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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The licensing process for a representative office of a foreign securities dealer normally takes about three finna, but the duration depends on the quality and complexity of the application. The responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office.
Information on regulatory projects regarding financial markets supervision are available under www. 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.
Appointment of a recognised audit firm for the licensing process.
Translation of “SESTO-FINMA” in German
The most important legal precepts governing the SFBC’s activities and its implementing provisions are found in federal legislation. Furthermore, in many areas of regulation — for example with fijma to capital requirements and remuneration systems — Switzerland already exceeds established international standards and this phenomenon must also be taken into account.
Representative offices of foreign securities dealers. Here you will also find reports and proposed rules and regulations which the SFBC publishes for consultation. In the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus.
Regulation — Swiss Bankers Association
The country of domicile of the foreign securities dealer and all qualified participants must guarantee reciprocal rights. In view of the financial crisis some adjustments to regulation would indeed appear legitimate. Role of the Swiss Bankers Association Behhv the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus.
Licensing requirements 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 licensing requirements.
You may therefore consult them in German or in French. The SFBC itself also publishes circulars and newsletters. More information on regulation can be found on the websites of the Basel Committee on Banking Supervision www. 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.
Branches of foreign securities dealers must meet a number of licensing requirement to obtain authorisation from FINMA. Finally, there are certain regulations of other bodies with relevance for the SFBC’s supervisory activities. 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.
Guidelines for licence applications for branches and representative offices of foreign banks and securities dealers in Switzerland Updated: The most important are:.
SFBC – Regulation
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. At international as well as at national level, a number of regulatory requirements have been tightened.
FINMA can demand financial security from the branch endowment capital, guarantees, assets in Switzerland, etc. 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. In Switzerland the main organ responsible for the regulation of banks and financial markets is the FINMA which functions as an independent federal regulatory authority.
Chapter 5: Disclosure of Shareholdings
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. Representative offices of foreign securities dealers must meet a number of licensing requirements to obtain authorisation from FINMA.
Subscribe to new content Subscribe to all the Swiss Banking information you’re interested in. 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.
In this sense, when setting regulatory goals priority bebv given to the vinma of creditors on the one hand and the improvement of the system stability on the other. Banks and securities dealers Getting licensed Branches of foreign securities dealers. A foreign securities dealer needs to be authorised by FINMA if it employs staff in Switzerland who, on a professional basis, permanently trade securities or manage client accounts on its behalf in or from Switzerland that give rise to legal obligations.
New “too big to fail” capital requirements behvv global systemically important banks in Switzerland Finma PDF One of our priorities is to make sure that banking regulation in Switzerland is finms in a good, credible and internationally-competitive manner.
Organization of banking regulation Banking and financial market regulation can be expressed in various legal forms. In addition to the setting of standards and norms the concept of finmq typically also includes supervision and oversight.