The two major Swiss banks Credit Suisse Group AG and UBS AG launch on Thursday "the Swiss Finance Council" to engage in financial policy discussions at European and international level and in dialogue around policy developments in finance at European and international level.
"The Swiss Finance Council will represent the interests of internationally active Swiss financial institutions and provide a platform to share experience, expertise, and knowledge through a permanent representative office in Brussels, thereby supporting the work of the Swiss Bankers Association (SBA) in EU-related matters," said the Council in a press release from its Headquarters in Zurich, North east Switzerland.
The Swiss Finance Council is led by a board, which is comprised of its Chairman, Alexis Lautenberg, and the Chairmen of the two founding members, Urs Rohner and Axel Weber.
"Internationally active Swiss financial institutions want to become more actively engaged in European policy matters and this initiative provides the opportunity for them to do so," explains Alexis Lautenberg, Chairman of the Swiss Finance Council.
"The timing of the launch is focused on current developments in Brussels and the desire of the members of the Swiss Finance Council to participate actively in EU-level discussions around the priorities for the upcoming legislative period 2014-2019," continues Lautenberg. "By establishing a representative office now, a solid network can be developed so that we are ready to engage in discussions around key policy issues in light of the changes in the EU institutions following next year's European parliamentary elections." The Swiss Finance Council intends to reach out to relevant stakeholders in the European financial policy debate and establish working relations with them. It will assess the current policy-making framework and develop joint positions on key dossiers on behalf of its members.
Policy positions will be consolidated and developed in the upcoming weeks and months as the team in Brussels is established. It will focus on issues of relevance to international financial institutions including the MiFID II, EMIR, and Banking Union, key developments in taxation policies, structural reforms, and the Bank Recovery and Resolution Directive.
The work of the Swiss Finance Council will complement and reinforce the work of the SBA. There will be close coordination between the two going forward. Credit Suisse Group AG and UBS AG will remain active members of the SBA and have kept it abreast of discussions regarding the establishment of the Swiss Finance Council