The Federal Council supports a sound financial market policy that is dynamic at the same time. The policy not only has to be based on stable objectives and principles, but it also has to be sufficiently adaptable to be able to react in the best possible manner to developments in the rapidly changing financial environment.
The Federal Council set out the foundations in its report entitled "Financial market policy for a competitive Swiss financial centre". Five key focus areas demonstrate how the Swiss financial centre's opportunities and challenges will be addressed and how its competitiveness should be maintained:
Maintaining and improving market access: Possible bilateral agreements will be sought with partner countries, as will EU recognition of the equivalence of Swiss financial market regulation in areas where this is meaningful from an economic perspective.
Allowing for innovation: Disproportionate barriers to market entry, e.g. for fintech firms, should be removed by adjusting the legal framework. The financial market policy should play a supportive role also in the area of sustainable investments.
Optimising regulatory content and processes: Reform projects are to be carried out in consultation with the sector. Economic impact analyses will be started at an early stage and will go into more depth as regulatory projects progress. Moreover, comprehensive and independent ex-post evaluations will be carried out on important financial market regulations.
Limiting systemic risks: In accordance with its statutory mandate, the Federal Council will continue to carry out periodic reviews of its "too-big-to-fail" regime for systemically important banks. In addition, more attention should be paid to systemic risks in the real estate market and in the area of occupational pensions.
Ensuring international compliance in the areas of taxation and money laundering: Internationally recognised standards are a benchmark for Switzerland's policy in the areas of taxation and money laundering. In order to achieve a level playing field, Switzerland is committed to broad implementation of these global standards in international bodies.
A stable and competitive financial sector that functions well is a mainstay of the Swiss economy. It is the federal government's job to provide optimal framework conditions for this sector's business activities. The Swiss financial centre should continue to assert itself as one of the world's leading locations for financial business and even be able to strengthen this role.