News 2011

29.12.2011Bankruptcy publicationsThe Swiss Financial Market Supervisory Authority FINMA has opened bankruptcy proceedings. +++
29.12.20112011 financial reporting on occupational pension schemesPrivate life insurers in Switzerland have received instructions for preparing the data for the 2011 financial report on occupational pension schemes. They now have until 30 April 2012 to report to FINMA on their activities in group occupational pension schemes in 2011. +++
23.12.2011Anpassung des Anhangs 6 der Verordnung über Massnahmen gegenüber der Islamischen Republik Iran (SR 646.231.143.6)+++
23.12.2011Anpassung des Anhangs 2 der Verordnung über Massnahmen gegenüber Libyen (SR 946.231.149.82)+++
21.12.2011FINMA Takeover Committee dismisses the appeal lodged by Sarasin Investmentfonds against TOB Ruling 410/04 regarding "Quadrant AG"In Ruling 410/04 of 14 November 2011, the Swiss Takeover Board (TOB) has ascertained that Swiss Capital Alternative Investments AG (together with Swiss Capital Corporate Finance AG), Kepler Capital Markets SA and Mazars Coresa SA are independent and qualified to prepare the additional audit operations in accordance with decision B-5272/2009 of the Supreme Administrative Court of 30 November 2010. Aquamit B.V. has been given a deadline to mandate a review body. The qualified shareholder, Sarasin Investmentfonds Ltd, has challenged Ruling 410/04. On 21 December 2011, the FINMA Takeover Committee dismissed the appeal of Sarasin Investmentfonds and confirmed the TOB Ruling 410/04. +++
20.12.2011Partial revision of the FINMA Stock Exchange Ordinance to become effectiveResponses were positive to the consultation on the partial revision of the FINMA Ordinance on Stock Exchanges and Securities Trading (SESTO-FINMA) conducted by the Swiss Financial Market Supervisory Authority and required only minimal adjustments. The revised FINMA Stock Exchange Ordinance will enter into force as planned on 1 January 2012. +++
13.12.2011Unauthorised trading: FINMA provides guidanceHow can investment banks control the risk of unauthorised trading? In a Newsletter published today, the Swiss Financial Market Supervisory Authority FINMA has summarised its expectations of market participants. FINMA will check selectively if and how institutions fulfil these standards. +++
12.12.2011Anpassung der Anhänge 2 und 3 der Verordnung über Massnahmen gegenüber Myanmar (SR 946.231.157.5)+++
09.12.2011Structured products: FINMA report identifies shortcomings in protecting investorsA review conducted by FINMA has shown that buyers of structured products are not adequately protected. Most of the prospectuses and the sales documentation are not easy to understand, too long and not structured in a uniform manner. From FINMA's viewpoint, the statutory regulations must therefore be improved. +++
09.12.2011Anpassungen der Anhänge 2 und 3 der Verordnung über Massnahmen gegenüber Syrien+++
07.12.2011Re-election of Swiss Takeover Board membersAt its recent meeting, the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA elected the members of the Swiss Takeover Board (TOB) for the next term of office. It confirmed the re-election of the TOB president, Luc Thévenoz, and six other TOB members. By reason of the statutory term limit, the TOB's Vice-Chairman, Walter Knabenhans, and Thierry de Marignac will leave the Board. They will be replaced by Lionel M. Aeschlimann and Thomas A. Müller starting 1 January 2012. Raymund Breu has been appointed as new vice-chairman. +++
25.11.2011FINMA to open more offices in ZurichThe FINMA Board of Directors has decided to open more offices in Zurich. FINMA's head office, its centre of business activities and its entire Executive Board will remain in Bern. Up to 20 per cent of its staff will work in Zurich starting in spring 2012. +++
24.11.2011Bankruptcy publications The Swiss Financial Market Supervisory Authority FINMA has opened bankruptcy proceedings. +++
23.11.2011FINMA Bulletin: Conflicts of interest in fund management and ruling in Laxey caseThe new edition of the FINMA Bulletin focuses on a broad spectrum of important rulings and decisions. Topics covered are conflicts of interest under the Collective Investment Schemes Act, security deposit insurance and two key decisions made by the Swiss Federal Administrative Court. +++
23.11.2011FINMA Takeover Committee reviews appeal against TOB decision 410/04 regarding "Quadrant AG"In its decision 410/04 dated 14 november 2011, the Swiss Takeover Board has ascertained that Swiss Capital Alternative Investments AG (together with Swiss Capital Corporate Finance AG), Kepler Capital Markets SA und Mazars Coresa SA are independent and qualified to prepare the additional audit operations in accordance with the decision B-5272/2009 of the Supreme Administrative Court from 30th november 2010. Aquamit B.V. was given a deadline to mandate a reviewing entity. The qualified shareholder Sarasin Investmentfonds Ltd has challenged the decision 410/04. The FINMA Takeover Committee is reviewing the matter. +++
17.11.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber der Islamischen Republik Iran+++
15.11.2011FINMA publishes special bulletin on money launderingDuring 2010 the Swiss Financial Market Supervisory Authority FINMA completed a number of regulatory activities in the area of combating money laundering and terrorist financing. For this reason, FINMA is now publishing a special bulletin on money laundering. +++
14.11.2011Federal Council re-elects FINMA's Board of DirectorsThe Federal Council has elected the members of the Swiss Financial Market Supervisory Authority FINMA Board of Directors: it confirmed the re-election of the board members standing for re-election and appointed three new members, Yvan Lengwiler, Joseph L. Rickenbacher and Eddy Wymeersch, to the board. FINMA's Board of Directors will thus comprise nine members as of January 2012. +++
10.11.2011Anti-money laundering: FINMA concludes its audit on dealing with PEPsThe Swiss Financial Market Supervisory Authority FINMA has investigated the way in which banks have dealt with "politically exposed persons" (PEPs). Most financial institutions have fulfilled their particular due diligence obligations satisfactorily to well; in four cases FINMA will open enforcement proceedings. FINMA has not identified the necessity to adjust the current regulations. +++
08.11.2011Bankruptcy publicationsThe Swiss Financial Market Supervisory Authority FINMA has opened bankruptcy proceedings. +++
31.10.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus Côte d'Ivoire+++
28.10.2011Mortgage market: FINMA approves Swiss Bankers Association’s revised self-regulationThe Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has approved the revised guidelines of the Swiss Bankers Association "on examining, evaluating and settling mortgage-backed loans". FINMA points out, however, that alongside these qualitative provisions, new quantitative measures are also required to effectively counteract the growing risks for banks stemming from the increase in the number of loans being granted for residential properties. Moreover, these risks are further accentuated by the low-interest environment. +++
25.10.2011Revised FINMA circular on disclosure requirements for securities transactions The Swiss Financial Market Supervisory Authority FINMA will bring the revised Circular 08/11 "Disclosure requirements for securities transactions" into force on 1 November 2011. The changes made during the revision focus mainly on rendering the existing disclosure requirements prescribed in the former "Reporting obligation – stock exchange transactions" more precise. No additional requirements have been incorporated into the revised circular. +++
24.10.2011New capital adequacy rules for Swiss banksSwitzerland intends to implement the capital adequacy rules of the international Basel III framework for all banks. The Federal Department of Finance FDF is releasing the amended Capital Adequacy Ordinance for consultation, and FINMA is doing likewise with its adapted circulars. +++
07.10.2011FINMA states its position on the partial revision of the CISAFINMA welcomes the amendments proposed by the Federal Council but considers that they do not go far enough. FINMA's experiences of the Collective Investment Schemes Act over recent years have shown that the need for action extends beyond the areas of administration, custody and distribution. However, FINMA appreciates the urgency of this partial revision and therefore supports the package of revision measures proposed by the Federal Council as a first step. +++
04.10.2011Bankruptcy publication+++
04.10.2011Anpassung des Anhangs 2 der Verordnung über Massnahmen gegenüber Syrien+++
29.09.2011Bankruptcy publications+++
23.09.2011Anpassung der Verordnungsanhänge 2 und 3 über Massnahmen gegenüber Libyen+++
23.09.2011Änderung des Verordnungsanhangs 2 über Massnahmen gegenüber Al-Qaïda und den Taliban+++
16.09.2011UBS trading losses: FINMA and UK FSA to launch investigationThe Swiss Financial Market Supervisory Authority (FINMA) and the UK Financial Services Authority (FSA) are launching a comprehensive independent investigation into the events surrounding the trading losses incurred by UBS AG in its London operations. +++
13.09.2011Anpassung des Anhangs 2 der Verordnung über Massnahmen gegenüber Syrien+++
12.09.20112010 financial reporting: life insurers exceed statutory minimumThis is the sixth year for which private life insurers in Switzerland have provided comprehensive financial reporting on occupational pension schemes. A positive operating profit of CHF 610 million for 2010 was reported. 92.1% of the income generated, which amounted to over CHF 7.7 billion, flowed back to the policy holders. The average earnings distributed therefore exceeded the legally prescribed minimum of 90%. +++
07.09.2011Federal Council confirms measures against overheating in the mortgage businessThe Swiss Financial Market Supervisory Authority FINMA welcomes the Federal Council's intention to rapidly make the necessary adjustments to the capital requirements for the riskiest mortgage loans. +++
06.09.2011Anpassung des Verordnungsanhangs 3 über Massnahmen gegenüber Libyen+++
31.08.2011Sabine Kilgus and Daniel Zuberbühler to retire from FINMA's Board of DirectorsWhen their term of office finishes at the end of December 2011, Sabine Kilgus and Vice-Chair Daniel Zuberbühler will not be standing for re-election in their offices as members of the Swiss Financial Market Supervisory Authority FINMA Board of Directors. Both of them have made a valuable contribution to FINMA at a very difficult time during the financial crisis and to building up the authority itself. The Federal Council will announce their successors at a later date. +++
26.08.2011Anpassung von Anhang 1 der Verordnung über Massnahmen gegenüber Belarus (SR 946.231.116.9)+++
25.08.2011FINMA Circular on Credit Rating AgenciesFINMA Circular on Credit Rating Agencies
The circular on "Credit rating agencies" published today by the Swiss Financial Market Supervisory Authority FINMA governs the recognition of institutions that can issue credit ratings for regulatory use. The fully revised circular redefines FINMA's requirements on credit rating agencies for its various supervisory areas and standardises the conditions for recognition. It will enter into force on 1 January 2012. +++
23.08.2011Bankruptcy publication+++
22.08.2011Anpassung des Anhangs der Verordnung über Massnahmen gegenüber Somalia+++
17.08.2011Anpassung des Anhangs 2 der Verordnung über Massnahmen gegenüber Syrien+++
11.08.2011FINMA Takeover Committee found the appeal against TOB decision 410/03 regarding "Quadrant AG" groundless in sofar as admissible+++
28.07.2011FINMA publishes circular on "Provisions in reinsurance"The Circular on "Provisions in reinsurance" published today by the Swiss Financial Supervisory Authority sets minimum requirements for appropriate technical provisions in the reinsurance business. +++
27.07.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus Côte d'Ivoire+++
27.07.2011FINMA launches consultation on its Stock Exchange OrdinanceThe Swiss Financial Market Supervisory Authority FINMA has opened the consultation for the revision of its ordinance on stock exchanges and securities trading (FINMA Stock Exchange Ordinance, SESTO-FINMA). 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 2011. +++
26.07.2011Bankruptcy publications+++
15.07.2011UBS client data: Federal Supreme Court upholds FINMA's decisionOn 18 February 2009, the Swiss Financial Market Supervisory Authority FINMA had ordered the release of a limited number of UBS client data to US authorities in order to avoid the threat of US authorities bringing criminal charges against the bank which could have in turn threatened its liquidity and stability. In its final decision today, the Federal Supreme Court confirmed that, in light of the then-prevailing situation, FINMA's order was legally correct. +++
14.07.2011FINMA Takeover Committee reviews appeal against TOB decision 410/03 regarding "Quadrant AG"In its decision 410/03 dated 5 July 2011, the Swiss Takeover Board has ascertained that Skandinaviska Enskilda Banken AB Frankfurt Branch is qualified and independent to prepare the additional audit operations in accordance with the decision B-5272/2009 of the Supreme Administrative Court from 30th november 2010. The qualified shareholder Sarasin Investmentfonds Ltd has challenged the decision 410/03. The FINMA Takeover Committee is reviewing the matter. +++
13.07.2011Bankruptcy publications+++
11.07.2011Bankruptcy publication+++
06.07.2011Insurance market data 2010Every year FINMA publishes a report on the activities of supervised insurance companies. This year's report on the direct insurance market 2010 contains statistical data on the market as a whole and on the life and non-life insurance sectors in aggregate. +++
27.06.2011Bankruptcy publication+++
24.06.2011Anpassung der Verordnungsanhänge über Massnahmen gegenüber Libyen+++
23.06.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
17.06.2011FINMA Takeover Committee rejects appeal against TOB decision 468/05 regarding Genolier Swiss Medical Network SAWith its decision of 17 June 2011, the FINMA Takeover Committee rejected the appeal of Michael Schröder, a qualified shareholder of Genolier Swiss Medical Network SA, against the decision 468/05 of the Takeover Board dated 17 May 2011. +++
03.06.2011FINMA Takeover Committee dismisses motion to extend takeover procedure within the framework of the appeal against TOB decision 468/05 regarding Genolier Swiss Medical Network SAWithin the framework of the appeal of Michael Schröder against the decision 468/05 of the Takeover Board, the FINMA Takeover Committee decided on 3 June 2011 to dismiss Michael Schröder's motion to extend the takeover procedure. +++
31.05.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus Côte d'Ivoire+++
26.05.2011FINMA Takeover Chamber is reviewing an appeal against TOB decision 468/05 regarding Genolier Swiss Medical Network SAWithin the framework of the current tender offer of M.R.S.I. Medical Research, Services & Investments SA for all outstanding registered shares of Genolier Swiss Medical Network SA, a qualified shareholder, Michael Schroeder, challenged the decision 468/05 dated 17 May 2011 of the Swiss Takeover Board (TOB). The FINMA Takeover Committee is reviewing the matter. +++
25.05.2011Anpassung der Verordnungsanhänge über Massnahmen gegenüber Syrien+++
19.05.2011Neue Verordnung über Massnahmen gegenüber Syrien+++
12.05.2011Anpassung der Verordnungsanhänge über Massnahmen gegenüber Libyen+++
09.05.2011FINMA comments on KVAG draft federal lawThe Swiss Financial Market Supervisory Authority FINMA generally supports the draft federal law regarding the supervision of social health insurance (KVAG) put into consultation by the Swiss Federal Council on 4 February 2011. In its comments, FINMA particularly welcomes the fact that the qualitative aspects of supervision are explicitly provided for in the consultation draft and that a risk-based approach will be given greater priority. FINMA seeks, however, one fundamental change: it is calling for a full institutional separation between social and private health insurance. A distinct division of both institutions would result in more market transparency and would considerably improve the effectiveness of supervision. +++
02.05.2011FINMA publishes report on effectiveness and efficiency in supervisionOne of the seven strategic goals of the Swiss Financial Market Supervisory Authority (FINMA) is "Increasing the effectiveness and efficiency of supervision". In a report published today, FINMA outlines the steps it has taken to this end and the results it has achieved to date. FINMA is focusing on three aspects: adopting a systematically risk-based supervisory approach for all areas of supervision, further developing the supervisory instruments at its disposal, and optimising its organisation. With today's report, FINMA has fulfilled an obligation towards the Control Committees of the National Council and Council of States. +++
27.04.2011Anpassung der Verordnungsanhänge über Massnahmen gegenüber Belarus (SR 946.231.116.9)+++
26.04.2011FINMA appoints Andreas Zdrenyk to the Executive BoardAndreas Zdrenyk has been appointed as FINMA's Chief Operating Officer (COO) and will become head of the new Operations division. In his new role, he will also become a member of the FINMA Executive Board, which will then comprise seven members. Mr Zdrenyk will take up his new position in the third quarter of 2011. +++
15.04.2011FINMA publishes Circular on Capital buffer and capital planning in the banking sectorThe definitive FINMA Circular "Capital buffer and capital planning in the banking sector" published today redefines the capital adequacy requirements for banks under Pillar 2 of the Basel Capital Accord. The Circular serves to replace the overall 20% safety margin of the minimum requirements in place until now with a differentiated regime that reflects and fleshes out current supervisory practice. Based on the new regime, the capital buffers required by FINMA are structured according to objective criteria and are risk-based. The capital buffers required are aligned with each institution's size as well as the nature and complexity of its operations. They are to be made anticyclical. The new regime will not trigger a need for new capital for most institutions. Rather, the Circular sets down a higher lower limit for their capital base. The Circular will enter into force on 1 July 2011. +++
08.04.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
07.04.2011Preliminary notification of establishing a physical presence abroad – new guidelines for banks and securities dealers Banks and securities dealers intending to establish a physical presence abroad are to subject to compliance with the preliminary reporting requirements as prescribed in the Banking Act (BA) and the Stock Exchange Act (SESTA). In order to inform the supervised institutions appropriately, the Swiss Financial Market Supervisory Authority FINMA is publishing guidelines outlining when there is a duty to inform and the details that are to be submitted to FINMA pursuant to Article 6b BO and Article 18 para. 5 SESTO. +++
07.04.2011The FINMA Takeover Committee acknowledges the withdrawal of the appeals against TOB decision 468/04 regarding Genolier Swiss Medical Network SAAs part of the current tender offer announced by M.R.S.I. Medical Research, Services & Investments SA (MRSI) to the shareholders of Genolier Swiss Medical Network SA (GSMN), MRSI und GSMN have withdrawn their appeals of 30 March 2011 against the decision 468/04 of 23 March 2011 of the Takeover Board (TOB). The FINMA Takeover Committee has acknowledged the withdrawal and closed these proceedings. +++
06.04.2011Bankruptcy publication+++
06.04.2011The FINMA Takeover Committee partly accepts the appeals made by two shareholders against the Swiss Takeover Board decision 468/03 regarding Genolier Swiss Medical Network LtdWith its decision on 6 April 2011, the FINMA Takeover Committee partly accepted the appeals made by two qualified shareholders, Michael Schroeder and Alain Fabarez, against the Swiss Takeover Board decision 468/03 of 10 March 2011. As a result, Genolier Swiss Medical Network Ltd is to engage an independent third party to provide a fairness opinion on the takeover bid made by M.R.S.I. Medical Research Services & Investments Ltd. +++
06.04.2011The FINMA Takeover Committee is reviewing two appeals against TOB decision 468/04 regarding Genolier Swiss Medical Network SAAs part of the current tender offer of M.R.S.I. Medical Research, Services & Investments SA (MRSI) for all outstanding registered shares of Genolier Swiss Medical Network SA (GSMN), MRSI und GSMN challenged the Swiss Takeover Board (TOB) decision 468/04 of 23 March 2011 on 30 March 2011. The FINMA Takeover Committee is reviewing the matter. +++
31.03.2011Neue Verordnung über Massnahmen gegenüber Libyen+++
25.03.2011FINMA proposes amendment to the Circular on Rating AgenciesFINMA is opening the consultation period for the amendment of the circular on rating agencies. The present modifications aim to extend the requirements for rating agencies to all entities supervised by FINMA and to create standardised conditions for their recognition. They also take into account the developments at the level of international standard setters as well as the specificities of the Swiss market environment. The recognition requirements set out in the draft circular are intended to provide a minimum quality of rating. The consultation period ends on 13 May 2011. +++
22.03.2011FINMA Annual Media Conference: Focus on Strengthening Resistance to CrisisFINMA can look back on 2010 as a challenging year in which both economic conditions and the operational development of the supervisory authority, which employs around 400 staff, continued to demand a great deal of attention. In addition to presenting its annual report and financial statements for 2010, at today's annual media conference FINMA also emphasised the challenges and risks which the current low interest rate environment poses for the stability of the financial sector. In addition, the media conference focused on the national and international debate on banking regulation which has been going on since the financial crisis, against the backdrop of the "too big to fail" issue and the "Basel III" reform package drawn up by the Basel Committee. +++
22.03.2011FINMA Takeover Committee is reviewing two appeals against TOB decision 468/03 regarding Genolier Swiss Medical Network SAAs part of the current tender offer of M.R.S.I. Medical Research, Services & Investments SA for all outstanding registered shares of Genolier Swiss Medical Network SA, two qualified shareholders, Michael Schroeder and Alain Fabarez, challenged the Swiss Takeover Board (TOB) decision 468/03 of 10 March 2011. The FINMA Takeover Committee is reviewing the matter. +++
16.03.2011FINMA closes investigation into sia Abrasives caseThe Swiss Financial Market Regulatory Authority FINMA has closed its investigation initiated in January 2009 into the sia Abrasives case. It ruled that Giorgio Behr breached his disclosure obligations under Article 20 of the Stock Exchange Act when building a stake in sia Abrasives. Bank am Bellevue actively aided him and, by doing so, breached its organisational duties and its duties to assure proper business conduct. FINMA filed a criminal complaint against Giorgio Behr with the Federal Department of Finance. +++
14.03.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus Libyen+++
11.03.2011FINMA publishes short report on due diligence obligations when dealing with "politically exposed persons"In the wake of recent political events, the Federal Council rapidly imposed sanctions against exponents from Tunisia, Egypt and Libya. Various banks subsequently reported holding exponents' assets which are affected by the sanctions. In this context, the Swiss Financial Market Supervisory Authority FINMA received numerous inquiries about banks complying with the anti-money laundering provisions, and, in particular, when dealing with politically exposed persons (PEP). The short report published today on "Due diligence obligations of Swiss banks when handling assets of politically exposed persons" summarises important answers to the questions received. +++
07.03.2011FINMA names new Executive Board membersThe Swiss Financial Market Supervisory Authority FINMA has appointed Yann Wermeille and David Wyss as new members of the Executive Board. They both had previously served as members of the Extended Executive Board and will replace Franz Stirnimann, Head of Markets Division, who is retiring at the end of the year. The Enforcement Section headed by David Wyss will be split from the existing Markets Division and in future will operate as an independent division of its own. Yann Wermeille will take over as Head of Markets Division. The new organisation will take effect on 15 March 2011. +++
04.03.2011Änderung der Verordnung über Massnahmen gegen gewisse Personen aus Libyen+++
03.03.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
01.03.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber der Demokratischen Republik Kongo (SR 946.231.12)+++
28.02.2011HSBC data theft: FINMA completes investigationFollowing a comprehensive investigation into the large-scale theft of data from HSBC Private Bank (Suisse) SA, FINMA has reprimanded the bank for deficiencies in its internal organisation and IT controls. FINMA has also called on the bank to see through the measures it has already initiated to comply with the legal requirements. FINMA will ensure that these measures are implemented promptly. +++
25.02.2011Rainer Borer to become FINMA's communications officerRainer Borer, 47, is to take on the position as person responsible of communications at FINMA as of 1 September 2011. In this role he will have functional responsibility for FINMA's internal and external communications. One of the key aspects of his work will be strategic communications. +++
24.02.2011Neue Verordnung über Massnahmen gegen gewisse Personen aus Libyen+++
22.02.2011Anpassung der Verordnungsanhänge über Massnahmen gegenüber Belarus (SR 946.231.116.9)+++
21.02.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
16.02.2011Publications of bankruptcy+++
16.02.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus der Arabischen Republik Ägypten+++
15.02.2011FINMA’s response to the consultation on structural reform to occupational pensionsFINMA supports the Federal Council's objective of improving the quality of asset management in occupational pensions as part of the structural reform to occupational pension provision. This structural reform includes, for example, plans whereby only persons and institutions supervised by FINMA will be allowed to manage occupational pension schemes. However, this provision cannot currently be put into practice because of the lack of a legal basis in the financial market legislation. FINMA therefore referred this matter to the Federal Social Insurance Office as part of the consultation. +++
15.02.2011Changes in the asset management industryDevelopments in Switzerland and abroad are increasing the pressure for institutional asset management industry to be subject to supervision. At present the only asset management activity in Switzerland which comes under mandatory prudential supervision is collective investment schemes. There is no mandatory prudential supervision for other asset management activities; voluntary submission is only possible for foreign collective investment schemes under restrictive conditions. Many asset managers are therefore seeking to obtain licences by pro forma launches of statutory supervised activities, a practice which FINMA cannot support. +++
15.02.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus Côte d'Ivoire+++
11.02.2011Neue Verordnung über Massnahmen gegen gewisse Personen aus der Arabischen Republik Ägypten+++
04.02.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus Tunesien+++
01.02.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber Al-Qaïda und den Taliban+++
01.02.2011Anpassung des Verordnungsanhangs über Massnahmen gegenüber Somalia+++
31.01.2011FAQ on Consolidated Supervision of Banks and Securities DealersFINMA supervises numerous banks and securities dealers on a consolidated basis. These financial groups have different structures and business activities and must satisfy the regulatory consolidation requirements to varying degrees. While various regulations deal with numerous exceptions, special provisions are applicable to certain individual cases. This regularly leads to questions concerning interpretation being raised by audit firms and the institutions subject to regulatory supervision. +++
31.01.2011FINMA launches consultation period for the Circular on "Capital buffer and capital planning"The FINMA Circular "Capital buffer and capital planning" redefines the capital adequacy requirements for banks under Pillar 2 of the Basel Capital Accord. FINMA published a discussion paper on this topic in June 2010 and took the comments received into account when preparing this draft Circular. The consultation period will end on 14 March 2011. The main aim of the Circular is to make the capital buffer required by FINMA in excess of the legal minimum subject to objective criteria and risk-based. The size and complexity of an institution and its business activities have been considered in the measurement of the capital buffers. In addition, the buffers are to be made anticyclical. The Circular effectively brings transparency and objectivity to the existing FINMA supervisory practice. Consequently, for most institutions the new regime will not trigger a need for new capital. +++
28.01.2011Anpassung des Verordnungsanhangs über Massnahmen gegen gewisse Personen aus Tunesien+++
25.01.2011Discussion paper on Distribution Rules - FINMA is extending the submission deadline for comments+++
20.01.2011Neue Sanktionen gegenüber der Islamischen Republik Iran+++
19.01.2011FINMA Circular on Remuneration Schemes: transition period for implementation ends; some evidence of progress being madeThe transition period for financial institutions subject to FINMA Circular 2010/01 (Remuneration Schemes) to implement its provisions ended on 31 December 2010. The financial institutions concerned must now submit an implementation report to FINMA by the end of April 2011. FINMA has issued today guidelines for this reporting. FINMA's supervisory experience in 2010 suggests that progress in addressing key areas covered by the Circular is being made, though not evenly across all institutions. +++
19.01.2011Neue Verordnung über Massnahmen gegen gewisse Personen aus Tunesien+++
19.01.2011Neue Verordnung über Massnahmen gegen gewisse Personen aus der Elfenbeinküste+++
17.01.2011FINMA, FDF and SNB sign tripartite agreement on collaborationCollaboration between the three authorities that deal with financial market issues should be further enhanced. To this end, the Federal Department of Finance (FDF), the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) have signed a tripartite memorandum of understanding. +++
05.01.2011Publications of Bankruptcy+++
05.01.20112010 financial reporting on occupational pension schemesPrivate life insurers in Switzerland have received instructions for preparing the data for the 2010 financial report on occupational pension schemes. They now have until 30 April 2011 to report to FINMA on their activities in group occupational pension schemes in 2010. +++
04.01.2011FINMA Newsletter 18 (2010) - Handling of Life Insurances with separately managed accounts/portfoliosOn 30 December 2010 FINMA published FINMA Newsletter 18 (2010) which specifies the duties concerning the handling of life insurances with separately managed accounts/portfolios (Insurance Wrappers). This Newsletter replaces FINMA Newsletter 9 (2010) dated 27 April 2010. +++