Federal Council informed about annual report of advisory board for future of financial centre
Bern, 25.01.2017 - On 25 January 2017, the Federal Council was informed about the annual report of the advisory board for the future of the financial centre. In its first full year of operation, the advisory board focused on the area of digital finance. Moreover, it dealt with a series of other topics of strategic importance for the financial sector and the economy.
In its report, the advisory board noted that the state should enable innovation in response to the challenges of digital finance and ensure competition, but it should not promote technologies or business models in a targeted way. Regulation should allow fair competition between all players. The advisory board supports the proposals of the Federal Council and the adjustments to the regulatory framework for providers of innovative financial technologies presented in October 2016.
In the area of financial market regulation, the advisory board recommends targeted ex-post analyses of important existing regulatory requirements and, to strengthen financial stability, a system change regarding the taxation of residential property to reduce debt incentives for households. The advisory board also discussed a series of current issues without focusing on recommendations or opinions. For example, it discussed and praised the strategic thrust of the Federal Council on financial market policy, the envisaged country-by-country implementation of the automatic exchange of information, the problem of the low interest rate environment and the possible consequences of Brexit for Switzerland's financial centre.
On 5 December 2014, the Federal Council decided to appoint an advisory board charged with assessing the future challenges and prospects for the financial centre from a strategic viewpoint and submitting recommendations for action to it if need be. Led by Professor Aymo Brunetti, the advisory board is comprised of representatives from the authorities and the private sector, as well as academia.
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