The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland .Agency executive: Employees: Formed: Headquarters: 

What is the new banking regulation in Switzerland? The core of the new Swiss banking regulation will consist of the existing Federal Act on Banks and Savings Banks of 8 November 1934 (“BankA”), the existing Federal Act on the Swiss Financial Market Supervisory Authority of 22 June 2007 (“FINMASA”), the Financial Market Infrastructure Act of 19 June 2015 (“FMIA”), as well as the Federal Act on

Are financial intermediaries regulated in Switzerland? Financial intermediaries that are not otherwise regulated ( e.g., by FINMA through holding a banking or securities dealer licence) have to join a recognised SRO, which will review their compliance with Swiss AML rules on a regular basis (art. 14 AMLA).

How does the Swiss regulatory framework compare with the EU? The Swiss regulatory framework is particularly influenced by developments in the European Union. As an example, the European Union harmonised its capital market regulation with MiFID II and MiFIR.

What are the confidentiality arrangements in Switzerland? Switzerland. The European Commission, European Medicines Agency (EMA), Swiss Federal Department of Home Affairs (FDHA) and the Swiss Agency for Therapeutic Products (Swissmedic) have had confidentiality arrangements in place since 2015, allowing for the exchange of confidential information as part of their regulatory and scientific processes.

What is the new banking regulation in Switzerland?

How is the Swiss banking sector regulated? The Swiss banking sector is subject to the supervision of the Swiss Financial Market Supervisory Authority (FINMA). FINMA licences are granted to the legal entity that pursues the banking activities, not to the managers or shareholders. The licensing requirements are set out in the Swiss Federal Act on Banks and Savings Banks (the Banking Act).

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What are the requirements to open a bank in Switzerland? A Swiss bank must apply for a banking licence for authorisation to take deposits of more than CHF100 million from the public on a professional basis (that is, from more than 20 persons). FinTech licence (also known as a banking licence “light”).

What is the law of mandate for banks in Switzerland? In Switzerland, the primary law governing the relationship between banks or securities dealers and their clients is the private civil law laid down in the CO. In many instances, a banking or securities dealing relationship is subject to the principles of the law of mandate of the CO.

How do banks in Switzerland operate in digital assets? Banking activity in digital assets can be executed through multiple avenues—either a banking or fintech (financial technology) enterprise or a branch or representation office of a foreign bank in Switzerland.

By Reiki

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