19 Sep 2018
Switzerland has asked Israel to open its markets so Swiss banks can trade funds there, a senior Finance Ministry official said.
Israel allows European Union banks market access, but not Switzerland as it is not an EU country and has different regulations from countries inside the bloc.
“We need market access and each other’s markets unfettered and as free as possible,” Joerg Gasser, head of the State Secretariat for International Financial Matters, said during a visit to Israel with Finance Minister Ueli Maurer to discuss financial cooperation.
“Israeli authorities focus on EU regulations but the EU doesn’t fully recognise our rules and regulations for political reasons.”
Gasser said he had requested an answer from Israel within a year.
“You can always find ways and solutions,” Gasser said, noting that Switzerland’s regulations are recognised by the European Securities and Markets Authority.
– By Steven Scheer, Reuters, 17 September 2018.
Link to Reuters.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet