Switzerland Moves to Strengthen Financial Regulation with New Updates

Switzerland’s Parliament has recently enacted several key pieces of legislation aimed at regulating the country’s financial sector. The Swiss Financial Market Supervisory Authority (FINMA) is responsible for enforcing these regulations, which have been outlined in a range of circulars.

Key Updates and Circulars

• The new laws and circulars aim to tighten Switzerland’s financial oversight • FINMA has issued circulars outlining how the regulations must be applied

Language Barrier

While some of these laws and circulars have been translated into English by the relevant authorities themselves, many remain in their original German, French or Italian versions. To address this gap, KPMG is now offering official translations to its clients and other interested parties.

Importance of Official Translations

The company emphasizes that these translations are unofficial, having been reviewed only by a subject matter expert rather than being legally binding. Ultimately, it is the original language versions of the laws and circulars as published by FINMA and the Swiss Parliament that carry legal weight.

Value of KPMG’s Translations

Despite this caveat, KPMG’s translations are intended to serve as a valuable aid in navigating Switzerland’s complex financial regulatory landscape. With these updates in place, Switzerland aims to bolster its reputation as a stable and secure hub for international finance, while also ensuring the protection of investors and consumers.

Conclusion

Switzerland is taking steps to strengthen its financial regulation with new updates and circulars. KPMG’s official translations can serve as a valuable aid in understanding these regulations, although it is important to note that only the original language versions carry legal weight.