EU angers Switzerland over stock market access

Jean-Claude Juncker, Doris Leuthard
Jean-Claude Juncker, Doris Leuthard

The EU angered Switzerland on Thursday (21 December) when it granted Swiss stock exchanges access to EU markets for only one year. The decision on equivalence, which implements a new Markets in Financial Instruments Directive and Regulation (called MiFID II/MiFIR), will enter into force on 3 January.

It was adopted by the European Commission on Thursday after member states – except the UK – supported it. Its renewal next year will depend on progress in the negotiations between Switzerland and the EU over an institutional agreement on their long-term relations.

“We will be assessing progress on that by end of next year,” said commission vice president Valdis Dombrovskis. He argued that “Swiss operators will continue enjoying access to the EU market, and EU investment firms will be able to trade shares in Switzerland.” …

Read more : EUObserver, 21.12.2017