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Swiss will look to simplify, not relax, banking rules -FINMA CEO
August 23, 2017 / 4:07 PM / in 2 months

Swiss will look to simplify, not relax, banking rules -FINMA CEO

ZURICH, Aug 23 (Reuters) - Switzerland will not relax regulations for its biggest banks but will look to reduce complexity for smaller lenders, the head of Swiss financial watchdog FINMA, Mark Branson, said on Wednesday.

Branson said ten years since the outbreak of the financial crisis, new rules governing Switzerland’s financial centre, including more stringent capital requirements, had helped to make the system more stable.

But FINMA is ready to review whether there are ways to reduce the complexity of new requirements for Switzerland’s smaller banks, Branson told a banking conference in Zurich.

“We believe now is a good time to look at which parts of the complexity one can get rid of without endangering the stability of the banks or the system,” Branson said.

“For small banks, one can achieve the same goals of stability with less complex indicators. Now is the time to tackle that.”

Much of post-crisis rule setting in Switzerland has been focused on the country’s two big banks, UBS and Credit Suisse, Branson said, adding that FINMA would not turn back on the current rules. (Reporting by Joshua Franklin and Angelika Gruber. Editing by Jane Merriman)

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