The Circular No. 7908, dated November 25th, 2016 concerns the mandatory requirements of Swiss banks, with respect to the identification of a discretionary class of trust and fund beneficiaries. In accordance with the new rules, the discretionary beneficiaries must be identified. The only exception made is for persons that are supposed to gain profit from a trust or a fund subject to a particular date, i.e. for prospective beneficiaries. The relevant date must be listed on the forms beforehand.