Switzerland and Germany: clarification with respect to market access for banks

Bern, 16.07.2015 - Swiss banks which seek to provide cross-border financial services in Germany can apply for a simplified authorisation regime from Germany's Federal Financial Supervisory Authority (BaFin) with immediate effect. Final clarifications have been made regarding the Memorandum on the cross-border provision of financial services agreed between the finance ministries of Germany and Switzerland in 2013.

The Memorandum is implemented through an arrangement between the supervisory authorities and will simplify the provision of banking services from Switzerland. An understanding on detailed aspects of implementation was reached recently. With the Memorandum, competition and consumer protection will be strengthened and cooperation between the financial market supervisory authorities intensified. Swiss banks interested in the regime can submit requests for authorisation under this regime to BaFIN in accordance with the FINMA newsletter dated 6 January 2014.