A Liberal Access to Financial Markets in Switzerland: Equivalence and Appropriateness

Abstract

Abstract The third chapter leaves the legal framework of the EU. Deference is not a particular European phenomenon. Instead, it is advocated at the G20 level, and various countries have implemented this concept. Among these jurisdictions, this chapter concentrates on Switzerland due to its unique role for the European financial sector, which does not only derive from its location in the heart of Europe. The chapter describes the Swiss approach regarding the regulation of foreign financial service providers. The author demonstrates that Switzerland pursues a more liberal policy with extensive market access rights compared to the EU and the US. The chapter then derives characteristics of the Swiss regulatory approach from this analysis and develops a systematic framework for the Swiss regulation of foreign financial firms. Finally, it attempts to explain this regulation against the background of Switzerland’s economic and geographic situation.