|
|
The delegations exchanged views on the future of the international financial system, common interests in the work of international standard-setting bodies and the potential impact of Brexit. They informed each other about their progress in implementing the Basel III framework. They highlighted their support for the work of the Basel Committee on Banking Supervision to finalize the Basel III framework without significantly increasing overall capital requirements across the banking sector, while promoting a level playing field. The discussion also covered the Commission's proposal to introduce a new requirement under the Capital Requirements Directive for third country global systemically important institutions that control two or more institutions in the EU to establish an EU Intermediate Parent Undertaking.
Both sides welcomed the significant progress in the work at technical level on the update to the Agreement on direct non-life insurance and on the timely conclusion of the assessment of Switzerland’s equivalence for the purposes of the trading obligation for shares (as per the Markets in Financial Instruments Regulation).
It is envisaged that the next round of the EU-Switzerland Financial Regulatory Dialogue will be held in 2018 in Brussels.