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From the magazine SZW-RSDA 2/2024 | p. 208-213 The following page is 208

Marktzutritt für Schweizer Banken in Deutschland – wieder aktuell

Swiss banks are actively seeking simplified market access in Germany. While in recent years the so-called simplified exemption procedure has become quieter and some Swiss banks have even returned their exemptions, it seems that with Zürcher Kantonalbank (ZKB) having successfully procured a simplified exemption under the German Banking Act last year, that there has been new impetus for these proceedings before the German Federal Financial Supervisory Authority (BaFin). The so-called simplified exemption spares Swiss banks from the necessity of obtaining a banking license in Germany, enabling direct engagement with German clients. While this regulatory pathway has been utilized by a modest number of Swiss banks since 2017, it remains complex, costly, and involves a thorough internal review process. However, other regulatory market access mechanisms such as the «EU-Pass», which shall facilitate cross-border financial activities within the European Union, are not available for Swiss banks…

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