Statement from the SBA regarding the report on the Federal Council’s financial market policy

The Swiss Bankers Association (SBA) takes positive note of the report on the Federal Council’s financial market policy published today by the Federal Department of Finance (FDF). If the measures recommended as part of the five strategic directions are implemented, the framework conditions will improve for the financial centre and thus also its international competitiveness.

Particular mention should be made of the fact that the Federal Council has for the first time committed to promote the financial centre abroad in collaboration with the sector.

The SBA has long been calling for the conclusion of bilateral agreements for improved market access with key partner countries, as well as greater advocacy on the part of Switzerland for recognition of its regulation as EU-equivalent. Particularly urgent action is required in these areas. 

The measures for the improvement of regulation correspond with the recommendations put forward by the SBA in a Proposal for appropriate regulation. SBA is satisfied to note that its ongoing efforts to establish an optimal fintech ecosystem are also being carried forward by the Federal Council, and that the Federal Council explicitly wishes to promote new business models in the context of digitalisation. The SBA expects that all those who offer such new business models will stand to benefit equally from this facilitation.

At the same time, the SBA suggests that improvements should also be quickly striven for in other areas. The legislative projects FinSA and FinIA in particular are of key importance, and progress in this area must be expedited. Furthermore, the Federal Council must keep its sights on a coherent tax system, particularly in light of the proposal to enshrine bank-client confidentiality in the constitution (“Matter Initiative” and counterproposal) which we rejected, as well as the reform of withholding tax and criminal tax law.