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Annual Report 2017 / 2018 Foreword from the Chairman

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Annual Report 2017 / 2018 Foreword from the Chairman August 2018 Annual Report 2017 / 2018 Foreword from the Chairman Creating scope for development Foreword from the To ensure that Switzerland remains competitive and that we maintain our position as the global leader in cross-border wealth management, the Swiss Bankers Association (SBA) continuously works on the front lines to ensure optimal local conditions. The objective is to Chairman create scope for entrepreneurial freedom for all banks and to strengthen the framework conditions for digital innovation. For example, over the last few months, the regulatory conditions for fintech applications have been continuously improved. With the adoption of the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA), Switzerland now, after numerous years of deliberation in Parliament, has a modern legal framework for finan- cial services providers. This legislation takes into account proven characteristics specific to Switzerland such as self-regulation and the dual supervisory system. It is SME-friendly and at the same time increases the exportability of our financial centre. Shaping the future The success of Switzerland’s financial centre is based to a significant degree on the outstand- ing quality that our country offers as a location as well as its security. It is on this stable foundation that the Swiss financial centre is shaping the financial services of the future, services that put customer needs first. All of these factors are encouraging me to be optimis- tic. The rapid technological developments arising from digitalisation that I witness every day help to even better meet the needs of customers. It is the combination of the high quality that Switzerland offers as a location, the traditional strengths of Swiss banking and the banks’ strong motivation to use digitalisation as an opportunity to improve their competitive- ness that set our financial centre apart. It is important that its future course now be charted properly, because the core prerequisite for success is intelligent regulatory framework condi- Dear Reader tions. For the current year, the SBA has defined 12 key thematic priorities (see following page). The current political environment is characterised by increasing regulation and Digitalisation as an opportunity protectionist tendencies. We are working resolutely to counter these trends. As In order to ensure the Swiss financial centre remains attractive at the international level, the voice of the banking sector, we support scope for entrepreneurial freedom and framework conditions must continue to be innovation-friendly. It is for this reason that open markets. We advocate for competitive framework conditions that provide digitalisation is a core strategic topic for the SBA. This is reflected, among other things, by room for further development. As a competence centre, we supply knowledge the fact that the former Fintech Group of Experts has been upgraded to a standing Expert relevant to banking, think ahead and assertively represent our views. And we do Committee for Digitalisation. so successfully – a look back at the past few months is evidence thereof. 2 Swiss Bankers Association | Annual Report 2017/ 2018 Swiss Bankers Association | Annual Report 2017/ 2018 3 Foreword from the Chairman The SBA actively advocates attractive framework conditions for digital applications in the area of financial markets. In July 2017, the Federal Council adopted new fintech rules which include the establishment of an “innovation area” that is exempt from the need for authorisa- tion. Further to this, in February 2018, the Swiss Financial Market Supervisory Authority (FINMA) was one of the first supervisory authorities in the world to publish guidelines for initial coin offerings (ICOs). The Federal Council is also endeavouring to lay the legal founda- tions for a state-recognised electronic identity (e-ID). The SBA supports this undertaking. The e-ID legislation of 1 June 2018 that was drafted to this end establishes in a business-friendly manner how the e-ID is to be used for the identification and authentication of natural persons. European policy: securing market access The EU is one of the most important export markets for Swiss banks. In order to maintain For a competitive Swiss banking sector cross-border exportability and enhance future growth, we are advocating for market access to the EU / EEA markets and other growth regions that is as free from discrimination as The SBA’s priorities possible. Safeguarding market access and therefore also the competitiveness of the Swiss financial centre is of strategic importance. We therefore call on the EU to recognise the equiv- The Swiss Bankers Association (SBA) Investor protection represents the interests of the banks in Increasing legal certainty and ensuring practicable alence of financial market regulation and in particular, to recognise stock market equivalence investor protection with the Financial Services Act Switzerland and advocates for optimal (FinSA) and the Financial Institutions Act (FinIA) without a time limit. From the perspective of the SBA, the EU’s decision to limit equivalence framework conditions. Our priorities Depositor protection for the Swiss stock market at the end of 2017 is a clear case of discrimination against Swit- for 2018 are: Working towards a balanced revision of depositor protection zerland. The SBA therefore welcomes the fact that in the interests of mutually open and Regulation Implementing Basel III / IV without a “Swiss finish” and Monetary and currency system efficient capital markets, the Federal Council is resolutely pursuing the unlimited recognition ensuring commensurate regulation (proportionality); Rejection of the dangerous sovereign money initiative Continuously improving regulatory framework condi- of stock market equivalence. In a further step, the Federal Council announced a contingency tions through the timely and systematic involvement of Capital market measure in summer 2018 designed to protect the Swiss stock market infrastructure. the sector and by taking into account international Improving SME access to the capital market and competitiveness strengthening the securitisation market International trade relations Pension system FinSA/FinIA adopted Improving access to key target markets by means of Highlighting the importance of the third contributor for equivalence procedures and bilateral agreements occupational pension plans and optimising investment The adoption of the draft FinSA and FinIA legislation in summer 2018 marks the end of a guidelines Automatic exchange of information major legislative project that has modernised Swiss financial market law. With FinSA and Implementing the automatic exchange of information Mortgage market in tax matters with countries abroad Ensuring a level playing field in the mortgage market FinIA, convincing and practicable investor protection, designed in a manner that is equivalent Taxes Training to the EU requirements, has been established. Customers will benefit from a single source Strengthening Switzerland’s attractiveness through the Promoting basic and further training as a key factor for abolition of stamp duty and an easy-to-apply withhold- expertise in and competitiveness of the banking centre of law, greater transparency and a general prospectus requirement. Of particular importance ing tax reform was also that independent asset managers are subject to appropriate supervision. For finan- Digitalisation cial services providers, the new laws increase legal and planning certainty. Together with Developing digital-friendly framework conditions in order to facilitate the development and expansion of business models Priorities of the Swiss Bankers Association (SBA) | 2018 4 Swiss Bankers Association | Annual Report 2017/ 2018 Swiss Bankers Association | Annual Report 2017/ 2018 5 Foreword from the Chairman other financial centre stakeholders, the SBA advocated for this modern investor protection Sovereign money initiative rejected during the parliamentary process. In a next step, the consultations for the ordinances relating On 10 June 2018, the Swiss electorate clearly rejected the popular initiative “For crisis-safe to these laws, FinSO and FinIO will begin. The SBA will also contribute to this process. money: Money creation by the National Bank only” (Sovereign Money Initiative). Like the Federal Council, Parliament, the National Bank and industry, the SBA clearly campaigned Proportionality: for commensurate regulation against the initiative in the lead-up to the vote and highlighted the consequences and risks of Following an intensive elaboration process, the SBA concluded a joint position on proportion- a sovereign money system for the Swiss economy. The outcome reflects that the Swiss finan- ality that is supported by all banking groups. Agreement was reached on how the principle cial centre and the banks continue to enjoy the trust of the electorate; the stable and of proportionality should be applied to banking regulation. With the systematic application high-performing economic and monetary system is recognised and appreciated. thereof, the smaller banks in particular are to be subject to a reduced regulatory burden. There are three key elements in this area: firstly, the regulatory and supervisory requirements Raising the profile of the financial centre at home and abroad are to be permanently differentiated on a proportional basis along the existing supervisory The SBA conducts a wide variety of promotional activities at home and abroad aimed
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