smaller management companies and larger investment group Vontobel. The relationship between the two countries is complicated when it comes to information about U.S. customers, who have long hid assets in Swiss accounts to evade U.S. taxes. After the two countries agreed in 2013 on information sharing, Swiss companies paid billions of dollars in fines. The U.S. also lifted Tuesday's ban on approving new Swiss investment advisers to conduct U.S. wealth management business.