The Swiss banks welcome the adoption of the mandate for Swiss-EU negotiations 

The Swiss Bankers Association (SBA) welcomes the adoption of the mandate for negotiations between Switzerland and the European Union (EU). This represents a significant milestone for Switzerland in stabilising and developing its relationship with the EU. These bilateral relations also include the financial sector. That is why it is especially positive for the Swiss banks that Switzerland and the EU have agreed at the highest political level to restart dialogue on financial regulation. Regulatory dialogue of this kind with important partner states allows Switzerland to intensify cooperation in areas of mutual interest and to raise the concerns of the Swiss financial sector. The Swiss banking sector therefore expects, as specified in the negotiating mandate, market access and the institution-specific approach to be given priority in the dialogue on financial regulation.

Since banking is an export industry, improved market access is vital. The EU single market is a core market for the Swiss financial centre: banks in Switzerland manage assets totalling some CHF 1,000 billion¹ on behalf of EU clients. Tens of thousands of jobs in Switzerland depend on cross-border business with EU customers. This explains why both market access and the institution-specific approach should be at the top of the agenda for the dialogue on financial regulation.

¹This figure is based on the SBA’s Banking Barometer 2023 as well as data supplied by Boston Consulting Group.