Background report on commodities: Implementation of recommendations on track
Bern, 26.03.2014 - The Federal Council is satisfied with progress to date in the commodities arena. At its meeting today, it approved the implementation status report for recommendations given in last year's background report on commodities. It also emphasised the importance of continuing their targeted implementation.
This progress report, which was approved today, provides an overview of the current status for each of the 17 recommendations, including the objectives and intermediary stages achieved since publication in March 2013 of the background report on commodities. The interim results show that the relevant departments have been expeditious in implementing the recommendations and have, as such, made considerable progress.
Various legislative reforms are moving ahead, for example in the area of financial market regulation and anti-money laundering, as are other measures for increasing transparency and promoting responsible corporate governance. Furthermore, the Swiss Federal Administration has strengthened its dialogue with the industry, NGOs and cantons. The experiences of this past year have validated the recommendations' guiding strategy, namely to improve general conditions and reduce risks, including reputational risk. Each recommendation will continue to be implemented by the department responsible for that particular area.
On 27 March 2013, the Federal Council took due note of the contents of the background commodities report, which had been drawn up under the direction of the EAER, FDFA and FDF, and instructed the interdepartmental commodities platform to submit a report by the end of March 2014 on the progress made in implementing each of the report's recommendations. The Federal Council continues to emphasise the importance of further pursuing their targeted implementation. As a result, the interdepartmental platform has been requested to report again on implementation by the end of August 2015.
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