News 2009

23.12.2009FINMA publishes Circular on Repo/SLBThe circular lays down rules how SLB should be treated under the current liquidity regulations. In addition, detailed requirements on disclosure, the content of master agreements, processing and settlement aim at protecting creditors and investors engaged in SLB. +++
17.12.2009Änderung der Anhänge 2 und 3 der Verordnung über Massnahmen gegenüber Myanmar (SR 946.231.157.5)+++
16.12.2009Settlement between Credit Suisse and U.S. authorities regarding breach of U.S. sanctions – clarifications by FINMAOn 16 December 2009, Credit Suisse signed a settlement with various U.S. authorities regarding breaches of U.S. law. The settlement covers USD payments processed for persons from countries subject to U.S. economic sanctions. FINMA has followed this case closely from the outset. It has reprimanded the Bank for its actions in light of Swiss supervisory law and has requested disciplinary measures. +++
09.12.2009Publications of Bankruptcy+++
24.11.2009Amendment to FINMA Circular 2008/2 Accounting – BanksFINMA has made a minor amendment to Circular 2008/2 Accounting – Banks. The only change relates to the information on occupational plans in margin no. 167a-2 and reflects amendments to FER 16 Retirement Benefit Liabilities which have already been adopted in Swiss GAAP FER. The amendments to FINMA Circular 2008/2 Accounting – Banks will apply to financial statements for the year 2009 onwards. +++
18.11.2009FINMA initiates proceedings in sia Abrasives caseThe Swiss Financial Market Supervisory Authority is conducting an investigation into potential breaches of disclosure obligations in connection with the building of a major stake in sia Abrasives. In this connection, it is initiating proceedings against the investor Giorgio Behr and other persons. In a second proceeding, FINMA is looking into the role played by Bank am Bellevue, which possibly supported the stake building in sia Abrasives. +++
11.11.2009FINMA publishes Circular on remuneration schemesThe FINMA Circular on remuneration schemes is intended to have a lasting effect on remuneration practices in the financial sector. Remuneration schemes should not create incentives to take inappropriate risks and thereby potentially damage the stability of financial institutions. One of the focal points of the Circular is variable remuneration. In drawing up the Circular, FINMA has taken into account the results of the consultation process and international developments, in particular the latest standards issued by the Financial Stability Board. The Circular will take effect on 1 January 2010. +++
06.11.2009Publications of Bankruptcy+++
04.11.2009Anpassung des Verordnungsanhangs 2 über Massnahmen gegenüber "Al-Qaïda" und den Taliban+++
03.11.2009FINMA closes investigation in Sulzer caseThe Swiss Financial Market Supervisory Authority closed its comprehensive investigation into the Sulzer case, which it began in spring 2007. The investigation was prompted by a notice in April 2007 which disclosed that Everest Beteiligungs GmbH held a stake of more than 31% in Sulzer AG. In its declaratory ruling in January 2009, FINMA decided that the investors behind Everest, infringed their legal disclosure obligations. FINMA then rebuked the Zürcher Kantonalbank, the Zurich branch of Deutsche Bank AG and the NZB Neue Zürcher Bank for their involvement in this hidden stake building. In one case FINMA ordered that personnel measures be taken. FINMA furthermore filed a criminal complaint with the Federal Department of Finance against the investors who infringed their legal disclosure obligations. +++
30.10.2009Combating money laundering: Switzerland's efforts receive international recognitionThe Financial Action Task Force (FATF) has ended its international monitoring with regard to Switzerland under the third round of Mutual Evaluations. The FATF thereby recognises that Switzerland has made significant progress in strengthening the systems it has in place to combat money laundering. +++
28.10.2009Publications of Bankruptcy+++
27.10.2009FINMA completes its Executive BoardFINMA Board of Directors appointed Mark Branson to manage the Banks division, thereby completing FINMA Executive Board. Mark Branson will assume his duties at FINMA as of 1 January 2010. +++
21.10.2009Data on the insurance market in 2008FINMA (formerly Federal Office of Private Insurance FOPI) publishes annual reports on the activities of the insurance companies under its supervision. The report for financial year 2008 is now available, containing a complete summary of all accounts for insurance and re-insurance companies and insurance groups supervised by FINMA. +++
19.10.2009Publications of Bankruptcy+++
16.10.2009Publications of Bankruptcy+++
14.10.2009Publications of Bankruptcy+++
13.10.2009FINMA issues a reprimand against Bank Leumi (Switzerland) AG based on the actions of its Geneva branch+++
09.10.2009Start of consultation period on FINMA Circular Repo/SLBThe Swiss Financial Market Supervisory Authority FINMA has started the consultation period on its circular on repos and securities lending and borrowing (Repo/SLB), which is due to come into effect on 1 January 2010. In recent years, securities lending and borrowing or SLB has become an important instrument in the securities market. Amongst other ways, SLB is an important source for participants in the money market to obtain securities, while the money market is crucial for the monetary policy. +++
02.10.2009FINMA provides information on stress testsFINMA has regularly and systematically conducted stress tests to ascertain the potential for loss in the large Swiss banking institutions in case of a further serious deterioration in economic conditions. In the case of the two large systemically relevant banking groups, FINMA requires that they have higher than normal capacity in order to absorb, at any time, unforeseen shocks. According to recent analysis, it was identified that even after the effect of a severe stress event they would still maintain a stable capital base with a Tier 1 capital ratio over 8%. The ECOFIN Council and the Committee of European Banking Supervisors (CEBS) yesterday announced details of a coordinated EU-wide stress testing analysis. +++
02.10.2009Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
30.09.2009FINMA defines its strategic goalsFINMA's strategic goals for 2010 – 2012 have been approved by the Federal Council. In so doing, the Federal Council has declared its support for FINMA's strategic positioning. FINMA's seven thematic areas will form the basis for concrete initiatives and projects which are due to be implemented in the next three years. +++
29.09.2009Anpassung der Verordnungsanhänge über Massnahmen gegenüber Liberia+++
25.09.2009Consultation FINMA Circular on remuneration systems – CommentsOn 3 June 2009 the Swiss Financial Market Supervisory Authority FINMA set out a proposal on minimum standards for remuneration systems in financial institutions and consulted on the draft circular. FINMA has received over 60 comments, which have been published on the FINMA website.

FINMA will publish the final circular beginning of November 2009. The circular will enter into force on 1 January 2010. +++
18.09.2009IOSCO Technical Committee Conference in Basel 2009This year the Swiss Financial Market Supervisory Authority FINMA is hosting the 5th IOSCO Technical Committee Conference. The overall objective of the IOSCO TC Conferences is to promote dialogue between the main securities regulators and key stakeholders in the financial industry. Specialists from around the world will address a number of different issues surrounding this theme in four panel discussions. +++
16.09.2009International administrative assistance in stock exchange mattersInternational administrative assistance in securities matters is an important bridge between the increasingly global activities of financial market players and market supervision, which is still carried out on a national basis. Article 38 of the Stock Exchange Act permits effective administrative assistance in stock exchange matters, taking into account the interests of both the foreign financial supervisory authorities and the clients affected by the administrative assistance. +++
14.09.2009FINMA presents report on the financial market crisisThe “Financial market crisis and financial market supervision” report issued by FINMA provides a comprehensive analysis of the financial market crisis and the ensuing decisions and actions taken by the Swiss Federal Banking Commission (SFBC). None of those involved recognised in time the origins of the crisis or the full extent of the dangers it posed. Furthermore, the analysis reveals certain weaknesses and a partial lack of effectiveness in banking supervision. The report concludes, however, that the SFBC responded rapidly and decisively, and that fundamental decisions for stabilising the financial centre were made in a targeted and timely manner. The SFBC quickly learned its lessons from the crisis and implemented remedial actions.
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04.09.2009Publications of Bankruptcy+++
03.09.20092008 financial reporting on occupational pension schemes2008 was the fourth year in which the private life insurance segment in Switzerland provided comprehensive financial reporting on occupational pension schemes. As previously, guaranteed insurance obligations remain covered in full by tied assets that are held separately from other corporate assets. 100% of the proceeds earned from savings, risk and cost processes in the 2008 operating year flowed back in their entirety to the insured persons in the form of insured benefits, increased technical provisions and participation in surpluses. Consequently, the average earnings distribution was in excess of the legally prescribed minimum of 90%. +++
01.09.2009Opening of consultation period on the "Supplementary social health insurance" Circular FIMMA is opening the consultation period on the Circular "Supplementary social health insurance and special issues in relation to private health insurance". This Circular is directed at supervised private insurance companies and health insurers that conduct business in the "health" or "health insurance" segment. FINMA’s aim in issuing this Circular is to improve transparency, to ensure equality of treatment for supervised institutions, and to standardise and facilitate the submission and approval process in the face of increased technical requirements. The deadline for submitting comments on the draft Circular is 31 October 2009. +++
24.08.2009Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
24.08.2009FINMA to streamline its operationsThe FINMA Board of Directors has decided to restructure the supervisory body's internal organisation. The number of divisions will be reduced from seven to four. Management of the restructured divisions of Banks, Insurance, Markets and Strategic and Central Services will be in the hands of the FINMA Executive Board headed by Patrick Raaflaub. The Executive Board will be supported by an "Extended Executive Board". The purpose of the reorganisation is to simplify structures, expand interdisciplinary functions and relieve the Executive Board of operational duties. The reorganisation will take effect on 1 October 2009. +++
21.08.2009Publications of Bankruptcy+++
19.08.2009FINMA welcomes government transactionFINMA supports the decision taken by the Swiss Federal Council to sell off the government's stake in UBS immediately and in full. The funds made available by the government last autumn as part of a package of measures to stabilise the Swiss financial system were intended as a temporary measure, as at the time no private investors could be found. Today, UBS has a stable, sound capital base. +++
14.08.2009Publication of Bankruptcy+++
30.07.2009Anpassung der Verordnungsanhänge über Massnahmen gegenüber der Demokratischen Volksrepublik Korea (Nordkorea)+++
29.07.2009Publications of Bankruptcy+++
24.07.2009Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
24.07.2009Publications of Bankruptcy+++
20.07.2009FINMA proposes amendments to the Capital Adequacy Ordinance for cantonal and cooperative banksFINMA is opening a consultation period to consider amendments to the Capital Adequacy Ordinance (CAO). The proposed amendments relate to the reduction for cantonal banks (Art. 33 sect. 3 CAO) and the additional funding obligation for cooperative banks (Art. 16 sect. 4 and Art. 28 sect. 2 CAO). FINMA is proposing the abolition of both exception rules, thereby requiring institutions to implement an appropriate and higher-quality capital base. The consultation process takes place with the approval of the Federal Finance Administration and will end on 31 August 2009. +++
17.07.2009FINMA's comment on preliminary draft of federal law governing corporate legal counselIn a recent comment the Swiss Financial Market Supervisory Authority FINMA expressed reservations about the preliminary draft of the federal law governing corporate legal counsel. +++
14.07.2009Kaupthing-Kunden in der Schweiz werden vollständig ausbezahltDie Anleger und Gläubiger der Kaupthing Bank Luxembourg S.A., zu der auch die Zweigniederlassung in Genf gehört, werden vollständig ausbezahlt. Dies wurde möglich, weil der Umstrukturierungsplan der insolventen Kaupthing Bank Luxembourg S.A. erfolgreich abgeschlossen werden konnte und die erforderliche Genehmigung erhielt. Die FINMA konnte die von ihr mit Verfügung vom 3. Februar 2009 zum Schutz der Gläubiger und Anleger der Kaupthing Bank Luxembourg S.A. in der Schweiz angeordneten Massnahmen wieder aufheben. +++
08.07.2009Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
08.07.2009FINMA Takeover Committee dismisses the appeal against TOB decision 410/02 regarding "Quadrant AG"Within the framework of the current tender offer of Aquamit B.V. for all outstanding registered shares of Quadrant AG, the Swiss Takeover Board (TOB) has determined, in its decision 410/02 dated 16 June 2009, that the public tender offer of Aquamit meets the legal requirements. The qualified shareholder Sarasin Investmentfonds Ltd challenged the decision 410/02. On 8 July 2009, the FINMA Takeover Committee dismissed the appeal of Sarasin Investmentfonds and confirmed the TOB decision 410/02 dated 16 June 2009. +++
02.07.2009Änderung der Verordnung über Massnahmen gegenüber der Demokratischen Volksrepublik Korea (Nordkorea)+++
24.06.2009FINMA Takeover Committee reviews appeal against TOB decision 410/02 regarding "Quadrant AG"Within the framework of the current tender offer of Aquamit B.V. for all outstanding registered shares of Quadrant AG, the Swiss Takeover Board (TOB) has determined, in its decision 410/02 dated 16 June 2009, that the public tender offer of Aquamit meets the legal requirements. The qualified shareholder Sarasin Investmentfonds Ltd challenged the decision 410/02. The FINMA Takeover Committee is reviewing the matter. +++
18.06.2009Anpassung des Verordnungsanhangs 2 über Massnahmen gegenüber "Al-Qaïda" und den Taliban+++
17.06.2009FINMA Newsletter 3 (2009): Bank client data – Information to clients on residual risks associated with payment and securities transactionsIn the course of carrying out payment and securities transactions, information and messages are exchanged by banks and securities dealers. This exchange of information occurs when conducting international and in some cases domestic payment and securities transactions and when making information inquiries through the SWIFT system. It is essential as a means of facilitating connections between all banks and ensuring the orderly processing of clients' transactions. Data protection is accorded by the strict data protection standards adhered to by SWIFT. However, SWIFT stores data abroad. Up until 2012, data will be stored in the Netherlands and in the US, and from 2012 onwards they will be stored in Switzerland and the Netherlands. For technical reasons it was not possible to devise an economically feasible, practical solution as an alternative to SWIFT that could have been used for all domestic payment and securities transactions. +++
03.06.2009FINMA is opening the consultation period for the Circular on remuneration systemsFINMA is opening the consultation period for the Circular on remuneration systems, which will enter into force on 1 January 2010. The Circular will have a direct impact on the remuneration systems of the financial institutions concerned. It will aim to ensure that remuneration systems do not to provide incentives to take inappropriate risks that could threaten the stability of financial institutions. Financial institutions will have to structure their variable remuneration packages (bonuses) on a sustainable and long-term basis in line with economic profit while taking into account the costs related to all risks entered into. Furthermore, Boards of Directors will have to discharge their duties more carefully. They are responsible for the remuneration policy of the entire company and will have to disclose the company’s remuneration policy in a remuneration report. The consultation period for the Circular will run until 14 August 2009. +++
02.06.2009FINMA Newsletter 2 (2009): Depositor protection – update of FAQ listArt. 37b para. 5 BA requires banks and securities dealers to constantly hold 125 % collateral for privileged deposits, whereby the collateral comprises receivables secured in Switzerland or assets held in Switzerland. FINMA is authorised to permit exceptions to this rule when it has good reason to do so.

FINMA has developed a code of practice based on applications for exemption from this requirement that it has received. The code of practice is based on some general rules, some of which apply to all banks and securities dealers while others only apply to institutions seeking an exemption from Art. 37b para. 5 BA. The FAQ list has been updated to include these changes. +++
25.05.2009Neue Verordnung über Massnahmen gegenüber Somalia+++
18.05.2009FINMA recognizes more self-regulatory provisions in the asset management industryAfter having recognised five self-regulatory provisions of industry organisations operating in the asset management industry as minimum standards for self-regulation in April, FINMA has now recognised self-regulatory provisions from two more industry organisations in this business segment. +++
15.05.2009Anpassung der Verordnungsanhänge über Massnahmen gegenüber der Demokratischen Volksrepublik Korea (Nordkorea)+++
29.04.2009Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
28.04.2009Anpassung der Verordnungsanhänge über Massnahmen gegenüber Liberia+++
28.04.2009Financial Action Task Force statement of February 25, 2009 concerning Iran, Uzbekistan, Turkmenistan, Pakistan, São Tomé and Príncipe+++
27.04.2009FINMA recognises self-regulatory provisions in the asset management industryIn January the Swiss Financial Market Supervisory Authority FINMA published its circular on the benchmarks for minimum standards for self-regulation in the asset management industry and established the procedure for recognising such minimum standards. FINMA has now recognised the first sets of self-regulatory provisions. +++
15.04.2009Anpassung des Verordnungsanhangs über Massnahmen gegenüber Simbabwe+++
08.04.2009Anpassung des Verordnungsanhangs 2 über Massnahmen gegenüber Al-Qaïda und den Taliban+++
06.04.2009Withdrawal of appeal against TOB decision 403/03 regarding „Harwanne Compagnie de participations industrielles et financières SA“Following the decision 403/05 of the Swiss Takeover Board (TOB) dated 2 April 2009, Harwanne Compagnie de participations industrielles et financières SA (Harwanne) withdrew its appeal against the decision 403/03 of the TOB dated 30 March 2009. The appeal procedure has been closed. +++
06.04.2009FINMA Takeover Committee dismisses the appeal of MMA Vie SA against TOB decision 403/02 regarding „Harwanne Compagnie de participations industrielles et financières SA“On 6 April 2009 the FINMA Takeover Committee dismissed the appeal of MMA Vie SA against the decision 403/02 of the Takeover Board dated 16 March 2009. As a result, MMA Vie SA must provide the Takeover Board by 15 April 2009 with an evaluation of the securities, object of the bid. +++
03.04.2009Neue Sorgfaltspflichten im Rahmen des Geldwäschereigesetzes, in Kraft getreten am 1. Februar 2009Per 1. Februar 2009 wurden in Kapitel 2, 1. Abschnitt des Geldwäschereigesetzes (GwG) neue Sorgfaltspflichten eingeführt. Es betrifft die Pflicht, falls es sich bei der Vertragspartei um eine juristische Person handelt, zur Kenntnisnahme der Bevollmächtigungsbestimmungen der Vertragspartei und zur Überprüfung der Identität der Personen, die im Namen der juristischen Person die Geschäftsbeziehungen aufnehmen (Art. 3 Abs. 1 GwG). Ausserdem wurde die Pflicht zur Identifikation von Art und Zweck der vom Vertragspartner gewünschten Geschäftsbeziehung eingeführt (Art. 6 GwG). Da keine Übergangsbestimmungen vorliegen, sind diese Pflichten seit dem 1. Februar 2009 anwendbar. Die FINMA erwartet daher von den Finanzintermediären, dass diese innert nützlicher Frist alle notwendigen organisatorischen Massnahmen treffen, damit die Einhaltung dieser Pflichten gewährleistet ist. Die Umsetzung ist spätestens bis zum 30. Juni 2009 abzuschliessen. Es wird zudem darauf hingewiesen, dass die Meldepflicht per 1. Februar 2009 ebenfalls ausgedehnt wurde (Art. 9 Abs. 1 lit. b GwG). +++
01.04.2009FINMA Takeover Committee reviews appeal against TOB decision 403/03 regarding „Harwanne Compagnie de participations industrielles et financières SA“Within the framework of the announced takeover bid of MMA Vie SA, the Swiss Takeover Board (TOB) required, in its decision 403/03 dated 30 March 2009, that Harwanne Compagnie de participations industrielles et financières SA (Harwanne) publishes a complement to the report of the Board of directors until 2 April 2009. +++
31.03.2009FINMA starts work in a challenging environmentThe Swiss Financial Market Supervisory Authority began operating on 1 January 2009. FINMA was formed and commenced operations in a challenging environment, in which the merged authorities were put under extreme pressure by the financial market crisis and the repercussions it has had for the institutions supervised by them. The task now facing the organisation is to draw lessons from the financial crisis in conjunction with national and international institutions, to expand its supervisory mandate in a targeted fashion and to design Switzerland’s future approach to supervision. +++
27.03.2009FINMA Takeover Committee restores suspensive effect following appeal against TOB decision 403/02 regarding "Harwanne Compagnie de participations industrielles et financières SA"Following the appeal of MMA Vie SA against the decision 403/02 of the Takeover Board, the FINMA Takeover Committee decided on 27 March 2009 to restore the suspensive effect pertaining to the obligation to evaluate until 31 March 2009 the securities, object of the bid, by the auditor. +++
26.03.2009Anpassung des Verordnungsanhangs über Massnahmen gegenüber der Demokratischen Republik Kongo+++
25.03.2009FINMA Takeover Chamber is reviewing the appeal against TOB decision 403/02 regarding Harwanne Compagnie de participations industrielles et financières SAWithin the framework of the announced takeover bid of MMA Vie SA, the Swiss Takeover Board (TOB) quashed, in its decision 403/02 dated 16 March 2009, its decision 403/01, required that MMA Vie SA has the securities, object of the bid, evaluated by an auditor until 31 March 2009 and withdrew the suspensive effect in case of an appeal. MMA Vie SA challenged these points of the decision 403/02. The FINMA Takeover Chamber is reviewing the matter. +++
12.03.2009Senior Supervisors Group Issues Report on Management of Recent Credit Default Swap Credit Events
Senior financial supervisors from FINMA and six other countries (collectively, the ‘Senior Supervisors Group’) issued a report that assesses how firms manage their credit default swap activities related to the settlement of credit derivatives transactions terminated by the occurrence of a credit event.

The report – Observations on Management of Recent Credit Default Swap Credit Events – summarizes the review of the Senior Supervisors Group.
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04.03.2009Anpassung des Verordnungsanhangs 2 über Massnahmen gegenüber Al-Qaïda und den Taliban+++
24.02.2009FINMA announces opening of insolvency proceedings against ACH Securities SA of GenevaIn view of a shortage of liquidity, FINMA took steps on 16 January 2009 to protect the clients of ACH Securities SA, a stock exchange and securities dealer which has been operating in Switzerland since 2002, and clarify its financial position. As there was still no realistic prospect of recovery and the insolvency was established, at 8 a.m. on 17 February 2009 FINMA announced the opening of insolvency proceedings against ACH Securities SA and appointed two liquidators. +++
20.02.2009Suppression of "Swiss Finish" for collective investment schemes – Adaptation of the GuidelinesFollowing the decision to suppress the "Swiss Finish" as of March 1st, 2009, the Financial Market Supervisory Authority FINMA has adapted the Guidelines for collective investment schemes. +++
18.02.2009FINMA makes possible settlement between UBS and the US authorities and announces the results of its own investigationFINMA welcomes the settlement reached between UBS and the US authorities thereby avoiding the looming threat of formal criminal charges being filed against the bank in the USA. In order to avert the drastic consequences such charges would have for UBS and the stability of the Swiss financial system, FINMA has ordered that a limited quantity of client data be handed over to the US authorities immediately. FINMA is also publishing the results of the investigation carried out by the Swiss Federal Banking Commission (SFBC) in relation to this matter. The SFBC ruling reprimands UBS for a severe breach of certain provisions of the Swiss Banking Act by individual staff members and serious shortcomings in dealing with the legal risks associated with its business with US clients. +++
10.02.2009Severe reduction in variable compensation at UBSThe Swiss Financial Market Supervisory Authority (FINMA), in its decision dated 3rd February 2009, allows UBS to distribute CHF 1.8 billion of variable remuneration for the year 2008. Besides the legally guaranteed payments, UBS shall be entitled to distribute discretionary payments. The reduction of the overall amount of the variable remuneration by UBS is massive in comparison to the international standards and to the past years. Besides the limitation of the variable remuneration relevant for the 2008 annual results, FINMA decided to limit the deferred components. The latter will be distributed over several years and shall be paid if very strict conditions are fulfilled. +++
29.01.2009Änderung des Anhangs der Verordnung über Massnahmen gegenüber der Demokratischen Republik Kongo+++
28.01.2009Suppression of "Swiss Finish" for Collective Investment SchemesThe Federal Council has decided today to adapt article 31 of the Ordinance on Collective Investment Schemes (CISO) to the European Law. The amendment will enter into force on March 1st, 2009. On the same date, the Swiss Financial Market Supervisory Authority FINMA will suppress the "Swiss Finish" falling within its competence. +++
26.01.2009FINMA finds infringement of the obligation to disclose in the Sulzer caseThe Swiss Financial Market Supervisory Authority (FINMA) ruled on 22 January 2009 that Ronny Pecik sen. and Georg Stumpf, together acting in an organized group, infringed their disclosure obligations under Art. 20 of the Stock Exchange Act when building their stake in Sulzer AG towards the end of 2006 and beginning of 2007. FINMA will, as a result, file a criminal complaint with the Federal Department of Finances as required by law. +++
23.01.2009Side Pockets for Funds of Hedge FundsDue to the actual market situation, the Swiss Financial Market Supervisory Authority FINMA is confronted with some requests from the Swiss Funds Association SFA, fund management companies and representatives of foreign collective investment schemes concerning liquidity issues that Funds of Hedge Funds (FoHF) are facing. +++
21.01.2009FINMA Newsletter 1 (2009): Depositor protection – implementation of the immediate measuresOn 19 December 2008 the Swiss Parliament adopted the immediate measures to strengthen depositor protection. The FINMA publishes additional information to the implementation of the immediate measures under the FAQ. +++
19.01.2009FINMA takes steps to protect investors in ACH Securities SAThe turmoil on the financial markets has negatively affected the securities dealer ACH Securities SA, based in Geneva, which has operated in Switzerland since 2002. In response to a liquidity bottleneck, FINMA appointed two investigators. Their task will be to clarify the company’s financial circumstances and safeguard the assets. Until such time as the financial situation is clarified, the securities dealer has been prohibited from making any further payments. The due date has been pushed back to 2 March 2009. +++
15.01.2009FINMA publishes minimum standard for minimum standards in asset managementThe Swiss Financial Market Supervisory Authority FINMA is to publish its circular on the benchmarks for minimum standards for self-regulation in the asset management industry. It also establishes the procedure for recognising such minimum standards. The benchmarks define a code of conduct for self-regulation, which asset management industry organisations have drawn up for the FINMA to recognise as minimum standards. +++
06.01.2009Änderung der Anhänge der Verordnung über Massnahmen gegenüber Liberia+++
09.12.2008FINMA ready for launchThe new Swiss Financial Market Supervisory Authority (FINMA) will commence operations on 1 January 2009. On that date, the Federal Act on the Swiss Financial Market Supervisory Authority (FINMASA), which the Swiss Parliament approved on 22 June 2007, will go into full legal force. The effect of the Act is to merge three bodies – the Federal Office of Private Insurance (FOPI), the Swiss Federal Banking Commission (SFBC) and the Anti-Money Laundering Control Authority – into the Swiss Financial Market Supervisory Authority FINMA. Until their merger and incorporation into FINMA, these three authorities will retain responsibility for their own areas of activity.
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