News 2002

December 20, 2002
SFBC Newsletter No. 24
Revision of the guidelines concerning banking accounting: The modifications are about general improvements, specifically concerning the codification of credit evaluation, and a more rigorous approach to the principle of the « true and fair view ». Although they are coming into effect at the end of December 2002, their application is facultative until the 2003 financial statements, which will have to comply with the new rules. 
SFBC Newsletter No. 24
Guidelines RRV-SFBC
October 25, 2002
Combating Money Laundering: Switzerland in the Front Line
In the international fight against money laundering, Switzerland is in the front line with an effective system developed over time, said Mr. Kaspar Villiger, President of the Swiss Confederation. Mr. Villiger was speaking at an information meeting organized jointly by the various Swiss federal authorities involved in the prevention of money laundering.
Media Release
September 24, 2002
"Bank Directors and risk exposure"
On the occasion of the meeting of the Chairmen of the Swiss Cantonal banks held in Mürren, Mr Kurt Hauri, SFBC’s Chairman, gave a speech on (German or French). In his speech, he asked them to give risk management a bigger part in their daily business.
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September 16, 2002
SFBC Newsletter No. 23
The Swiss Federal Banking Commission revised its Circular SFBC 99/2 on Outsourcing (the “Circular”). The main areas affected by this revision are; (i) the definition of outsourcing (par. 2), (ii) the scope of application both in terms of territory and substance (par. 4-12), and; (iii) the duty to inform clients (par. 39).
SFBC Newsletter No. 23
Circular SFBC 99/2 Outsourcing
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September 4, 2002
Media Release : SFBC closes SMS Securities Sigg Merkli Schrödel AG
On the evening of September 3, 2002, the Swiss Federal Banking Commission (SFBC) withdrew the securities dealer’s licence of SMS Securities Sigg Merkli Schrödel AG, Zurich, due to a gross breach of the firm’s legal duties, and ordered its immediate liquidation.
Media Release
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August 14, 2002
Media Release : SFBC closes A&A Actienbank
The Swiss Federal Banking Commission (SFBC) has revoked the banking licence of A&A Actienbank, Zurich, following gross breach of the latter’s legal duties. A comprehensive analysis conducted by the SFBC of other banks and securities dealers with exposure to the equity markets shows that the effects of the share price losses are limited.
Media Release
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July 15 , 2002
SFBC reprimands UBS for lack of due diligence with Abacha funds
The Swiss Federal Banking Commission (SFBC) has completed its investigation into USB AG’s handling of funds possibly linked to Mr. Abacha and ordered an on-site audit of the bank. The SFBC concluded from its investigations that UBS had failed to fulfil its duty to collect detailed information and review the economic background for unusual business relationships, in connection with the opening of an account in 1996.
Media Release
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July 9, 2002
Media Release: Banking Commission issues money laundering ordinance for consultation
The Swiss Federal Banking Commission (SFBC) releases to the public a draft money laundering ordinance, drawn up by a mixed working group. The draft calls for stricter clarification obligations in order to prevent money laundering and the financing of terrorism as well as more detailed due diligence regulations in dealing with assets held by politically exposed persons. It takes due consideration of the current state of play with regard to the international debate on the issues.
Media Release
Draft of the SFBC Money Laundering Ordinance
Report of the Working Group
Appendix I
Appendix II: GermanFrench
Position of the SFBC on the draft by the Working Group GermanFrench
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June 21, 2002
„Regulatory challenges for Swiss banking secrecy“
On the occasion of the 30th anniversary of the Association of Foreign Banks in Switzerland, Mr Daniel Zuberbühler, Director of the SFBC, gave a speech on "Regulatory challenges for Swiss banking secrecy". In his speech, he pleaded in favor of a more flexible law regarding International co-operation with foreign market supervisory authorities and allowing for on-site inspections at branches of foreign banks in Switzerland by foreign banking supervisory authorities and expressed himself on the flow of information within international groups.
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June 3, 2002
MF on Swiss financial market supervision: Encouraging results – but no reason for complacency
After Kaspar Villiger, President of Switzerland and Minister of Finance, expressed his full appreciation for the IMF concluding report on the participation of Switzerland in the Financial Sector Assessment Program (FSAP), SFBC Director Daniel Zuberbühler, at a federal Finance Department
press conference, also expressed his satisfaction about the positive comments regarding current banking and stock market supervision. Daniel Zuberbühler highlighted the financial independence of supervisory bodies, the system of sanctions, quality assurance by statutory bank auditors and international administrative assistance, as particularly important.
Speech given by Kaspar Villiger, President of Switzerland (in German)
Speech given by Daniel Zuberbühler, Director SFBC
FSAP report
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April 25, 2002
Press conference of the SFBC
On April 25, 2002, the SFBC released its Annual Report 2001 and held a press conference. An English version of the key themes of the report is available in PDF-format. The whole report may be consulted in either German or French. The presentations given at the press conference and listed hereunder can be accessed in pdf-format as well. Unfortunately, they are only available in German or French.
Kurt Hauri, Chairman of the SFBC
International administrative assistance – a necessity today with ties
German - French
Jean-Pierre Ghelfi, Vice-Chairman of the SFBC
Banking auditing – the SFBC controls the controllers
French - German
Franz Stirnimann, Vice-Director of the SFBC
Market supervision – possibilities and limits
German (Annex) - French (Annex)
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March 14, 2002
Report by the SFBC: no evidence of insider offences by terrorists
The terrorist attacks of September 11th, 2001 have also had an impact on the activities and resources of the SFBC. The SFBC has been called upon to play an important role in the worldwide search for trails left by the terrorists in the international financial system. The SFBC has now published its findings that there is no evidence of insider trading by terrorists in a report. A media release as well as the report published by the SFBC can be downloaded in PDF-format.
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January 23, 2002
Media Release: SFBC opting for modification of legislation on granting administrative assistance to foreign regulators of capital markets
Swiss legislation regulating international administrative assistance among regulators in matters of insider trading and other market abuses do not allow for adequate exchange of information between the Swiss Federal Banking Commission and its foreign counterparts. This calls for an amendment in the benefit of the Swiss financial market. The complete
media-release can be downloaded in PDF-format.
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