...Banking regulators in Switzerland have in recent years been faced with multiple challenges: increasing internationalisation of the country s biggest banks, heightened scrutiny of corporate practices at private banks and wealth managers, the introduction of Basel II and IFRS standards, and the Europe\##wide trend towards a single regulator for the financial sector have all significantly reshaped the Swiss regulatory environment. The establishment of a single regulator (the Finanzmarktaufsicht, FINMA) governed by a revised legal framework in #### will provide a preliminary conclusion to recent regulatory developments and will align the Swiss regulatory structure more with European counterparts. As a non\##member of the European Union or the European Economic Area, Switzerland is not bound to implement EU banking laws. However, the development of domestic banking legislation, based on the #### Banking Act (Bankengesetz) and...
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