The partial revision focuses primarily on the new rule regarding disclosure requirements for foreign collective investment schemes. Other aspects of this revision concern disclosure obligations where exact threshold values are reached and a clearer publication of the notifications received. The consultation period will end on 5 September The FINMA Stock Exchange Ordinance allows foreign collective investment schemes that are not authorised for distribution to provide proof of their independence from the group in order to take advantage of the exception regarding the obligation to consolidate with respect to the disclosure requirements Art. It is now foreseen that for foreign collective investment schemes a separate definition of the independence required for the disclosure requirements will be included in the ordinance.
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Banking regulation above all serves to protect bank clients and the safety of the financial system or, in today's parlance, its stability. In this sense, when setting regulatory goals priority is given to the protecting of creditors on the one hand and the improvement of the system stability on the other. Regulatory intervention can take the form of "preventive" regulation such as putting limits on risk e. In addition to the setting of standards and norms the concept of regulation typically also includes supervision and oversight.
Banking and financial market regulation can be expressed in various legal forms. In Switzerland, the fundamental principles are codified in federal legislation e. In addition, there are ordinances and circulars issued by Swiss Financial Market Supervisory Authority FINMA as well as self-regulatory directives, guidelines and recommendations issued by the financial sector itself, in particular our association.
In Switzerland the main organ responsible for the regulation of banks and financial markets is the FINMA which functions as an independent federal regulatory authority.
Under a dualistic supervisory system the FINMA commissions auditing companies to carry out the actual inspection and auditing of the banks. Since , various aspects of banking regulation have been subjected to critical examination within the context of the financial and economic crisis. At international as well as at national level, a number of regulatory requirements have been tightened.
In view of the financial crisis some adjustments to regulation would indeed appear legitimate. However, it is above all important to carry out a cost-benefit analysis of any regulatory changes so the pros benefits can be weighed up and judged against the cons costs. In this process any revision of individual regulatory instruments should not be done in isolation; the effects of any regulatory change must be considered holistically; interdependencies and interactions must also be factored into the equation.
Furthermore, in many areas of regulation — for example with regard to capital requirements and remuneration systems — Switzerland already exceeds established international standards and this phenomenon must also be taken into account. Finally, given the extraordinary heterogeneity of the Swiss banking sector it is especially important that Swiss banking regulation be imbued with a high degree of differentiation "one size does not fit all".
In the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus. Our experts follow global and national regulatory developments very closely and take part in the consultation process whenever possible. One of our priorities is to make sure that banking regulation in Switzerland is structured in a good, credible and internationally-competitive manner. More information on regulation can be found on the websites of the Basel Committee on Banking Supervision www.
Subscribe to all the Swiss Banking information you're interested in. Choose from:. You are here: Home Topics Regulation and compliance Regulation. Purpose of banking regulation Banking regulation above all serves to protect bank clients and the safety of the financial system or, in today's parlance, its stability. Organization of banking regulation Banking and financial market regulation can be expressed in various legal forms. Current developments Since , various aspects of banking regulation have been subjected to critical examination within the context of the financial and economic crisis.
Role of the Swiss Bankers Association In the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus. Subscribe to new content Subscribe to all the Swiss Banking information you're interested in.
The most important legal precepts governing the SFBC's activities and its implementing provisions are found in federal legislation. The SFBC itself also publishes circulars and newsletters. Finally, there are certain regulations of other bodies with relevance for the SFBC's supervisory activities. Here you will also find reports and proposed rules and regulations which the SFBC publishes for consultation. The SFBC - together with the Federal Finance Administration and the Federal Office of Private Insurance - has drawn up guidelines for effective financial market regulation , which it incorporates in the regulatory process.