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Switzerland Looks To Support Financial Sector

by Ulrika Lomas, Lowtax.net, Brussels
24 October, 2016

The Swiss Federal Council has adopted a report containing five strategic "directions" for financial market policy, aimed at boosting the competitiveness of the country's financial center.

According to the Council, its financial market policy "is geared towards legal certainty, predictability, and continuity," and must be "sufficiently adaptable to be able to react in the best possible manner to developments in the rapidly changing financial environment."

Among the strategies set out in the report is "ensuring international compliance in the areas of taxation and money laundering." The Federal Council said: "Internationally recognized standards are a benchmark for Switzerland's policy in the areas of taxation and money laundering. In order to achieve a level playing field, Switzerland is committed to broad implementation of these global standards in international bodies."

The report also states that the Federal Council will seek to maintain and improve market access, and will seek bilateral agreements with partner countries, along with EU recognition of the equivalence of Swiss financial market regulation "in areas where this is advisable from an economic perspective." In addition, the Federal Council will remove disproportionate barriers to market entry for fintech firms, and carry out impact analyses on possible regulatory reforms.

Finally, the Federal Council will continue to carry out periodic reviews of its "too-big-to-fail" regime for systematically important banks.

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