Third-Country Regime and Equivalence: The Swiss Perspective

Abstract

This paper discusses the role of the third-country regime and equivalence from the Swiss perspective. It provides an analysis of the evolution of the Swiss approach. The various reactions to EU developments have ranged from the attempt to implement a reciprocity principle, to the resort to unilateral recognition. An overarching purpose of the Swiss equivalence framework has consisted of the relentless pursuit of a competitiveness objective. Yet the decline of equivalence as a market access mechanism has led to favouring other market access routes. This paper concludes that the recent reforms have initiated a roadmap towards an increasing autonomy of Swiss financial market law.