Dec 3, Chapter 7: Cooperation between FINMA, the Takeover Board and Stock Praxis zu Art. 37 FinfraV-FINMA (vormals Art. 35 BEHV-FINMA). Dec 3, Praxis zu Art. 31 FinfraV-FINMA (vormals Art. 29 BEHV-FINMA). Vgl. die Praxis und Kommentierung zu Art. Abs. 1 FinfraG. Under a dualistic supervisory system the FINMA commissions auditing companies to carry out (); and the Swiss Financial Market Supervisory Authority (). 12th February · Änderung der BEHV-FINMA (PDF).

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Chapter 5: Disclosure of Shareholdings
The most important legal precepts governing the SFBC’s activities and its implementing provisions are found in federal legislation. The branch must have regulations precisely describing its business and an organisation that is compatible with its operations.

In addition, there are ordinances and circulars issued by Swiss Financial Market Supervisory Authority FINMA as well as self-regulatory directives, guidelines and recommendations issued by the financial sector itself, in particular our association. Purpose of banking regulation Banking regulation above all serves to protect bank clients and the safety of the financial system or, in today’s parlance, its stability.
Home Topics Regulation and compliance Regulation. Guidelines for licence applications for branches and representative offices of foreign banks and securities dealers in Switzerland Updated: In this process any revision of individual regulatory instruments should not be done in isolation; the effects of any regulatory change must be considered holistically; interdependencies and interactions must also be factored into the equation.
Information on regulatory projects regarding financial markets supervision are available under www. Any company organised under foreign law that either holds a securities dealer licence abroad, uses the term “securities dealer” or a term with a similar meaning in its name, the description of its purpose or its business documentation or operates securities trading as defined in Article 2 let. Unofficial English translations of some of these documents are available on private websites:.
Representative offices of foreign securities dealers. The most important are:. At international as well as at national level, a number of regulatory requirements have been tightened. Representative offices of foreign securities dealers must meet a number of licensing requirements to obtain authorisation from FINMA.
Branches of foreign securities dealers
Role of the Swiss Bankers Association In the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus. Banks and securities dealers Getting licensed Representative offices of foreign securities dealers. Our experts follow global and national regulatory developments very closely and take part in the consultation process whenever possible.
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Appointment of benv recognised audit firm for the licensing process. For a foreign securities dealer to obtain a licence to open a branch, there must be no doubt that the applicant meets or can meet all of the bhev requirements.
One of our priorities is to make sure that banking regulation in Switzerland is structured in a good, credible and internationally-competitive manner. In addition to the setting of standards and norms the concept of regulation typically also includes supervision and oversight. A foreign securities dealer 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, ginma do not trade securities or manage client accounts for the foreign securities dealer that give rise to legal finna.
Federal Legislation German French. The most important are: Branches of foreign securities dealers. The most important are: Organization of banking regulation Banking and financial market regulation can be expressed fimma various legal forms.
Finally, there are certain regulations of other bodies with relevance for the SFBC’s supervisory activities. Under a dualistic supervisory system the FINMA commissions auditing companies to carry out the actual inspection and auditing of the banks. The country of domicile of the foreign securities dealer and all qualified participants must guarantee reciprocal rights. Any company organised under foreign law that either holds a securities dealer licence abroad, uses the term “securities dealer” or a term with a similar meaning in its name, the description of its purpose or its business documentation or operates securities trading as defined in Article 2 let.
Furthermore, in many areas of regulation — for example gehv regard to capital requirements and remuneration systems — Switzerland already exceeds established international standards and this phenomenon must also be taken into account. Those in charge of the representative office must assure proper business conduct.
Praxis zu Art. 31 FinfraV-FINMA – – Swiss Takeover Law Online
The SFBC is not providing any official translations in English, as English is not an official language in its jurisdiction. Duration of the licensing process The licensing process for a branch of a foreign securities dealer normally takes about six months, but the duration depends on the quality and complexity of the application.
The foreign securities dealer must 1 be subject to appropriate supervision that includes the branch, 2 be adequately organised, 3 have sufficient finances and qualified staff to operate a branch in Switzerland, and 4 prove that the branch can be entered into the Commercial Register.
The responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office. The time it takes to receive a response from the responsible foreign supervisory authorities must also be taken into account. In Switzerland, the fundamental beuv are codified in federal legislation e. Representative offices of foreign securities dealers are not subject to prudential supervision.
Finally, given the extraordinary heterogeneity of the Swiss banking sector it is especially important that Swiss banking regulation be imbued with a high degree of differentiation “one size does not fit all”. Banking regulation above all serves to protect benv clients and the safety of the financial system or, in today’s parlance, its stability.

The foreign securities dealer must be subject to appropriate supervision. Licensing requirements For a foreign securities dealer 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.
For a foreign securities dealer 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. However, it is above all important to carry out a cost-benefit analysis of any regulatory changes so the pros benefits can be weighed up and judged against the cons costs.
SFBC – Regulation
The time it takes to receive a response from the responsible foreign supervisory authorities must also be taken into account. The SFBC – together with the Federal Finance Administration and the Federal Office of Private Insurance – has drawn up guidelines for effective financial market regulationwhich it incorporates in the regulatory process. Sincevarious aspects of banking regulation have been subjected to critical examination within the context of the financial and economic crisis.
Regulatory intervention can take the form of “preventive” regulation such as putting limits on risk e.
