News

06.02.2012Anpassung von Anhang 2 der Verordnung über Massnahmen gegenüber Syrien+++
03.02.2012UBS unauthorised trading: FINMA initiates enforcement proceedingsIn September 2011, the Swiss Financial Market Supervisory Authority (FINMA) announced that, along with the UK Financial Services Authority (FSA), it was jointly launching an independent investigation into the events surrounding trading losses incurred by UBS AG (UBS) in the London operations of its Investment Bank. +++
27.01.2012FINMA authorises takeover of Wegelin's non-US business by RaiffeisenThe Swiss Financial Market Supervisory Authority FINMA has authorised the split of Wegelin & Co. (Bank Wegelin) and the takeover of Wegelin's non-US business by Raiffeisen Switzerland. Bank Wegelin will in future only manage its remaining US clients. Bank Wegelin and its remaining managing partners with unlimited liability are responsible for settling any possible legal or financial consequences arising from the US business. +++
16.01.2012FINMA opens consultation on Banking Insolvency OrdinanceThe Swiss Financial Market Supervisory Authority FINMA has opened the consultation on the complete revision of the Banking Insolvency Ordinance. This revision was deemed necessary as a result of the foreseen amendments to the Swiss Banking Act: on 1 September 2011, the deposit protection scheme bill entered into force, while the new provisions of the "too-big-to-fail" bill should come into effect during this year. The new Banking Insolvency Ordinance shall specify the statutory rules on restructuring banks and applies to all banks and securities dealers. The consultation will end on 2 March 2012. +++
11.01.2012Sanctions in the KPT caseIn a ruling dated 6 January 2012, FINMA has concluded administrative proceedings against KPT Versicherungen AG (KPT) and three of its managers. It ruled that serious breaches of duty had taken place. These related in particular to the setting of the price for shares that were to be bought back as part of a planned merger in 2010, and to payments to directors under mandate agreements. In both cases, inadequate regard was paid to the rules on handling conflicts of interest. Based on these breaches of duty, FINMA has banned two former members of the board of directors from exercising a senior management function within the financial sector for four years and has ordered the confiscation of their unjustified payments. FINMA has appointed Peter Eckert to take over the interim management of KPT at director level and to ensure for an orderly completion or new appointments to the board of directors. These measures do not threaten KPT's operational activities and the solvency provisions are met. +++