Switzerland and EU Resume Talks on Financial Market Regulation
(Bloomberg) — Switzerland and the European Commission have resumed discussions on financial market regulation, which had been suspended since 2017 as they look to strike a broader deal governing relations between the two.
Delegations from the Swiss State Secretary for International Finance and the Commission’s directorate for financial services known as FISMA restarted talks on issues including frameworks for companies that operate cross borders, according to a joint statement issued after meetings in Bern. EU recognition of Swiss trading equivalence was also discussed, they said.
Talks were suspended in 2017 when the EU barred Swiss shares from trading indefinitely across the European bloc following Switzerland’s termination of negotiations on a wider framework agreement.
Other topics on the EU-Swiss meeting’s agenda were so-called too-big-to-fail regulation of banks, as well as the implementation of Basel III rules and the potential shortening of the securities settlement cycle.
The resumption of dialogue on financial regulation comes as both Switzerland and the EU aim to negotiate a new framework deal later this year that would govern economic, political and migration concerns.
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