Upcoming Trade Shows in Switzerland for Banking & Finance

Renowned globally as a hub for private wealth management, Switzerland continues to shape the financial services industry. The spotlight in recent years has been on the ever-growing market for sustainable financial products, which fortunately aligns Swiss practices with the broader shift towards environmental, social and governance (ESG) considerations. The Swiss Federal Council took a significant step in December 2020 by adopting measures to enhance Switzerland’s sustainability as a financial center. The goal was clear: solidify Switzerland's standing as a leader in sustainable financial services. We’re currently not seeing any specific legislative changes, but the overall philosophy surrounding ESG factors has permeated the financial landscape. While the surge in ESG products is a positive trend, concerns arise regarding ‘greenwashing’ – a situation where clients and investors might be misled about the true sustainability of financial products and services. Swiss law, including the Financial Services Act (FinSA) and the Federal Act on Collective Investment Schemes (CISA), currently lacks regulations against greenwashing. To address this gap, the Swiss Financial Market Supervisory Authority (FINMA) has stepped in. In its FINMA Guidance 05/2021, FINMA explicitly declared its commitment to preventing greenwashing. The regulatory body pledged to leverage its full toolkit to combat this issue, which sends out a clear signal. Switzerland is taking a proactive approach to uphold transparency and authenticity in its financial landscape. As Switzerland navigates the demand for ESG products and the associated risk of greenwashing, market participants find themselves at the intersection of opportunity and responsibility. While Swiss law may not mandate specific duties against greenwashing, FINMA's commitment does a lot to underline the importance of ethical financial practices. The emphasis on comprehensive information, as outlined in FINMA's guidance, sets the tone for a financial landscape that balances innovation with integrity. Switzerland’s financial precision extends beyond wealth management to embrace sustainability, ensuring it remains a global leader in responsible finance.