EU Divided Over Market Access for Swiss Banks: While Swiss banks can breathe a sigh of relief for the time being now that EU economic ministers have scrapped the establishment requirement for banks operating… EURat Niederlassungspflicht EUMarktzugang
A planned tightening of EU directives could prohibit the servicing of European Union clients by Swiss banking institutions without a branch in the block. How drastic the reforms will ultimately turn out to depend on upcoming talks between EU institutions in the coming months.
It is becoming apparent the EU still has a long way to go before an agreement can be reached. EU economic ministers, voting last week for the first time in the council on the EU Commission's proposal, deleted the article with the establishment requirement for banks active in the EU.The deal will now be forwarded to the EU Parliament, which must submit an opinion by the end of the year, after which the final version will be determined in a reconciliation process.
If rejected, the Swiss banking industry can once again be somewhat confident the advocates of a hard line will not ultimately prevail. For a tightening, the majority of member states would have to follow the Commission and its proposal on the establishment requirement for deposit-taking business.The Swiss Bankers Association is convinced granting cross-border market access to the EU contributes to open and integrated markets and is in the interest of EU investors and the EU as a whole.
With the negotiations on an institutional framework agreement between Switzerland and the EU currently blocked, the Swiss financial industry's concerns about easier market access to the EU are riding in the back seat at the moment.Currently, EU member states regulate market access from third countries differently.
In no case, however, is the passive approach, i.e. the servicing of foreign clients in Switzerland itself, affected, as finews.ch reported. Many Germans, for example, bring part of their money to Switzerland themselves to avoid the high inflation in the EU area or the geopolitical uncertainties. An investment in another currency and another jurisdiction is also a good way to protect assets in times of crisis.
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