EU and Switzerland discuss Mifid II equivalence

By Olly Jackson, EMEA reporter

The much-discussed new Markets in financial Instruments Directive (Mifid II) is giving the Swiss government cause for concern. The government is calling on the EU to provide equivalence for its new Financial Services Act and Financial Institute Act that have been created in response to Mifid II. This is considered such a crucial issue that the SBA is calling on the government to consider stopping EU contributions if the request for equivalence is not granted.

Some 52% of Swiss trade is with the EU and as such, the Swiss economy is hugely dependent on the trading bloc. The SBA’s public and media relations head Dr Sindy Schmiegel said the EU’s current approach is causing frustration. "We call for a defined process with a predictable outcome," they said. "But at the moment it is an approach with many uncertainties."

Equivalence is limited to specific fields...