The group of experts, led by Professor Aymo Brunetti, is to examine possible ways of strengthening the domestic framework for the financial centre and of improving market access abroad and will conclude its work at the end of 2014. The group of experts has, however, categorised the significance of market access in terms of timing and content as a priority. Without immediate discussions on this matter with partner countries within and outside the EU and with the EU itself as well as an active search for solutions, experts expect access to important overseas markets to deteriorate. They have thus brought four recommendations to the attention of the Federal Council:
- Switzerland should arrange or continue with bilateral negotiations on improving market access for the financial sector with important countries within and outside the EU. This could also occur within the framework of a transition to the automatic exchange of information in tax matters.
- The advantages and disadvantages of a sectoral agreement with the EU on financial services should be analysed in more depth and its feasibility should be clarified. Moreover, the matter of market access in relation to the EU should be included in the context of a transition to the automatic exchange of information in tax matters.
- The issue of market access should be routinely on the agenda in Switzerland's conventional financial dialogue with partner countries. Such meetings are to be supplemented by its financial sector contacts with partner countries.
- The financial sector should examine how awareness abroad of the locational advantages and regulation of Switzerland's financial centre could be improved and highlighted.
The Federal Council noted the recommendations of the experts and will take these into account when continuing to implement its financial market strategy.
Address for enquiries:
Anne Césard, Deputy Head of Communications, State Secretariat for International Financial Matters SIF
Tel. +41 31 322 62 91, email@example.com