The preservation of a significant portion of added value and jobs in Switzerland also depends on the future success of the banks in Switzerland in asserting their position as one of the leading global financial centres. Autonomous action alone will not bring about the desired results for protecting market(s) access. In order to gain market access, political agreement must also be reached with the various partner states. Different measures should be taken simultaneously to this end, as a number of goals are likely attainable in the shorter-term, while others will require more time.
Switzerland is striving to secure
non-discriminatory market access to EU/EEA markets as
well as to growth regions in order to preserve its
ability to export Swiss financial services and foster
opening of markets in key partner states
Continuation or initiation of binational negotiations with key partner states, both in the EU as well as in growth markets. The Swiss State Secretariat for International Financial Matters is currently negotiating with France and Italy. With Germany, the implementation of a simplified authorisation regime could successfully be completed in July 2015.
Development of a recognition process
for the equivalence of Swiss
financial market legislation by the EU, which is
foreseen by the EU and which would be required/sensible
for cross-border market access . There is an immediate
need for action in terms of establishing equivalence
for the AIFMD, EMIR and MiFID II/MiFIR dossiers.
Switzerland ascertains the EU’s readiness for an FSA , and conducts an in-depth review of the necessary legal and material amendments in Switzerland.