On 27 June 2014, the Swiss Federal Council submitted for consultation two new draft acts on financial services (FSA) and financial institutions (FinIA). Under the guise of a conceptual restructuring, these drafts include many provisions prejudicial to the Swiss financial industry. Their texts need further pruning before they are submitted to Parliament in 2015. However, Parliament can first focus on passing the Financial Markets Infrastructure Act (FMIA), which is urgent.