Internationale Standards in der schweizerischen Finanzmarktaufsicht

This article illustrates that a general commitment to internationally agreed standards in financial market regulation is in Switzerland’s best interest. It allows Switzerland to participate and shape decisions in standard-setting fora, thus fostering global financial stability and ensuring a level playing field for all players. Compliance with key standards is also a precondition for defending Switzerland’s reputation as a world-leading financial centre, as well as safeguarding access to foreign markets and avoiding potential competitive disadvantages. Implementing international minimum standards per se, however, is not necessarily an end in itself. As laid down in Article 7 FINMASA, Swiss regulation has to prove necessary and proportionate, weighing various factors against each other. Finally, looking ahead, strategic and political questions may arise as to whether the relevant criterion for Switzerland will be international standards or rather EU equivalence – in particular with…