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The Regulatory Update is structured into seven topics (banking and capital markets, sustainable finance, anti-money laundering, sanctions, tax, digital and miscellanea). Each of these topics have been chosen in such a way that an interested reader will acquire a comprehensive outlook on the set of laws and regulations that, in principle, would apply to financial institutions.
2023 is influenced by important developments in the financial sector. National as well as international regulations continue to evolve, and new changes reshape the business.
In banking and capital markets law, the takeover of Credit Suisse by UBS and its effects were of particular importance at the Swiss level. On the international level, the EU institutions have reached provisional agreements on amendments to CRR, CRD, MiFIR and MiFID II.
On the path to sustainable finance, the financial sector is experiencing an increasing number of regulations and guidelines on both national and international levels. This reflects the ambition of organizations and regulators to put an end to greenwashing.
When it comes to AML, the upcoming Act on the transparency of legal entities and the revision of the agreement on the Swiss banks’ code of conduct regarding the exercise of due diligence (CDB 20) are the topics in focus.
In the area of sanctions, Switzerland implemented expanded sanctions against Russia aligning with the EU’s 11th sanctions package. In addition, amendments have been made to the sanctions lists for Syria, Belarus, Moldova, Ukraine and Iran.
Recent developments in tax include increased flexibility in formation and capital regulations for stock corporations, revised qualified intermediary agreements to broaden responsibilities for withholding and reporting taxes on payments to foreign investors, and required immediate attention to comply with newly published Safe-Haven Interest Rates for related party financing
In the digital context, the MiCA and TFR form the basis for the European legal framework for crypto-assets. In the area of artificial intelligence, the draft AI Act now serves as the negotiating position with the European Council.
Lastly, further topics are covered under the heading Miscellanea, such as the revised Swiss Data Protection Act and related ordinances which entered into force on 1 September 2023.
Thanks to our deep understanding of these topics, EY can help financial services organizations to keep pace and maintain excellence in an increasingly digital, complex and interconnected world.
Read Regulatory Updates in the financial services sector – Summer 2023 edition.
A special thanks goes to the EY Law team Silvia Devulder, Stephan Geiger, Konrad Meier, Seraina Ammann, Dominique Jaussi, Tatiana Kovalenko, Aylin Demir, Dennise Schindler, Christian Gafner Yegros, Onerva Härmä, Rea Burkart, Maxime Ochrymowicz and to Christophe Adank from the EY Tax team for their excellent cooperation and valuable contributions.