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The authorities and the financial sector have established a framework for the dialogue on the future direction of Switzerland's financial centre. The "Financial Centre Dialogue Steering Committee", set up for this purpose, yesterday held its first meeting. The focus of the meeting was the adoption of a joint work schedule and the prioritisation of topics raised by the private sector and the Confederation. Working groups were set up to deal with various topics. These will examine existing and new proposals for measures to improve the conditions of the financial centre, and implement them where appropriate. A working group will also examine the fiscal and regulatory framework regarding hedge funds and private equity.

At a meeting between Federal Councillor Hans-Rudolf Merz and the heads of associations in the financial sector in November 2007, agreement was reached on enhancing dialogue on a cross-sector strategy for Switzerland's financial centre (cf. FDF press release http://www.efd.admin.ch/aktuell/medieninformation). The Financial Centre Dialogue Steering Committee set up for this purpose yesterday held its first meeting.

Topics and measures put forward by the private sector and the Confederation were discussed and priorities set. On that basis, the Financial Centre Dialogue Steering Committee subsequently approved a work schedule which provides for the establishment of mixed working groups. One working group will focus on the topics of hedge funds......................

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