By Olly Jackson, EMEA reporter
The much-discussed new Markets in Financial Instruments
Directive (Mifid II) is giving the Swiss government cause for
The government is calling on the EU to provide equivalence
for its new Financial Services Act and Financial Institute Act
that have been created in response to Mifid II. This is
considered such a crucial issue that the SBA is calling on the
government to consider stopping EU contributions if the request
for equivalence is not granted.
Some 52% of Swiss trade is with the EU and as such, the
Swiss economy is hugely dependent on the trading bloc. The
SBA’s public and media relations head Dr Sindy
Schmiegel said the EU’s current approach is
causing frustration. "We call for a defined process with a
predictable outcome," they said. "But at the moment it is an
approach with many uncertainties."
Equivalence is limited to...