Equivalence procedures with the EU

In its policy for a future-proof Swiss financial centre, the Federal Council identified equivalence procedures as an important element for maintaining and improving market access for Swiss providers in the EU area. To this end, recognition of the equivalence of Swiss financial market regulation should be achieved with the EU where this makes economic sense.

Policy for a future-proof Swiss financial centre 

In recent years, various equivalence decisions have been adopted by the EU in recognition of the Swiss legal framework, particularly in the following areas:

  • Recognition of Swiss central counterparty regulation (2015)
  • Recognition of the equivalence of Swiss rules for the solvency of insurance companies (2015)

The State Secretariat for International Finance (SIF) is committed to the rapid initiation and conclusion of further equivalence procedures especially in the following areas:

Recognition of Swiss trading venues (stock market equivalence) [1], following the EU's decision not to extend stock market equivalence for Switzerland beyond June 2019 [2]

  • Recognition of Swiss derivatives regulation [3]
  • Extension of the EU passport for alternative investment fund managers to third countries [4]
  • Procedure for cross-border transactions with professional investors [5]

[1]  Article 23 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR)

[2]  Measure to protect the stock exchange infrastructure

[3]  Article 13 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR)

[4]  Article 67 of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (AIFMD)

[5]  Articles 46/47 of the MiFIR

Last modification 02.12.2021

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