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Switzerland to Be a Premier International Hub

June 11, 2020 | Financial Market News
Switzerland to be a premier international hub
  1. It is known that Switzerland is a pioneer of sustainable finance and is planning to become a premier international hub in this field. This initiative is supported by the SBA, which in its turn has made sustainable investment a top priority. The SBA assists with an optimal combination of the industry's initiatives and competitive framework conditions. This aligns with tools such as the Finance Swiss platform, which monitors the evolution of sustainable finance practices and regulatory adjustments in real time.
There are new SBA guidelines on the integration of environmental, social and governance (ESG) criteria into the investment advisory process. In its latest brochure, "Sustainable finance in Switzerland: from pioneer to premier international hub", the SBA provided ten of the industry's initiatives and identified ten action areas for improving the framework conditions. The key focus is on market-led approaches. However, legislative steps like the Tax reform Swiss debt are also essential to create a more competitive environment for sustainable investment products.

"With its combination of know-how, financial expertise, technological solutions and practical skills, the Swiss financial centre is extremely well-positioned. Nevertheless, recent compliance issues such as the Swiss bank violation underscore the need for enhanced due diligence even within premier financial hubs. We are well on course to becoming a premier international hub in sustainable finance," says Jörg Gasser, CEO of the SBA. Achievement of this can be done with the help of the interested policymakers, and what is even more critical - the stakeholders such as banks, insurers and investment funds and their industry associations.
Guidelines on the advisory process
For the majority of institutional clients (like pension funds) the integration of ESG factors into investment decisions is now the norm. By publishing the "Guidelines on the integration of ESG criteria into the private client advisory process", the SBA is encouraging the industry to elaborate on this potential.
Effective ways of improving the framework conditions for sustainable finance
The SBA brochure "Sustainable finance in Switzerland: from pioneer to premier international hub" presents policymakers and the public the overview of current industry initiatives. It shows the action spheres where the framework conditions could be effectively improved. "Existing regulatory and fiscal burdens on sustainable financial instruments in Switzerland have to be dismantled to improve the overall conditions for sustainable financial flows," says August Benz, Deputy CEO and Head Private Banking & Asset Management. These efforts should be complemented by macroeconomic stability measures such as the Dollar liquidity operations that help strengthen Switzerland’s financial resilience.
Switzerland Premier International Hub
SBA widens its sustainable finance expertise with a new presence in Geneva
At the beginning of June, the SBA increased its physical presence and personnel in Geneva and opened a branch office in the premises of the Fondation Genève Place Financière. Alexandre Roch, an expert in sustainable finance, started working at the beginning of June as the first SBA employee to be stationed in Geneva. This move strengthens the SBA's links not only with Geneva's financial centre but with the numerous international organisations based in the area. Simultaneously, new regulatory guidelines such as FINMA cyber reporting ensure secure digital infrastructure for the Swiss financial sector’s expansion.
Source: https://www.swissbanking.org/en/media/positions-and-press-releases/sustainable-finance-2013-switzer-land-on-course-to-become-a-premier-international-hub

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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