Swiss Finance Council
Together, AMAS and the ensure that the voice of Swiss asset managers is heard at every stage of the EU regulatory process. Through collaboration, transparency, and informed advocacy, we work to shape a financial framework that supports competitiveness, innovation, and sustainable growth across Europe.
Founded in 2013, the Swiss Finance Council represents the interests of internationally active Swiss financial institutions vis-脿-vis the EU institutions in Brussels and monitors regulatory developments in the financial sector in the EU.
AMAS has been a member of the Swiss Finance Council since 2023 and is in regular contact with it on current issues. In order to keep our members promptly informed about current developments in EU regulatory projects, we share the weekly SFC News on our website and look forward to questions and suggestions on the topics discussed, which we are then happy to take up in our working groups and with the SFC.
Focus: The Savings and Investments Union 鈥� Reducing cross-border fragmentation ad gold plating.
The Savings and Investments Union (SIU) - the European Commission鈥檚 ongoing major financial reform package aims to make the EU鈥檚 financial system simpler, faster, and more globally competitive. As the successor to the Capital Markets Union and Banking Union, the SIU seeks to channel Europe鈥檚 savings more efficiently into productive investments and reduce regulatory fragmentation across Member States.
The SFC and AMAS support the EU鈥檚 ambition to build a more open and efficient capital markets. One that attracts both domestic and international capital. Our advocacy focuses on measures to reduce fragmentation, improve supervisory efficiency, and help Europe compete globally while reinforcing financial ties between the EU and Switzerland.
- Fostering supervisory convergence: Strengthen ESMA鈥檚 (European Securities and Markets Authority) coordination and data-sharing powers, but avoid duplicative supervisory structures that add cost and complexity.
- Making Europe faster and simpler: Apply consistent, risk-based proportionality to financial rules. Avoid one-size-fits-all regulation that burdens smaller managers or forces overlapping regimes (e.g., UCITS/AIFMD/MiFID).
- Streamlining fund passporting: End 鈥済old-plating鈥� and uneven national filing requirements that slow cross-border fund distribution.
- Opening the SIU to third-country partners: Allow trusted non-EU jurisdictions like Switzerland to opt in through an institution-based approach that supports seamless cross-border services under EU oversight.
Position SFC on the Savings and Investments Union
Focus: The Eligible Assets Directive (EAD) Review 鈥� Protecting UCITS as a global standard.
The SFC and AMAS responded to the publication of ESMA鈥檚 technical advice on the review of the UCITS Eligible Assets Directive (EAD) - a cornerstone of the EU鈥檚 investment framework.
Swiss asset managers oversee over Euro 800 billion in EU-domiciled UCITS funds, making this review especially significant for our members. The SFC and AMAS cautions that several ESMA proposals risk undermining the global success of UCITS and the EU鈥檚 competitiveness under the SIU vision and call for data-driven analysis and proportionate reform - ensuring that UCITS remains a gold standard for investor protection, liquidity, and global trust.
- Protect UCITS鈥� global recognition: Overly restrictive changes could force funds to requalify as AIFs, causing mandate breaches and capital outflows from EU products.
- Avoid impractical 鈥渓ook-through鈥� rules: Universal look-through requirements would raise costs, breach confidentiality, and conflict with established regulations like the EU鈥檚 Securitisation Regulation.
- Preserve liquidity and investor choice: Disqualifying instruments such as catastrophe bonds could shrink market depth, raise costs for insurers, and harm both EU and Swiss investors.
- Prevent fragmentation: Excessive restrictions would drive fund domiciliation and talent outside the EU, contrary to the SIU鈥檚 goal of scaling Europe鈥檚 markets.