FINMA package of measures and MIFID
Challenges for Switzerland
In Switzerland as well as in the European Community, important Financial Service Industry legislative initiatives are pending. Once agreed and implemented, they will significantly affect the Swiss industry in general as well as the business of individual financial institutions. The projects in the regulatory pipeline are thematically widely spread, ranging from a macro-prudential oversight of financial products and financial services to conduct of business rules for financial intermediaries.
The proposed requirements serve both, the protection of customers as well as the smooth functioning of the financial market. In most cases, they have been initiated by international organizations (eg. G20, Financial Stability Board) and will be implemented either directly in each single country or indirectly through local regulatory bodies (eg. European Community).
Switzerland is about to take over large parts of the EU regulatory requirements (eg. MiFID, AIFMD, KYC). This article will summarize the impacts and options due to these developments.