Reporting requirements

Unlike changes of material significance, which require prior authorisation, a reporting requirement exists for other changes to the licences of banks and security firms. The most important concern the following:

• Foreign activities: before starting operations abroad and when foreign operations undergo significant changes and / or are closed down, this must be reported to FINMA.

• Qualified participations: Anyone buying or selling a qualified participation in a licensed institution must report this fact to FINMA. The banks and securities firms concerned must also file a report, as well as branches of foreign banks and securities firms. Changes concerning qualified participations in foreign-controlled institutions require authorisation.