According to the Finance Minister Ueli Maurer it plays for Switzerland, no matter whether the EU recognises the equivalence of the Swiss exchange regulation for another six months or not. The Maurer said on Friday to a question in front of the Federal Palace media.
of Course, would be the Federal Council, rather, if the EU were to extend the recognition. An extension of only a year and a half to throw, but questions. “That would be a bit difficult to understand,” said Maurer.
The intention would be to link with the framework agreement. From the point of view of the Federal Council, these things are not linked. Switzerland had scores made our own solution to the stock . The Federal Council had set the regulation in force, they will attack.
No influence on the stock market
If the EU decisions by the Commission on Monday, the Equivalence of the stock exchange regulation for a year and a half to recognize it’s not going to affect the stock market. Over a period of six months, the EU should have discussed the Commission at its meeting last Tuesday.
Without the extension, the recognition automatically at the end of the year. Thus, the EU would be banned-dealers of the shares trading on the Swiss stock exchange. The EU recognized the Equivalence in the last of December on a temporary basis for a year. An extension of the progress in the institutional framework agreement.
to drive No credit needed
The Federal Council decided, however, two weeks ago, a measure that will allow EU traders, even in the absence of recognition on the Swiss stock exchange trade. From the beginning of 2019, a recognition of duty for foreign trading venues. Those in the EU does not want to recognize the Federal Council.
So the Swiss trade from the EU to be removed. When Swiss shares will not be traded “systematically and regularly” to EU trading venues, the Swiss stock exchange in accordance with the EU markets in financial instruments regulation (MiFIR) no recognition of equivalence. EU traders could continue to drive on the Swiss stock exchange trade.
Blockchain Innovation, not regulation
The Federal Council of brakes is convinced of the potential of the Blockchain technology. A special Blockchain-law, he does not want to adopt. Instead, with the adaptation of existing laws, legal certainty and good framework conditions for Innovation should be created.
the Federal Council writes in the report “Legal basis for the Distributed Ledger technology (DLT), and Blockchain in Switzerland”, he has released on Friday. In front of the Federal building mediated the Minister of Finance of masons avoid the impression that the technology, if it were a delicate flower, whose enormous potential for growth could be disturbed by excessive regulation.
Hotspot Switzerland
Because the Federal Council has set itself high goals: He wants to establish Switzerland as a leading location for Fintech and Blockchain – companies. Together with London, Switzerland, and in particular train were already one of the European Hotspots, said Maurer. “Switzerland is well on the way.” This Pole Position doesn’t want to jeopardize the Federal Council with a Blockchain-law.
such would be outdated after a short time, anyway, said Maurer. Blockchain will relate to fields of business that could imagine no one. Therefore, it is not necessary to regulate the technology, but the processes. It is necessary to support an innovation-friendly climate in which such processes are conducted could be. “We do not want to brake with a technical law,” said Maurer.
Open issues
Instead, the Federal Council plans to specific Legislative amendments. In the first quarter of 2019, he wants to draw up a Consultation draft. The goal is to increase in the area of civil law, the legal certainty of the Transfer of Rights with digital registers. In the bankruptcy law, the separation of the crypto needs to values-based assets and non-assets data to be clarified.
In the financial market legislation, the Federal Council wants to create a flexible Permit for block chain based financial market infrastructures. He is also the risks of Blockchain technology for the integrity and Reputation of the financial centre is aware of this. That’s why he checks in the money laundering act first adjustments. In particular, the current practice to the decentralized trading platforms want to be regulated under the money laundering act is clear.
Also want to check the Federal Council, whether the Gelwäscherei rules for certain forms of crowd must funding be adjusted. On the basis of a report by the interdepartmental coordinating group for combating money laundering and the financing of terrorism (KGGT) it is assumed that cryptographic values based assets is quite risky.
Far-reaching consequences
According to the report, the Blockchain technology has great potential for the economy, the administration and other areas of life. “That will change our lives probably solid,” said Maurer convinced. Some of the processes could be greatly simplified, with far-reaching consequences.
“It is very possible that the state for certain services is necessary,” said the Minister of Finance. Thanks to the technology Private may rules, what is rules. As an example, Maurer called the land register, in the report, the commercial register and other registers are called. With the Blockchain can also be applied in payment, in the insurance business or in the financing. (nag/sda)
Created: 14.12.2018, 16:45 PM
