BANKENVERORDNUNG SCHWEIZ PDF

5 Die Schweizerische Nationalbank und die Pfandbriefzentralen fallen nur soweit sinngemäss Anwendung auf die von ausländischen Banken in der Schweiz. Nov. Auswirkungen auf den Wirtschaftsstandort Schweiz und den . Februar zur Änderung der Bankenverordnung (FinTech-Vorlage ;. Auswirkungen auf den Wirtschaftsstandort Schweiz und den Wettbewerb . 16 . In der Schweiz deuten die seit der Inkraftsetzung des TBTF-.

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The country of domicile of the foreign bank and all qualified participants must guarantee reciprocal rights. For a foreign bank to obtain a licence to open a representative office, there must be no doubt that the applicant and the representative office meet or can meet all of the licensing bankenverordjung. Moreover, crowdlending should be possible also for private consumption within the authorization-exempt area of the sandbox.

In Februarythe Federal Council put three measures out for consultation to promote innovation in the financial sector and to remove barriers to market entry for fintech firms. The most important are: Duration of the licensing process The licensing process for a representative office of a foreign bank normally takes about three months, but the duration depends on the quality and complexity of the application. The most important are:. Contact for questions on the licensing process The Authorisation section of the Banks division authorization bankenverordning.

Any company organised bankenverordbung foreign law that either holds a banking licence abroad, uses the term “bank” or “Banking” in its name, the description of its purpose or its business documentation or conducts banking business as defined in Article 2a of the Banking Ordinance is considered as a foreign bank.

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Two of these — the extension of the holding period for settlement accounts and an authorisation-exempt innovation area sandbox — have already been regulated at ordinance level in the meantime and came into force on 1 August As it will take time to implement these rules, banlenverordnung changes to consumer credit law and the associated amendment of the BankO will not come into force until 1 April Guidelines for licence applications for branches and representative offices of foreign banks and securities dealers in Switzerland Updated: With the new measure, bankenverorsnung with banlenverordnung authorisation can accept public funds of up to CHF million from 1 Januaryprovided they neither invest nor pay interest on these funds.

Licensing requirements For a foreign bank to obtain a licence to open a representative office, there must be no doubt that the applicant and the representative office meet or can meet all of the licensing requirements.

FINMA – Representative offices of foreign banks

Representative offices of foreign banks are not subject to prudential supervision. The foreign bank must be subject to appropriate supervision The responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office. It is now bankenverorndung for the third measure — a new authorisation category with simplified baknenverordnung in the Banking Act — to come into force on 1 January In the BankO, the sandbox will additionally be extended to include crowdlending business models, whereby public funds up to a total amount of CHF 1 million can one day be brokered not only for commercial and industrial purposes but also for private consumption.

You can submit your own here http: However, they must submit an annual report for the foreign bank they represent to FINMA within four months after the financial year ends.

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Banks and securities dealers Getting licensed Representative offices of foreign banks.

Representative offices of foreign banks

This extension became possible because crowdlending will be subject to the Consumer Credit Act in the future. The licensing process for a representative office of a foreign bank normally takes about three months, but the duration depends on the quality and complexity of the application. Those in charge of the representative office must assure proper business conduct.

The Authorisation section of the Banks division authorization finma. Representative offices of foreign banks. A foreign bank needs to be authorised by FINMA if it employs staff in Switzerland who, on a professional basis, permanently represent it for advertising or other purposes in or from Switzerland, including in particular forwarding client orders to it, but do not carry out transactions or manage client accounts for the foreign bank that give rise to legal obligations. The time it takes to receive a response from the responsible foreign supervisory authorities must also be taken into account.

The responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office. Representative offices of foreign banks and securities dealers must meet a number of licensing requirements to obtain authorisation from FINMA.

During its meeting on 30 Novemberthe Federal Council brought into force a corresponding amendment to the Banking Act to promote innovation fintech.