The case

Scenarios and measures to facilitate cross-border financial services for Italian and French private customers: At its meeting on 27 October 2021, the Federal Council adopted the report “MiFID II and Access to the Financial Market: Scenarios and Measures to Facilitate Cross-Border Financial Services for Italian and French Private Customers”. For more see link (German, French, Italian).

Source: sif.admin

The commentary

In its conclusions, the Federal Council concludes (page 36) that both France and Italy have so far decided against cross-border market access in asset management for third country banks. A branch office is required for the implementation of MiFID II. At EU level, there is no equivalence regime that could enable cross-border market access in the EU. This means that the development of cross-border market access for the asset management business from Switzerland will ultimately not fail due to legal hurdles, but will depend on the political willingness of the individual EU states. Economic policy considerations also play a role, in particular the interest in not being able to serve domestic clients from Switzerland. The relationship between Switzerland and the EU also plays a role in the assessment. Thus, there are very narrow limits to the scenarios and strategies on the part of Switzerland. Nevertheless, Switzerland will continue to seek bilateral solutions with Italy, France and Germany for cross-border market access for asset management and banking. – My conclusion: … still no strategy!

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