News

08 September 2017
News

"Authorisation and reporting requirements – banks" circular repealed

The Swiss Financial Market Supervisory Authority FINMA has repealed Circular 2008/1 "Authorisation and reporting requirements – banks" with immediate effect.
FINMA Circular 2008/1 "Authorisation and reporting requirements – banks" sets out authorisation and reporting requirements for stock exchanges, banks, securities dealers and audit firms by listing the articles of the financial market laws in which these requirements are defined. As providing a list of requirements in a circular has been deemed inappropriate, FINMA has subsequently repealed the Circular, which had been adopted by the former Federal Banking Commission, with immediate effect. The authorisation and reporting requirements set out in the Circular will continue to remain intact.