Innovative for excellence in financial services
In order to implement the three strategic thrusts (innovative, interconnected, sustainable) in its strategy, the Federal Council will take action in the following areas.
Using the data economy for the financial centre
Open finance and data-driven business models
The Federal Council clarifies and improves general conditions, so that new players can use the opportunities of data-driven business models more efficiently. It promotes security, trust and self-determination in financial market data processing. In particular, the FDF is committed to opening up and to an industry-led standardisation of data interfaces in the Swiss financial sector, in order to promote the exchange of customer data between the classical financial market players and new providers. It expresses clear expectations to the industry in this regard, and will also examine the benefits of further measures such as the creation of new licence categories (e.g. outsourcing partner). As part of a situation analysis on data-driven business models, the FDF will also examine whether the current confidentiality requirements for banks and their staff are still appropriate in light of the new data protection legislation. In consultation with the competent offices, it will clarify the regulatory framework for the cross-border transfer of data and its storage abroad.
Integrating new financial market players
DLT/blockchain
The Federal Council strives to ensure that technology based on DLT/blockchain can develop its full potential. Using targeted legislative adjustments that are as technology neutral as possible, it increases legal certainty, removes barriers and reduces new risks. The Federal Council supports research and development in these technologies using the existing promotion instruments.
Modular licensing arrangements
New players, ongoing digitalisation and the increasing specialisation of financial services demand constant monitoring of the current financial regulatory framework, such as looking into the possibility of modular licences. In particular, the FDF, in consultation with FINMA, will examine whether it is possible to improve the collaboration between regulated and currently unregulated financial market players, and make it more efficient, through more modular licensing arrangements and greater differentiation in supervisory models.
Financial ecosystem
The FDF, in consultation with FINMA, the SNB and the financial and ICT sectors, is exploring ways to enable efficiency gains through common service providers. But it also wants to ensure competitive neutrality and appropriately mitigate concentration risks. The FDF promotes innovation on the part of the financial sector and the authorities, and is committed to improving the conditions for start-ups.
Digitalising access to financial market authorities
Official interfaces
In consultation with the private sector and the competent authorities, the Federal Council develops an action plan to improve the exchange of information with cantonal and national authorities, and the use of state services. It also examines technical measures to facilitate compliance with regulatory requirements, options for reusing already recorded data, or the nationwide use of standardised data formats. The Federal Council takes a pragmatic and solution-oriented approach.
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Policy for a future-proof Swiss financial centre
Leading worldwide, rooted in Switzerland: Policy for a future-proof Swiss financial centre
A strong financial centre is key for the Swiss economy and Switzerland's standing as an international location. Switzerland should therefore maintain its place among world-leading, modern and globally active financial centres. The Federal Council wants to assist and support this with a sound and dynamic financial market policy.
Ambition: leading worldwide, rooted in Switzerland
Today, the Swiss financial centre ranks among the most important worldwide and is a major contributor to the Swiss economy. It performs key services for national and international businesses, and for the Swiss population.
The Swiss financial centre today: sound, global, in transition
The figures show that Switzerland currently has a financial centre that provides the Swiss economy with essential services and contributes to the country's international competitiveness.
Trends: more hotly contested, more digital, more sustainable
In recent years, new developments have come to prominence; in the political environment, and particularly in technology. Context and priorities have changed and fracture lines are emerging. The following main trends have emerged:
Strategic thrusts: innovative, interconnected, sustainable
The trends described above will shape the environment for Swiss financial market policy and the Swiss financial centre for the years to come. In terms of the ambition stated at the outset, this yields three strategic thrusts for financial market policy.