The Association of Swiss Private Bankers’ (ASPB) three top priorities are: ensuring financial centre operators have adequate access to foreign markets and foreign specialists, both of which “are essential to the development of a first-rate financial centre”; guaranteeing the pragmatic and synchronised implementation of international standards; and providing a stable and competitive fiscal and regulatory framework for all financial centre participants.
Above all, the ASPB hopes that Switzerland and the EU will manage to clarify their relationship once and for all, by “reaching a well-balanced, mutually beneficial set of agreements that support openness and reciprocity”.
The ASPB report also welcomed moves by the Swiss regulator Finma to loosen regulations for smaller, non-systemic banks.
“Recognising that the diversity of the banking sector represents an advantage for the Swiss economy and that small banks spur competition and innovation,” said the ASPB. “Finma is right to apply the principle of proportionality through regulatory relief measures to support the continued growth of small banks”.
The ASPB also echoed views heard in the Swiss Parliament that confidentiality of banking data provided to foreign governments under the automatic exchange of information might be compromised.
The parliament has agreed to create a mechanism to monitor reporting before the first exchanges take place in September 2019, to “ensure a level playing field for all financial centres”.
