IMF completes assessment of Swiss financial sector

IMF has completed the assessment of Switzerland's financial sector that looked into various aspects including the country's compliance with international standards on banking and insurance supervision.
The review by International Monetary Fund (IMF) was conducted within the scope of the Financial Sector Assessment Programme.
"The IMF assesses the stability of the financial sector as well as the compliance of Switzerland's framework with the international standards for banking and insurance supervision, and the regulation of securities trading," the Swiss government said in a statement today.
Earlier this year, Switzerland had agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.

The IMF delegation was led by Charles Enoch, Deputy Director of the Monetary and Capital Markets Department.
The delegation interacted with representatives of the Swiss Financial Market Supervisory Authority, FINMA, the Swiss National Bank, the Federal Department of Finance and the private sector.

"Results of the assessment will be summarised in a Financial Sector Stability Assessment report by the time of the regular country report within the framework of the so-called Article IV consultations, scheduled for mid-March 2014.
"Following discussion by the Executive Board, this report will then be published, together with the Article IV report and Switzerland's views," the statement said.

The last assessment of Switzerland happened in 2006-2007 period. The IMF review is mandatory for countries with globally important financial centres.