SFC response to IOSCO Consultation on Cross-Border Regulation
The Swiss Finance Council (SFC) welcomes the efforts by IOSCO to look into international cross-border regulation and the opportunity to comment on IOSCO’s work so far and future work programme.
We share the concerns about the impact of different approaches, duplication, and a lack of international coordination regarding regulation of cross-border activities. We agree it is crucial to seek at a minimum internationally aligned standards to balance the objectives of effective national rules and market access through open borders. This will boost growth by facilitating global capital flows and offering consumers a wider-range of services, as well as serving as an important ‘shock absorber’ at times of economic stress. Against this backdrop, the Swiss Finance Council would like to offer the following comments on the consultation report, which are aimed at helping regulators realise the benefits from cooperation between partners.