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
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.
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
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.
Last modification 18.11.2021