The Swiss government's finance policy experts unveiled their strategic road map. finews.com looks at the key pillars.
A group of government-appointed strategic advisers convened for nearly one year before hammering out the «Roadmap Financial Center Switzerland 2020+» (in German). The Swiss government on Wednesday acknowledged the group's recommendations, which will be baked into the official policy unveiled in autumn.
The strategy paper, led by the government's go-to finance policy expert Aymo Brunetti, highlights ten priorities: the group said it views a joint private and public sector effort on cyber risks as the most urgent.
Tax Gripes
The group also urgently wants to «unshackle» the Swiss capital market: withholding tax dissuades big issuers from the domestic market, it said. A pay agent tax would make Switzerland more attractive for such transactions, according to the experts. Withholding tax reforms on equity issues and of stamp duties would boost the Swiss financial center's appeal.
The group also gave «high priority» to sustainable finance, which it views as an opportunity for the financial center – although it emphasized that it wouldn't interfere with the sub-sector's development.
High-Profile Contributors
The group's other recommendations include market access for financial firms, digital payment systems, establishing an education and research hub for fintech and cybersecurity, and an eye to stability risks due to extremely low and negative interest rates.
Brunetti, an economist with tenure at the University of Bern, previously led a group on «too-big-to-fail» post-crisis rules and eventually data-swapping with other countries. The current 20-person group includes prominent banking representatives such as UBS ChairmanAxel Weber as well as Bern officials like Finma head Mark Branson and academics.
