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The six chapters (Banking & Capital Markets, Sustainable Finance, AML & Sanctions, Digital, Tax and Miscellanea) of the Regulatory Update provide an extensive overview of the legal and regulatory changes that – in principle – would apply to financial institutions or impact the financial market.
These developments reflect the ongoing regulatory adjustments across key areas. Below is an overview of the most relevant changes and their implications for financial institutions:
- The Federal Council initiated a consultation on amending the Financial Market Supervision Act (FINMASA) and other legislation concerning international cooperation. The results of this consultation have the potential of significantly impacting all supervised institutions.
- The area of Sustainability has been changed with the Federal Act on Climate Protection Objectives, Innovation and Strengthening Energy Security (Climate and Innovation Act) entering into force. The act has many objectives, one of which is aligning the financial flows towards climate-resilient and low-emission development.
- In the realm of Anti-Money Laundering (AML) the Money Laundering Reporting Office Switzerland (MROS) and the Organization for Security and Co-operation in Europe (OSCE) have published new guidelines for Financial Intermediaries Against Human Trafficking. Also, the State Secretariat for Economic Affaires (SECO) updated the measures against the Islamic Republic of Iran and, while the Federal Council continuously amends the Swiss sanction regime in the context of the conflict in Ukraine.
- The digital updates continue to focus on AI, with the EU Commission publishing the guidelines on prohibited AI practices and the guidelines on AI system definition according to the EU AI Act. In Switzerland, the Federal Council announced Switzerland’s approach to regulating AI, planning to adopt the Council of Europe Convention on AI.
- Tax updates include the entry into force of the revised VAT Act and VAT Ordinance. The changes that came with the new versions include the obligation for all VAT liable businesses, to use ePortal.
- Our Miscellanea section covers diverse topics such as the new possibility to retroactively contribute into pillar 3a or EU commissions plan of a program aiming at making Europe simpler and faster.
With deep expertise across these areas, EY supports financial services organizations in navigating an increasingly digital, complex, and interconnected regulatory landscape.