Banking Regulation 2017

Introduction

The financial crisis of 2008/2009 triggered a wave of new regulations in Switzerland in recent years. Besides client protection and stability for the overall economic system, past and currently ongoing reform projects are a reaction to international regulations and particularly aim to harmonise Swiss regulations with existing and upcoming EU regulations, such as the EU Directive 2011/61/EU on Alternative Investment Fund Managers ("AIFMD"), Directive 2014/65/EU on Markets in Financial Instruments II ("MiFID II") and Regulation (EU) No 600/2014 on Markets in Financial Instruments ("MiFIR") to ensure Swiss financial institutions' access to the European financial markets. The core of the new Swiss banking regulation will consist of the existing Federal Act on Banks and Savings Banks of 8 November 1934 ("BankA"), the existing Federal Act on the Swiss Financial Market Supervisory Authority of 22 June 2007 ("FINMASA"), the Financial Market Infrastructure Act