The international business operations of the LLB Group lead to regulatory complexity in cross-border private banking. These legal provisions range from the MiFID II directive regarding increasing tax transparency to the automatic exchange of information. Within the scope of our Focus2015 strategy we were able to reduce this complexity and optimise the deployment of our resources. We have set a clear direction of business thrust on strategic and economically important countries. Consequently, in 2015 the LLB Group ceased doing business with some existing clients in certain countries. Last year we also revised our cross-border strategy. For us it is of central importance that we maintain strict compliance with the prevailing local regulations. Through a framework of internal directives, the LLB Group ensures that its employees observe the prevailing regulations in the individual country when conducting cross-border business activities.