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Regulatory over-reach, the term for rules that extend past what an underlying risk actually requires, is the concern now being raised at the top of Switzerland's banking sector.
The chief executive of EFG International is stepping into a leadership role across Swiss banking and has warned publicly against it. The reading those comments carry: opposition to new rules reaches well beyond one firm.
The warning matters as much for its source as for its content. EFG International's chief executive is not yet in the broader industry role, which means this statement was made before the formal responsibility begins.
That choice of timing is itself part of the signal. It tells regulators what posture the incoming chair plans to bring, and it invites other institutions to align behind the same concern before any formal process opens.
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