FINMA Agreement with Italian Authorities to Facilitate Market Access

17 Aug, 2023

FINMA Agreement with Italian Authorities to Facilitate Market Access

Italy presents an alluring yet historically challenging landscape for Swiss financial service providers. A breakthrough has been achieved by the financial regulatory authority.

The Swiss Financial Market Supervisory Authority (Finma) has officially entered into a collaborative accord with CONSOB, the Italian supervisory body, and Banca d'Italia, the central bank of Italy.

In alignment with a statement from Finma, these governing bodies are enhancing their collaboration under the umbrella of their supervisory roles in the financial market domain. This accord serves to establish a structured foundation for cooperative efforts and the exchange of vital information in the realm of overseeing financial institutions. Of particular note is its focus on alleviating the difficulties foreign banks have historically faced when seeking entry into the exclusive realm of private banking with affluent Italian clientele.

Urban Angehrn, the CEO of Finma, expressed, "This agreement enables the involved authorities to conduct their supervisory responsibilities more effectively across international borders, thereby enhancing the legal confidence of supervised entities engaged in operations within both Italy and Switzerland."

However, it's important to underscore that while this agreement does instill a sense of legal assurance for financial entities seeking market access in Italy, it falls short of possessing legally binding implications.