The implementation of the extensive regulatory efforts since the financial crisis at a national and international level are at an advanced stage. This brings forward the new topic of regulatory process. The main aim of better regulation, as it is known in the EU and favoured in other countries, aims to make regulation more efficient and more effective. Back in 2014, the group of experts on the further development of the financial market strategy made recommendations to improve the regulatory processes, which the Federal Council supported.
Central elements of the new regulatory process are the early involvement of the industry, early estimation of the costs and benefits of a regulation, as well as carrying out ex post evaluations of existing regulations. Exchanges with the industry within the framework of regular meetings have been reinitiated, intensified and given a broader basis. The involvement of the parties concerned has been intensified in a number of specific legislative projects.
Regulatory impact analyses are an integral part of the entire regulatory process, independent of whether the work at the legislative and ordinance levels takes place. This also involves the early preparation of regulatory outlines which briefly summarise the most important information on a proposal. In addition to the cost/benefit considerations, increased emphasis is generally placed on quantitative issues.
In its report on financial market policy for a competitive financial centre from autumn 2016, the Federal Council stated that well-founded, full and independent ex post evaluation should be performed on selected, important regulations in the financial sphere to ascertain their effectiveness and identify the possible need for deregulation or regulation. The existing regulatory process can be rounded off in this way. The first-time application of this instrument was postponed in agreement with the industry.
The implementation and continuous optimisation of the new regulatory process is a permanent task and is therefore far from complete. It continues to require the necessary high level of attention from the offices concerned.
Last modification 19.07.2018