Swiss Banking News: September 2010

23.09.2010: During recent Annual General Meeting of the Swiss Bankers Association (SBA), the President of SBA Patrick Odier talked about the need for Switzerland's financial centre to have a first-rate regulator, and has also called for the strengthening of the country's Financial Market Supervisory Authority FINMA.
Odier underlined the fact that Swiss banks are not opposed to effective regulation. He said that, on the contrary, proportionate regulation guarantees stability and reliability, thereby increasing scope for growth and wealth creation.
FINMA, which is responsible for implementing the Basel III agreement in Switzerland, is considering applying even tighter regulations and even greater capital requirements to the recently agreed framework. However, the SBA’s President warned that tightening the regulations too much would result in a competitive disadvantage for Swiss banks.