...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\01wide 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 2009 will provide a preliminary conclusion to recent regulatory developments and will align the Swiss regulatory structure more with European counterparts. As a non\01member 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 1934 Banking Act (Bankengesetz) and...
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