The US and Swiss decisions raise international considerations for investor protection, regulatory power in bank rescues, cross-border jurisdiction, and the hierarchy of claims in bank resolution cases.
Swiss Banking Act
The country has a strong history of stable and secure traditional banking; now, it wants to take that reputation into new tech and decentralized finance.
Clients could lose rights to be heard and appeal when a foreign authority requests international admin assistance on possible violation of market abuse provisions.
UBS calls measures “extreme” and says they are “neither proportional nor internationally aligned.”
Ordinance sets out obligation to report cyberattacks on critical infrastructure.