New Legislation on financial services: the beginning of the legislative process

In Switzerland, various financial services, financial actors and financial products are subject to different rules with no real objective justifications. Based on that observation, on 18 February 2013, the Federal Department of Finance, under a mandate by Swiss Government (the “Federal Council”), published a report on the draft Financial Services act (loi sur les services financiers (LSFin)) (the “FDF Report”).