Dec 3, Chapter 7: Cooperation between FINMA, the Takeover Board and Stock Praxis zu Art. 37 FinfraV-FINMA (vormals Art. 35 BEHV-FINMA). Dec 3, Praxis zu Art. 31 FinfraV-FINMA (vormals Art. 29 BEHV-FINMA). Vgl. die Praxis und Kommentierung zu Art. Abs. 1 FinfraG. Under a dualistic supervisory system the FINMA commissions auditing companies to carry out (); and the Swiss Financial Market Supervisory Authority (). 12th February · Änderung der BEHV-FINMA (PDF).
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Regulatory intervention can take the form of “preventive” regulation such as putting limits on risk e. The time it takes to receive a response from the responsible foreign supervisory authorities must also be taken into account. Finally, there are certain regulations of other bodies with relevance for the SFBC’s supervisory activities.
One of our priorities is to make sure that banking regulation in Switzerland is structured in a good, credible and internationally-competitive manner.
Chapter 5: Disclosure of Shareholdings
Appointment of a recognised audit firm for the licensing process. The country of domicile of the foreign securities dealer and all qualified participants must guarantee reciprocal rights. The responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office.
Representative offices of foreign securities dealers are not subject to prudential supervision. 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.
The SFBC itself also publishes circulars and newsletters. The foreign securities dealer must 1 be subject to appropriate supervision that includes the branch, 2 be adequately organised, 3 have sufficient finances and qualified staff to operate a branch in Switzerland, and 4 prove that the branch can be entered into the Commercial Register.
Representative offices of foreign securities dealers. New “too big to fail” capital requirements for global systemically important banks in Switzerland Finma PDF Branches of foreign securities dealers must meet a number of licensing requirement to obtain authorisation from FINMA.
SESTO-FINMA – Translation into German – examples English | Reverso Context
Duration of the licensing process The licensing ebhv for fin,a branch of a foreign securities dealer normally takes about six months, but the duration depends on the quality and complexity of the application. Duration of the licensing process The licensing process for a representative office of a foreign securities dealer normally takes about vinma months, but the duration depends on the quality and complexity of the application.
The SFBC – together with the Federal Finance Administration and the Federal Office of Private Insurance – has drawn up guidelines for effective financial market regulationwhich it incorporates in the regulatory process. 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.
Federal Legislation German French. The branch must have regulations precisely describing its business and an organisation that is compatible with its operations.
Appointment of a recognised regulatory audit firm for ongoing supervision. Under a dualistic supervisory system the FINMA commissions auditing companies to carry out the actual inspection and auditing of the banks. Purpose of banking finja 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 bdhv of the system stability on the other.
Branches of foreign securities dealers
However, they must submit an annual report for the foreign securities dealer they represent to FINMA within four months after the financial year ends. For a foreign securities dealer to obtain a licence to open a representative office, fimna must be no doubt that the applicant and the representative office meet or can meet all of the licensing requirements.
Contact for questions on the licensing process The Authorisation section of the Banks division authorization finma. Those in charge of the representative office must assure proper business conduct. The country of domicile of the foreign securities dealer and all qualified participants must guarantee reciprocal rights. A foreign securities dealer needs to be authorised by FINMA if it hehv staff in Switzerland who, on fimna professional basis, permanently trade securities or manage client accounts on its behalf in or from Switzerland that give rise to legal obligations.
Current developments Sincevarious finm of banking regulation have been subjected to critical examination within the context of the financial and economic crisis. The SFBC is not providing any official translations in English, as English is not an official language in its jurisdiction. More information on regulation can be found on the websites of the Basel Committee on Banking Supervision www.
The most important are:. The most important are: 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”.
For a foreign securities dealer to obtain a licence to open a branch, there must be no doubt that the applicant meets or can fknma all of the licensing requirements.
In Switzerland, the fundamental principles are codified in federal legislation e. Banks and securities dealers Getting licensed Branches of foreign securities beyv. In view of the financial crisis some adjustments to regulation would indeed appear legitimate.
In the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus. The licensing process for a representative office of a fiinma securities dealer normally takes about three months, but the duration depends on the quality and complexity of the application.