Changes to licences for banks and securities dealers

Banks and securities dealers that want to change their licence must first inform FINMA and obtain any permission or authorisation they need. They must also adhere to periodic reporting requirements under banking and exchange law.

Supervisory law distinguishes between licensing, authorisation and reporting requirements. Some of the reports FINMA requires are not covered by an explicit legal obligation.

Licensing and authorisation requirements concern the following:

  • changes to articles of association and regulations;
  • transition to foreign control and changes in foreign control;
  • risk models for calculating capital adequacy requirements;
  • eligibility of debt instruments for capital adequacy purposes.

Legal reporting requirements concern activities outside Switzerland and qualified participations. FINMA is also notified in advance of any changes in ultimate management, even though there is no explicit legal requirement for this.

The term "bank" in this context also includes domestic securities dealers as well as branches of foreign banks and securities dealers.