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Regulatory Event in Berne on FIDLEG/FINIG

  • Switzerland

    21-08-2018

    Eversheds Sutherland's Banking Group yesterday hosted an event in Berne on the new Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG). The event was moderated by Corporate Partner, Marc Nufer.

    Financial Services Partner Marc Raggenbass presented an overview of the key elements of both laws which are expected to enter into force in January 2020. In summary, FIDLEG is aimed at strengthening consumer protection while establishing equivalence standards vis-à-vis EU requirements (MiFID, PRIIPs); it also implements the principle of “same business, same risk, same rules”. In addition, FIDLEG sets out rules governing the provision of financial services and distribution of financial instruments. FINIG, the second piece of legislature, establishes minimum financial as well as corporate governance standards for financial institutions supervised by FINMA and introduces a new regime (“banking licence light”) to facilitate the activities of players in the fintech industry.  

    Cyrill Kiefer, Partner at Deloitte Consulting in Zurich, provided insights into operational issues and opportunities resulting from the new laws. He highlighted the potential impact on the customer experience and how to design a firm wide CX framework from a practical perspective.

    Finally, Council of States Member Dr Pirmin Bischof, Chairman of the Economic Affairs and Taxation Committee (WAK-SR) gave some very interesting insights on how the new law came into existence. Dr Bischof highlighted the various expectations from the financial industries and consumer protection organisations. He focused on certain differences of the new legislation compared to the European Union and on the particular differences of various financial market authorities.

    The event concluded with an interesting exchange during an aperitif.

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    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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