Body
RegTech is composed of the words 'regulatory' and 'technology'. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Introduction
Attitude of the country towards RegTech-services
The climate in Switzerland is positive towards RegTech services and according to a recent overview of Swisscom, a number of Start-ups in the field of RegTech (enterprise risk management, investment risk management, AML/KYC, authentication) are active in Switzerland. However, it is worthwhile to note that the Swiss legislator focuses on a technology-neutral design of the regulation.
Legal affairs
Obligations and requirements to provide RegTech-services
Currently no specific rules apply to RegTech-services provider. However, if a FINMA regulated financial service provider uses the services of RegTech-service provider, the rules of the FINMA Circular 2018/3 "Outsourcing – banks and insurers" applies.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A
Economic conditions
Market size for RegTech-services and biggest companies in this business area
No data available.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A