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Newsletter 145 from August 26, 2010 Newsletter 145 - Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban |
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Newsletter 144 from August 23, 2010 Newsletter 144 - Amendment to the Appendix to the Ordinance on Sanctions against the Islamic Republic of Iran - The Federal Council imposed new sanctions on the Islamic Republic of Iran on 18 August 2010. By doing so, Switzerland implemented UN Security Council Resolution 1929 of 9 June 2010. The additional sanctions include the prohibition of deliveries of heavy military equipment to Iran. Related services and funding are also prohibited. Moreover, it is forbidden for the Iranian government and Iranian nationals, companies and organizations to acquire stakes in companies in Switzerland whose technology can be used for Iran's nuclear and missile program. The amendment to the Ordinance came into force on 19 August 2010. - For more information on the Ordinance on Sanctions against the Islamic Republic of Iran and its amendments, see the media release of the Federal Department of Economic Affairs and the website of the State Secretariat for Economic Affairs (SECO). |
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Newsletter 143 from August 18, 2010 Newsletter 143 - FINMA Chairman Eugen Haltiner steps down - Eugen Haltiner will step down as chairman of the FINMA Board of Directors at the end of December 2010. Haltiner oversaw the successful merger of the three predecessor authorities during an extremely difficult time. His successor will be appointed by the Federal Council in autumn 2010. - Eugen Haltiner will step down as chairman of the FINMA Board of Directors of his own volition at the end of December 2010. Haltiner became chairman of the Swiss Federal Banking Commission (SFBC) at the start of 2006 and managed the merger of the SFBC, the Federal Office of Private Insurance, and the Anti-Money Laundering Control Authority to form FINMA. The FINMA merger came at a very difficult time as it was during the international financial crisis. The merger of these three bodies into FINMA was nevertheless successfully achieved in spite of the difficult situation. Dr Haltiner's successor will be appointed by the Federal Council in the autumn. - The Board of Directors, Executive Board and employees of FINMA would like to thank Dr Haltiner for his huge contribution to creating a strong and efficient supervisory authority. - Dr Eugen Haltiner, FINMA Chairman: "Although it was not an easy decision to make, the time is now right for me to step down. The merger into FINMA was successfully concluded thanks to the commitment of everyone involved. I am convinced that FINMA, guided by its strong Executive Board, will continue to establish itself and grow in a targeted way". - Dr Patrick Raaflaub, FINMA CEO: "I have a lot of respect for what Eugen Haltiner achieved. He acted with decisiveness and resolution in helping to overcome the financial crisis in Switzerland. Besides the huge challenges posed by the crisis, he brought the creation of FINMA to a successful conclusion. FINMA is in a strong position today. This is due in no small measure to Eugen Haltiner: I very much regret his decision to resign. Nonetheless, the Executive Board and I are resolved to continue to pursue the targets set." - Contact - Alain Bichsel, Head of Communications, Phone +41 (0)31 327 91 70, alain.bichsel@finma.ch |
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Newsletter 142 from August 12, 2010 Newsletter 142 - Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban - The Federal Department of Economic Affairs (FDEA) amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 6 August 2010. The identifying features of 2 natural persons were updated, 4 natural persons were added and 2 natural persons and 3 business enterprises were deleted. This amendment relates to corresponding UNO resolutions and came into force on 11 August 2010. The Appendix to the Ordinance is available for consultation on the State Secretariat for Economic Affairs (SECO) website. - Financial intermediaries are requested to report business relationships with such persons and business enterprises listed in this Appendix to SECO in accordance with the provisions of the Ordinance and to freeze the associated assets. Reporting to SECO does not release the financial intermediary from its obligation to immediately report to the Reporting Center for Money Laundering in accordance with Article 9 of the Money Laundering Act. |
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Newsletter 141 from July 28, 2010 Newsletter 141 - Amendment to the Appendix to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” Group or the Taliban - The Federal Department of Economic Affairs (FDEA) amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 19 July 2010. One entry concerning a natural person and one legal entity were deleted. This amendment relates to corresponding UNO resolutions and came into force on 27 July 2010. The Appendix to the Ordinance is available for consultation on the State Secretariat for Economic Affairs (SECO) website. |
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Newsletter 140 from July 16, 2010 Newsletter 140 - FINMA is adapting its regulations on capital adequacy and risk diversification for banks - The financial market crisis clearly demonstrated the shortcomings in the trading business and securitisations of banks and the fragility of the interbank market. Based on new standards of the Basel Committee and the European Union, FINMA intends addressing these defects and is opening a consultation to adapt four circulars that regulate this area. The consultation is being conducted in agreement with the State Secretariat for International Financial Matters (SIF), which, at the same time, is also holding a consultation on amending the Capital Adequacy Ordinance. Both consultations end on 20 August 2010. - FINMA is opening a consultation on the amendment of the following four circulars: FINMA Circ. 08/19 "Credit risks - banks", FINMA Circ. 08/20 "Market risks - banks", FINMA Circ. 08/22 "Capital adequacy disclosure - banks", and FINMA Circ. 08/23 "Risk diversification - banks". With this reform package, the supervisory authority aims at achieving a significant and sustainable improvement in risk-oriented capital adequacy in those areas that generated the largest losses during the financial crisis. On the other hand, the reformatory measures also focus on improving interbank market regulations. The regulations foreseen will particularly affect Swiss big banks in terms of capital adequacy. The tightening in regulations is, however, applicable to all financial institutions and is not a result of the too big to fail debate. - Capital adequacy requirements - The capital adequacy requirements define how much equity capital institutions must at least hold to reasonably cover any loss risks resulting from their business operations. During the financial crisis, the losses incurred in business operations and securitisations significantly exceeded the amount of capital required to cover them, especially in institutions determining their capital adequacy based on a model approach. - Interbank market risk diversification - Major government intervention was necessary worldwide to prevent contagion effects in the wake of bank failure during the financial crisis. Precisely this issue is addressed in the amendments proposed by FINMA by better limiting the volume of authorised interbank claims between institutions. The risk diversification requirements regulate the maximum counterparty risk an institution may take. - In line with the new standards of the Basel Committee and of the EU - The Basel Committee on Banking Supervision already published important cornerstones for improving capital adequacy standards in summer 2009, completing them in June 2010. Practically at the same time, the European Union presented its improved standards on risk diversification, particularly in relation to the interbank market. These efforts to reform the system had been initiated before the financial crisis broke and were then accelerated. Swiss regulations on banks and securities dealers are based on the minimum standards on capital adequacy proposed by the Basel Committee and those issued by the EU on risk diversification. Accordingly, a timely implementation of the improvements to the relevant international minimum standards on Swiss regulations is pertinent. All four revised circulars are to come into force on 1 January 2011. - Contact - Tobias Lux, Media Spokesperson, Tel. +41 (0)31 327 91 71, tobias.lux@finma.ch |
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Newsletter 139 from June 29, 2010 Newsletter 139 - Amendment to the Appendix to the Ordinance on Sanctions against the Islamic Republic of Iran |
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Newsletter 138 from June 14, 2010 Newsletter 138 - Consultation period for the FINMA Circular on Financial Intermediation under the Anti-Money Laundering Act - FINMA is opening the consultation period for the Circular on Financial Intermediation pursuant to the Anti-Money Laundering Act. The Circular contains the implementing provisions for the Ordinance on the Professional Practice of Financial Intermediation, which came into force on 1 January 2010. It is aimed at financial intermediaries in the para-banking sector and self-regulatory organisations recognised by FINMA. The deadline for submitting comments on the draft Circular is 12 July 2010. - The Ordinance on the Professional Practice of Financial Intermediation (VBF, available in German, French and Italian) specifies when a person is considered to be a financial intermediary in the non-banking sector. On the other hand, the Circular on Financial Intermediation under the Anti-Money Laundering Act (AMLA) defines the VBF provisions and sets down FINMA's scope of application within the area of anti-money laundering as specified in the AMLA. The practice is based closely on that followed by the former Anti-Money Laundering Control Authority. In accordance with the VBF, certain accessory services no longer fall under the Anti-Money Laundering Act. The Circular stipulates under which conditions this is the case. (For further details on the amendments made, see the report on the key points of the Financial Intermediation Circular). Since the VBF and the Circular largely mirror the practice followed by the former Anti-Money Laundering Control Authority, it was decided not to prepare an explanatory report. - This Circular is based on Art. 12 VBF, which authorises FINMA to issue the implementing provisions, and the brief commentary of the Federal Finance Administration (FFA) on the Ordinance. The deadline for submitting comments is 12 July 2010. FINMA is planning for the Circular to come into force in October 2010. - Contact - Tobias Lux, Media Spokesperson, Tel. +41 (0)31 327 91 71, tobias.lux@finma.ch |
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Newsletter 137 from June 11, 2010 Newsletter 137 - Guidelines for Financial Market Regulation - In April, FINMA's Board of Directors approved the Guidelines on Financial Market Regulation submitted by the Executive Board and coordinated with the Federal Department of Finance. The Guidelines are based on financial market legislation and define FINMA's regulatory and policy process. - Financial market legislation sets down the various principles for FINMA's regulatory activities. In accordance with these principles, FINMA may regulate only to the extent that this is necessary to fulfil the goals of supervision (protecting creditors, investors and insurance policy holders, safeguarding the operational efficiency of the financial markets and upholding the reputation and competitiveness of the Swiss financial centre). There are various aspects which FINMA must take into account in its regulatory activities. These include the costs and impact of any regulatory measures, the various features specific to the institutions supervised (areas of business and risks) and minimum international standards. In addition, FINMA must ensure transparency in the regulatory process and the appropriate and adequate involvement of the parties affected. It must also support self-regulation. - In these Guidelines (available in German and French) FINMA sets out how it intends to implement these legal requirements in the regulatory process. The central focus is on the rigorous, clear implementation of the regulatory process, transparency, and the adequate and appropriate involvement of those affected. |
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Newsletter 136 from May 28, 2010 Newsletter 136 - Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban - The Federal Department of Economic Affairs (FDEA) amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 19 May 2010. The identifying features of 2 natural persons were updated, 4 names were added and 4 names were deleted. This amendment relates to corresponding UNO resolutions and came into force on 26 May 2010. The Appendix to the Ordinance is available for consultation on the State Secretariat for Economic Affairs (SECO) website. - Financial intermediaries are requested to report business relationships with such persons and business enterprises listed in this Appendix to SECO in accordance with the provisions of the Ordinance and to freeze the associated assets. Reporting to SECO does not release the financial intermediary from its obligation to immediately report to the Reporting Center for Money Laundering in accordance with Article 9 of the Money Laundering Act. |
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Newsletter 135 from May 18, 2010 Newsletter 135 - Federal Council report supports FINMA's critical self-analysis - The report published today by the Federal Council on the role of the supervisory authority during the financial crisis largely concurs with the analysis which FINMA itself conducted in summer 2009. The report does not find any fundamental weaknesses in the organisation, governance or the legal bases of FINMA. The findings of the Federal Council's report support FINMA's past and current efforts to put the lessons learnt from the financial crisis into practice. - FINMA acknowledges the Federal Council's report on the conduct of the financial market supervisory authority in the financial crisis and the lessons drawn for the future. The report examines critically the decisions and the conduct of the former Swiss Federal Banking Commission and its successor institution, FINMA, during the financial crisis. - The Federal Council’s report confirms the findings that FINMA had published in its own analysis in September 2009. The report states clearly that the authorities concerned, including FINMA, acted circumspectly and decisively in the crisis. It does not find that there were any considerable weaknesses in the organisation or governance of FINMA. Weaknesses were detected in the early recognition of the emerging crisis and the design of various financial market laws. The report sees a possible need for action with regard to capital adequacy, liquidity regulations and remuneration systems. - FINMA has drawn important lessons from its analysis of the crisis and published these in its strategic goals in autumn 2009. FINMA is now in the process of implementing these objectives. - Links - FINMA report “Financial market crisis and financial market supervision” (14 September 2009) - Strategic goals of FINMA (30 September 2009) - Contact - Alain Bichsel, Head of Communications, Phone +41 (0)31 327 91 70, alain.bichsel@finma.ch |
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Newsletter 134 from May 17, 2010 Newsletter 134 - Amendment to the Appendix to the Ordinance on Sanctions against Somalia - |
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Newsletter 133 from May 17, 2010 Newsletter 133 - Consultation on the proposed amendments to the Stock Exchange Act concerning stock exchange offences and market abuse - Responding to the consultation on the proposed amendments to the Stock Exchange Act, FINMA declared itself in favour of transferring regulations on a ban on insider transactions and price manipulation from the penal code to the Stock Exchange Act. It is also in favour of introducing general market supervision and an administrative pecuniary sanction for partially supervised persons and entities. FINMA supports the competence of the Federal Attorney’s Office and the federal courts to prosecute and judge stock exchange offences. On the other hand, it opposes the idea of granting the Federal Attorney’s Office competence to delegate the handling of simple cases to the cantons. Moreover, FINMA supports a clear delimitation of supervisory and criminal law. Concerning regulation on disclosure of shareholdings, the power to suspend voting rights should be transferred from the civil judge to FINMA, while for public takeover offers this power should be exercised by the Takeover Board (TOB). The statement issued by FINMA can be viewed on its website. |
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Newsletter 132 from May 6, 2010 Newsletter 132 - Updating of the guidelines on amendments to fund contracts for Swiss investment funds - Any amendments made to fund contracts for Swiss contractual investment funds are subject to the approval of FINMA. To date, FINMA reviewed, at the request of the fund management company concerned, the draft materials to be published and the changes foreseen to the fund contract prior to the actual approval procedure. There is no statutory obligation for this preliminary review. - To efficiently optimise the approval procedure, the fund management company may now publish any foreseen changes to the fund contract on their own responsibility without any prior preliminary review by FINMA. Upon publication, the companies may submit to FINMA a formal request for approval (incl. proof of publication). - Subsequently, the updated guidelines no longer refer to the option of a preliminary review. - In addition, the requirements on the enclosures to be attached have been simplified: it now suffices to include one copy of a legally signed power of attorney, if the request is being submitted by a legal representative. It is no longer necessary to submit the original document. |
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Newsletter 131 from April 26, 2010 Newsletter 131 - Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban - The Federal Department of Economic Affairs (FDEA) amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 21.04.2010. The identifying features of 8 natural persons and business enterprises were updated, one name was added and one name was deleted. This amendment relates to corresponding UNO resolutions and came into force on 22.04.2010. The Appendix to the Ordinance is available for consultation on the State Secretariat for Economic Affairs (SECO) website. Financial intermediaries are requested to report business relationships with such persons and business enterprises listed in this Appendix to the State Secretariat for Economic Affairs (SECO) in accordance with the provisions of the Ordinance and to freeze the associated assets. Reporting to SECO does not release the financial intermediary from its obligation to immediately report to the Reporting Center for Money Laundering in accordance with Article 9 of the Money Laundering Act. |
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Newsletter 130 from April 26, 2010 Newsletter 130 - New Ordinance on Sanctions against Guinea - The Federal Department of Economic Affairs amended Appendix 2 to the Ordinance on Sanctions against Guinea on 15.04.2010. The names of 4 natural persons were deleted. The amendment came into force on 22.04.2010. The Appendix is available for consultation on the State Secretariat for Economic Affairs (SECO) website |
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Newsletter 129 from April 15, 2010 Newsletter 129 - Updating of the guidelines for foreign collective investment schemes - The public distribution in or from Switzerland of foreign collective investment schemes corresponding to Directive 85/611/EEC (UCITS) which was amended by both Directives 2001/107/EC and 2001/108/EC, of non-eurocompatible foreign collective investment schemes (NON-UCITS), and any changes made to key documents are subject to the approval of FINMA. - In this respect, certain formal aspects of the relevant guidelines (available in German and French) have been updated: - The guidelines for the approval of UCITS and changes to the relevant documents; - the guidelines for the approval of NON-UCITS and changes to the relevant documents; - the guidelines for the duties of a representative of foreign collective investment schemes. - This updating concerns the enclosures included with the request forwarded to FINMA. The requirements relating to the necessary enclosures have thus been simplified, i.e. now only one legally signed original copy of the fund contract or the regulations without official proof of authenticity must be submitted. In addition, copies of the last annual and half-yearly reports and a legally signed procuration, if the request is being submitted by a legal representative, now suffice. (Previously the original documents were requested.) Moreover, please note that the original certification of approval from the foreign supervisory authority must not be older than 6 months. |
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Newsletter 128 from March 29, 2010 |
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Newsletter 127 from March 24, 2010 Newsletter 127 - FINMA Annual Media Conference 2010: Stability affords protection and is an advantage for Switzerland as a locationThe Swiss Financial Market Supervisory Authority FINMA underwent a turbulent year in 2009. In its first year as the new combined financial authority, it had to contend with a challenging economic environment for those under its supervision, tough decisions and time-consuming investigations. At today’s media conference, FINMA focused on the importance of the stability of financial institutions for creditors, investors and insured persons. It spoke about the introduction of the Swiss Solvency Test in the insurance industry as a measure to promote stability, and two areas in which it sees an urgent need for action in the Swiss financial centre: the problem of institutions being too big to fail and legal risks in cross-border private client business. - As well as looking back on an eventful first year and presenting the first integrated annual report for the merged authority, FINMA focused on a few key areas at its Annual Media Conference, under the banner “Stability affords protection and is an advantage for Switzerland as a location”. FINMA’s man-date is to protect creditors, investors and insured persons and safeguard the smooth functioning of the financial markets. The supervisory authority’s activities therefore concentrate on ensuring the stability of the supervised institutions. - Swiss Solvency Test (SST) - FINMA picked out the definitive implementation of the Swiss Solvency Test (SST) in the insurance industry as an example of a major step taken towards this objective. This risk-based system gives Switzerland an advantage over the EU as a location. Good capitalisation does not just mean security for clients, but is also in the interests of the insurance companies themselves. The lessons of the financial crisis have shown that factors such as stability of institutions and transparency about risk are very important to clients. - Too big to fail - One area in which FINMA does not have any comparable supervisory tools is that of institutions being too big to fail. In FINMA’s opinion, sustainable measures are therefore needed in this area that will protect the financial system and the Swiss economy against the impact of banks of systemic signifi-cance becoming insolvent, removing as far as possible the virtual necessity for state bailouts. FINMA believes that the existing legal framework is inadequate in relation to some key questions such as the regulation of intra-group capital flows. In collaboration with the Swiss National Bank, FINMA has made proposals for amendments to the legislation and submitted these to the expert commission on limiting economic risks caused by large companies. In his speech to the Annual Media Conference, FINMA’s CEO Patrick Raaflaub said: “If Switzerland is serious about tackling the problem of institutions being too big to fail, then radical changes are required. Financial market participants, politicians and the supervisory authorities need to take responsibility for this.” - Legal risks in cross-border private client business - FINMA also discussed the mounting legal risks associated with cross-border private client business. These risks are a major challenge for FINMA as the supervisory authority, and in particular for the financial centre and its participants, and for the political authorities. The dispute over client data and the international pressure exerted on Switzerland as a financial centre over the last 18 months have brought this issue to prominence. The Swiss financial centre has a deep-seated interest in averting the threat of part of its current business model increasingly becoming criminalised as a result of stricter legislation in other countries. - Important information for the media - The full speeches at the media conference and FINMA’s annual report for 2009 are available in four languages at - http://www.finma.ch/e/medien/medienanlaesse/pages/jahresmedienkonferenz-2010.aspx. - Contact - Dr Alain Bichsel, Head of Communications, tel. +41 (0)31 327 91 70, alain.bichsel@finma.ch - or - Tobias Lux, Media Spokesperson, tel. +41 (0)31 327 91 71, tobias.lux@finma.ch |
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Newsletter 126 from March 18, 2010 Newsletter 126 - Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban - The Federal Department of Economic Affairs (FDEA) amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 9 March 2010. The identifying features of 35 natural persons and business enterprises were updated, and five names were deleted. This amendment relates to corresponding UNO resolutions and came into force on 16 March 2010. The Appendix to the Ordinance is available for consultation on the State Secretariat for Economic Affairs (SECO) website. - |
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Newsletter 125 from March 17, 2010 Newsletter 125 - FINMA and the SNB intensify their collaboration in the area of financial stability - The Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) have revised their Memorandum of Understanding (MoU) on financial stability concluded in 2007. - During the financial crisis and thereafter, the two institutions collaborated much more closely. Based on the insights obtained over the past few years, the MoU has been revised, and on 23 February 2010 it was signed. - The MoU sets out the common areas of interest of the two institutions in the area of financial stability, as well as the way in which collaboration is to be organised, while at the same time preserving the different statutory responsibilities and decision-making competences. The first change is the creation of a Steering Committee that will be responsible for co-operation between the two institutions at strategic level. The Steering Committee will meet at least twice a year and will set priorities in the common areas of interest. Second, where there are common areas of interest, the MoU specifies that one institution may make applications to the other to take measures within its area of responsibilities and competences, or may request it to provide information. The third change concerns joint work on projects that relate to core aspects of the common areas of interest and that require a division of tasks. In such cases, the MoU envisages a co-leadership by FINMA and the SNB. - The revised MoU provides a sound basis for strengthening the collaboration between FINMA and the SNB. - Contact - Tobias Lux, Media Spokesperson, Phone +41 (0)31 327 91 71, tobias.lux@finma.ch |
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Newsletter 124 form March 16, 2010 Newsletter 124 - Amendment to the Appendix to the Ordinance on Sanctions against Zimbabwe - |
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Newsletter 123 from March 3, 2010 Newsletter 123 - Investigations into Madoff and Lehman cases completed - FINMA completed two large-scale investigations in 2009. The first concerned the impact on Switzerland as a financial centre of the fraud committed in the USA by the US investor Bernard L. Madoff. The second looked at the distribution of structured products that were guaranteed by subsidiaries of Lehman Brothers Holdings Inc. Both cases led to losses for investors. FINMA identified the need for certain financial intermediaries to take corrective measures and has requested the necessary steps to be taken. The investigations did reveal, however, that current Swiss legislation does not adequately protect investors in investment advisory and wealth management services. FINMA sees a clear need for regulatory action in this regard and has therefore launched a regulatory project in relation to distribution rules. - In 2009, FINMA investigated the impact of the Madoff fraud case on Swiss financial intermediaries. On the basis of its investigation, FINMA has demanded that certain financial intermediaries remedy their internal processes. - Also at the end of 2009, FINMA completed a full-scale investigation into the distribution of capital-protected structured products to retail clients. This was triggered by the Lehman Brothers Holdings Inc. bankruptcy in autumn 2008. This investigation did not identify any serious breaches of the current Swiss supervisory law. Accordingly, FINMA halted its proceedings against Credit Suisse at the end of 2009. - Both investigations showed, however, that the prevailing regulation does not adequately protect investment advisory and wealth management clients. There is a particular need for regulatory action to improve client protection in the following areas: - Information on return potential and risk of loss - In addition to the return potential, risk of loss associated with the purchase of financial products must be explained in simple, comprehensible language in the sales documentation, which should itself be easy to follow. - Establishment of the client risk profile - Financial intermediaries (point of sale) must be required to diligently establish the risk capacity and awareness (risk profile) of their clients not only in wealth management but also in the investment advisory business, and to ensure adequate diversification when providing investment advice. In addition, the existing rules on compliance with the principle of diversification need to be tightened up in wealth management. - An in-depth study currently being carried out by FINMA as part of a regulatory project will look at how these regulatory changes are to be made and by whom. FINMA will publish its findings and regulatory proposals in a discussion paper. - Note - A full report on the investigation can be found at - http://www.finma.ch/d/finma/publikationen/Documents/bericht-lehman-madoff-20100302-d.pdf (in German) or -http://www.finma.ch/f/finma/publikationen/Documents/bericht-lehman-madoff-20100302-f.pdf (in French). - Contact - Dr Alain Bichsel, Head of Communication, tel. +41 (0)31 327 91 70, alain.bichsel@finma.ch |
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Newsletter 122 from March 2, 2010 Newsletter 122 - Amendment to the Appendix of the Ordinance on Sanctions against Liberia - |
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Newsletter 121 from March 2, 2010 Newsletter 121 - Amendment to the Appendix to the Ordinance on Sanctions against Zimbabwe - |
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Newsletter 120 form March 3, 2010 Newsletter 120 - New Ordinance on Sanctions against Guinea - |
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Newsletter 119 from February 8, 2010 Newsletter 119 - New Ordinance concerning sanctions against Eritrea - On 3 February 2010, the Swiss Federal Council resolved on sanctions against Eritrea and decreed a corresponding Ordinance (SR 946.231.132.9). Switzerland thereby implements the sanctions imposed by the UN Security Council. The Ordinance came into force on 4 February 2010. Article 3 of the Ordinance provides for the freezing of funds and financial resources. The names of affected persons, business enterprises and organisations are to be given in the Appendix. No names of persons, business enterprises or organisations are recorded at present. The Ordinance is available for consultation on the State Secretariat for Economic Affairs website (SECO). |
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Newsletter 118 from February 2, 2010 Newsletter 118 - Protection of depositors in associations, foundations and cooperatives - FINMA has revised its Circular 2008/3 "Public deposits with non-banks" in line with the amendment to Art. 3a lit. d of the Swiss Banking Ordinance (BO). Cooperatives, associations and foundations may now take deposits only where these are used for the collective purpose of the organisation. A minimum term of six months is now also laid down, in order to make the distinction versus banking activity clearer. Affected organisations must pay back within two years of entry into force all deposits that are now prohibited (Art. 62b BO). |
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Newsletter 117 from February 1, 2010 Newsletter 117 - Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban - The Federal Department of Economic Affairs amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 27 January 2010. The names of three persons were added. One entry was deleted. One existing entry was also updated. This amendment relates to corresponding UNO resolutions and came into force on 28 January 2010. The Appendix to the Ordinance is available for consultation on the State Secretariat for Economic Affairs website (SECO). Financial intermediaries are requested to report relevant business relationships to the State Secretariat for Economic Affairs (SECO) in accordance with the provisions of the Ordinance and to freeze the associated assets. Reporting to SECO does not release the financial intermediary from its obligation to immediately report to the Reporting Center for Money Laundering in accordance with Article 9 of the Money Laundering Act. |
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Newsletter 116 from January 29, 2010 Newsletter 116 - Enforcement PolicyIn December 2009, the Board of Directors passed an Enforcement Policy submitted by the Executive Board. The policy consists of thirteen principles, which describe the key elements of FINMA's financial market enforcement. - The policy specifies that enforcement – FINMA understands this as the forcible determination of facts where irregularities or misuse are suspected and the forcible implementation of financial market supervision laws – is one of various methods used by the supervisory authority to fulfil its statutory mandate. The foremost objective is to safeguard the integrity of the markets, which begins with the all-important fight against misuse and the eradication of irregularities. However, FINMA strives to proceed with measured judgement in enforcing supervisory law. This means that it can opt for a more lenient approach where this can bring about the same outcome. FINMA endeavours to conduct its proceedings swiftly and with a clear focus, and to act fairly and transparently towards those involved. This includes in particular the strict respecting of parties' rights. In its administrative proceedings, FINMA examines whether it should commission external agents to perform specific duties. FINMA also cooperates closely with criminal and other authorities, as well as with stock markets and self-regulatory organisations according to the Anti-Money Laundering Act. The Enforcement Policy explains FINMA's proceedings against individuals in extensive detail. Such proceedings are often very drastic for those involved, and FINMA therefore acts circumspectly in this regard. FINMA does not generally disclose any information on individual proceedings, although in exceptional cases it will make announcements on the opening, subject matter and conclusion of proceedings, but not the individual stages of the proceedings. |
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Newsletter 115 form January 27, 2010 Newsletter 115 - Self-declaration 2009 - submission deadline 31 January 2010 - In our letter dated December, 14 2009 we asked our active professional and non-professional SRO-members to complete and return the 2009 Self-declaration form (VQF Doc. No. 903.1; to find on www.vqf.ch, heading Members/SRO/AMLA-Standardd forms). If you have not yet filled out and signed this declaration we would ask you to do so immediately. Please note that the period allowed for submission of this form ends on 31 January 2010. The VQF considers failure to submit the declaration within the due period to be a transgression of Article 61 Para. 3 letter b of the SRO regulations. In accordance with Article 65 et seqq. of the VQF regulations, such failure may lead to sanctions without further notice. Thank you for your understanding and efforts. |
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Newsletter 114 from January 13, 2009 Newsletter 114 - Comment on the Federal Administrative Court ruling on the furnishing of bank client data to the US authoritiesOn 5 January 2010 the Federal Administrative Court ruled that the order issued by FINMA on 18 February 2009 to surrender client data to the US authorities was unlawful. At the same time the court expressly acknowledged the difficult situation which FINMA had been called on to resolve. Nevertheless, it maintained that FINMA should not have issued this order under its own authority. Instead, it should have referred the matter to the Federal Council for approval. FINMA based its decision on Articles 25 and 26 of the Swiss Banking Act, which give it the authority and obligation to impose unspecified preventive measures if it has reasonable grounds to suspect serious liquidity problems. These measures may affect individual creditors' rights same as payment moratoriums or payment bans which, unlike the "preventive measures", have been specified in law. Following consultation with the Federal Council, the FINMA Board of Directors ordered the disclosure of the client data as it considered this as the only way to avoid the real threat of the US authorities starting proceedings against the bank, which would have threatened its existence and seriously worsened its liquidity situation which, in turn, would have impacted the Swiss economy. FINMA noted that the court neither considered nor disputed this position in its ruling. It simply stated that the action taken by FINMA in this instance was unlawful. FINMA will analyse the ruling closely before deciding whether to launch an appeal at the Federal Supreme Court. Contact: Dr Alain Bichsel, Head of Communication, Phone +41 (0)31 327 91 70, alain.bichsel@finma.ch |
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Newsletter 113 from January 12, 2010 Newsletter 113 - FINMA launches liquidation proceedings at Aston Bank - The Swiss Financial Market Supervisory Authority FINMA has withdrawn the banking licence and securities dealing licence of Aston Bank, Lugano. FINMA has determined that the bank had severe organisational failings and was overindebted. Liquidation proceedings have therefore been launched. Investors who hold privileged deposits are covered by the Deposit Protection Scheme. In early November 2009 FINMA appointed PricewaterhouseCoopers to conduct an investigation at Aston Bank SA, Lugano, on suspicion that it no longer met the terms for holding a licence. The investigation agent subsequently found organisational failings at the bank and discovered a shortfall of at least CHF 20 million. In view of the shortage of funds to remedy the overindebtedness and meet capital adequacy requirements, and owing to the existing poor liquidity situation and severe organisational failings, there was no prospect of restructuring the bank. On 22 December 2009 FINMA therefore launched liquidation proceedings against Aston Bank and appointed PricewaterhouseCoopers as the liquidator in bankruptcy. Aston Bank SA is a member of the Deposit Protection Scheme. The liquidator in bankruptcy is currently engaged in identifying privileged client deposits; since the accounting systems need to be brought into order first, this is likely to take some time. Privileged deposits can only be paid out once the number and amount of such deposits has been established.The criminal prosecution authorities in Tessin are also investigating the CEO and his deputy for allegedly taking money for their own private purposes and disguising the withdrawals by false accounting. With the CEO abroad and his deputy under arrest, the bank was left with no person of sufficient authority in charge. The two accused are also the bank’s main shareholders. As such, there could no longer be any assurance that affairs would continue to be conducted in a proper manner. Contact: Tobias Lux, Media Spokesperson, tel. +41 (0)31 327 91 71, tobias.lux@finma.ch |
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Newsletter 112 from December 17, 2009 Newsletter 112 - Amendment to Appendices 2 and 3 of the Ordinance on Sanctions against Myanmar (SR 946.231.157.5) - The Federal Department of Economic Affairs updated Appendices 2 and 3 of the Ordinance on Sanctions against Myanmar (SR 946.231.157.5) on 15 December 2009. The amendments came into force on 17 December. Details are available for inspection on the SECO website. |
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Newsletter 111 from November 16, 2009 Newsletter 111 - Sample contractual clauses for an asset management agreement and commentary on the VQF IOAM rules of conduct - As a service to members, the VQF IOAM has compiled sample contractual clauses (VQF doc. no. 500.04). By using this document, members should be in a position to ensure that asset management agreements are compiled in accordance with the rules of conduct. The sample clauses are provided with explanations. This document is available on our website (www.vqf.ch under Members/IOAM/Basic Information). The commentary on the rules of conduct of the VQF IOAM (VQF doc. no. 500.03) is also available on our website (www.vqf.ch under Members/IOAM/Basic Information). This document is aimed at helping members in their interpretation and application of the rules of conduct. Naturally the VQF is always at your disposal to provide any further assistance and advice you may require. |
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Newsletter 110 from November 11, 2009 Newsletter 110 - FINMA publishes Circular on remuneration schemesThe FINMA Circular on remuneration schemes is intended to have a lasting effect on remuneration practices in the financial sector. Remuneration schemes should not create incentives to take inappropriate risks and thereby potentially damage the stability of financial institutions. One of the focal points of the Circular is variable remuneration. In drawing up the Circular, FINMA has taken into account the results of the consultation process and international developments, in particular the latest standards issued by the Financial Stability Board. The Circular will take effect on 1 January 2010. Experience in recent years has shown that remuneration schemes have considerable importance for risk management at financial institutions. Remuneration schemes can create false incentives which may lead to inappropriate risks being entered into, threatening the business and profitability of a financial institution and, at the end of the day, its stability. FINMA is subjecting the remuneration policy of financial institutions to supervisory regulation based on the organisational provisions of financial market legislation. It is thereby meeting the requirements of the Financial Stability Board and of other international bodies. In addition, it is acting in accord with key supervisory authorities abroad. - Reaction to the consultation process - Despite many critical reactions, the Circular issued by FINMA remains essentially in line with the consultation draft. However, a few material changes have been made. The Circular will only be mandatory for the seven largest banks and five largest insurance providers. The linkage to economic profit has been replaced by economic performance; however, this must reflect the full cost of capital (including the cost of equity) and the risk profile of the institution. This adjustment allows institutions more flexibility but retains the nature of variable remuneration as a share in success. Clarification has also been given to the effect that while commission models, which are standard in the insurance industry for example, are covered by the remuneration regulations, the intention is not that these should be rendered impractical. Other calls were not heeded by FINMA. It did not accede to the request that an absolute or relative cap be placed on salaries. FINMA also ruled out limiting the scope of application of the Circular to the two large banks. - Scope of the Circular - The Circular is intended for all banks, securities traders, insurance providers and persons and firms authorised under the Collective Investment Schemes Act. Implementation is mandatory for large banks and insurance providers. The scope of application is determined by threshold values based on equity capital requirements for banks and solvency margin requirements for insurance providers. Implementation is obligatory for firms required to have at least CHF 2 billion in equity capital or as solvency. By increasing the threshold values as against the consultation draft, FINMA wishes to prevent a disproportionate cost being imposed on small and medium-sized institutions. However, for these institutions the principles of the Circular represent guidelines to be used when determining their remuneration policy. FINMA will integrate the issue of remuneration more closely into its risk-based supervisory processes. It also retains the right to impose the terms of the Circular on individual institutions regardless of the threshold values. FINMA will make use of this power where this is felt to be appropriate in view of the risk profile or shortcomings and inappropriate remuneration practices. - Variable remuneration dependent on business performance and risk - The Circular pays particular attention to variable remuneration. FINMA wishes to treat variable remuneration as the employees' stake in the success of the company, by requiring that all variable remuneration paid out must actually have been earned by the company over the long term. Variable remuneration is therefore dependent on the business performance of the institution, taking account of the sustainability of this performance and the risks entered into. All the company's costs of capital are to be taken into consideration, including, the risk for providers of capital or shareholders. In addition, the effects of the remuneration policy on an institution's capital and liquidity situation are to be considered. The Circular does not limit the amount of variable remuneration. However, it aims to prevent high variable remuneration being granted merely as a result of entering into large risks and generating short-term, unsustainable earnings. - In addition, FINMA expects persons in the higher levels of the hierarchy in particular, who have significant responsibility for risk or high total remuneration, to receive a significant part of their variable remuneration with deferred effect and thus in a way which is linked to risk. Making the value of deferred remuneration such as blocked shares dependent on the future performance of the institution and its risks will strengthen risk awareness and the incentive for sustainable business. FINMA also welcomes "clawback" and "malus" arrangements. These have the advantage that compensation can be linked to specific risks within an employee's area of responsibility. - More stringent transparency requirements - FINMA wishes to ensure that market discipline is strengthened through transparency and reporting rules. It is placing a responsibility in this regard on boards of directors. The board will be required to disclose the company's remuneration policy to the market and the company's owners in a remuneration report. FINMA is stipulating summary disclosure of the remuneration structure for all employees. However, it does not intend to insist that individuals' names be disclosed with the remuneration received. - Contact - Dr Alain Bichsel, Head of Communication, tel. +41 (0)31 327 91 70, alain.bichsel@finma.ch |
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Newsletter 109 from November 10, 2009 Newsletter 109 - Amendment to Appendix 2 to the Ordinance on Sanctions against Al-Qaeda and the Taliban The Federal Department of Economic Affairs amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 2 November 2009. In the amendment, four organisations were deleted. This amendment relates to corresponding UNO resolutions and came into force on 5 November 2009. The Appendix to the Ordinance is available for consultation on the website of the State Secretariat for Economic Affairs (SECO). |
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Newsletter 108 from November 2, 2009 Newsletter 108 - Combating money laundering: Switzerland's efforts receive international recognition - The Financial Action Task Force (FATF) has ended its international monitoring with regard to Switzerland under the third round of Mutual Evaluations. The FATF thereby recognises that Switzerland has made significant progress in strengthening the systems it has in place to combat money laundering. |
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Newsletter 107 from October 27, 2009 Newsletter 107 - FINMA completes its Executive BoardFINMA Board of Directors appointed Mark Branson to manage the Banks division, thereby completing FINMA Executive Board. Mark Branson will assume his duties at FINMA as of 1 January 2010. FINMA Board of Directors appointed Mark Branson to the Executive Board as Head of the Banks division. Mark Branson (40) is an outstanding manager with many years of international experience in finance and risk. He will considerably strengthen the supervisory activities and Executive Board of FINMA. FINMA's Executive Board is thus complete. Mark Branson will take up his position at FINMA in Berne on 1 January 2010. Mark Branson was appointed CFO of UBS Wealth Management & Swiss Bank in 2008. As such, he was in charge of finance, risk control, compliance, strategy development and treasury management. He joined UBS in 1997, going on to hold various positions with the bank, including that of CEO of UBS Securities Japan Ltd and Chief Communications Officer as a of Member of the Group Managing Board. After successfully completing his studies in England, Mark Branson began his professional career at Coopers & Lybrand Management Consultancy in 1991 and transferred to Credit Suisse three years later. Members of FINMA Executive Board: Dr. Patrick Raaflaub, CEO of FINMA, Mark Branson, Head of the Banks division (from 1 January 2010), Dr. René Schnieper, Head of the Insurance division, Franz Stirnimann, Head of the Markets division, Dr. Urs Zulauf, Head of the Strategic and Central Services division. Mark Branson's CV: see www.finma.ch/e/aktuell/Documents/cv-mark-branson-e.pdf. Contact: Dr. Alain Bichsel, Head of Communication, tel. +41 (0)31 327 91 70, alain.bichsel@finma.ch |
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Newsletter 106 from October 21, 2009 Newsletter 106 - Consultation Period begins on FINMA Circular on Repo/SLB - FINMA, the Swiss Financial Market Supervisory Authority, has started the consultation period on its circular on repos and and the lending and borrowing of securities (Repo/SLB), which is scheduled to come into force on 1 January 2010. Securities lending and borrowing or SLB has become an important instrument in the securities market in recent years. Among other methods, SLB represents an important way of obtaining securities in the money market, which is crucial for monetary policy. Repos have proven to be a reliable way for the Swiss National Bank to manage interest rates and liquidity, even in exceptional circumstances. SLB can be performed with or without cover. A significant share of securities is borrowed without cover, mainly from private and corporate clients. The aim of the circular is to examine how SLB should be handled in the context of current liquidity regulations. Furthermore, detailed requirements on disclosure, the content of master agreements, processing and settlement are aimed at protecting creditors and investors involved in SLB. Due to the associated risks, the intention of this circular is to restict uncovered SLB for unqualified investors. The consultation period runs until 2 November 2009. |
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Newsletter 105 from October 8, 2009 Newsletter 105 Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban - |
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Newsletter 104 from October 5, 2009 Newsletter 104 FINMA Defines Strategic Goals - |
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Newsletter 103 from October 2, 2009 Newsletter 103 Amendment to the Appendices to the Ordinance on Sanctions against Liberia - The Federal Department of Economic Affairs amended the Appendices to the Ordinance on Sanctions against Liberia (SR 946.231.16) on 23 September 2009. In Appendix 1, the entries on 2 natural persons were updated. The amendment came into force on 29 September 2009. The Appendices are available for consultation on the website of the State Secretariat for Economic Affairs (SECO). Financial intermediaries are requested to report such business relationships to the State Secretariat for Economic Affairs (SECO) in accordance with the provisions of the Ordinance on Sanctions against Liberia (SR 946.231.16) and to freeze the associated assets. |
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Newsletter 102 from September 30, 2009 Newsletter 102 The new SRO regulations of the VQF came into force on 8 July 2009. As some VQF SRO members have certain questions concerning transitional regulations as regards the new or revised VQF standard AMLA forms, the VQF aims to clarify these questions by means of this Newsletter. - 1. First of all we must point out that you can continue to use your own forms instead of the VQF’s standard AMLA forms, as in the past, under the terms of the new SRO regulations, provided that such forms correspond to the minimum content of the VQF forms (see Art. 39 Para. 5 of the 2009 SRO regulations).2. The following existing standard AMLA forms have been amended or revised: Identification Form (VQF doc. no. 902.1), Customer Profile (VQF doc. no. 902.5), Declaration on the Beneficial Owner (VQF doc. no. 902.9) and Ongoing Business Relationships (VQF doc. no. 902.7). In the case of previously existing business relationships (not yet closed or already closed) it is not necessary to again solicit the standard AMLA forms obtained under the terms of the old SRO regulations. However, the respective new VQF standard AMLA forms (or your own equivalent forms) must be used for new business relationships opened after 8 July 2009. 3. The following new standard AMLA forms have been created: a.) Risk Profile (VQF doc. no. 902.4): It is not necessary to produce a retrospective risk profile for business relationships that were already closed before the new SRO regulations came into force (8 July 2009). Pursuant to Art. 75 Para. 2 letter b of the SRO regulations, in the case of business relationships which were initiated prior to the entry into force of the new SRO regulations and not yet concluded when these regulations came into force, a risk profile must be produced within 6 months (by 8 January 2009) (VQF doc. no. 902.4 or your own equivalent form). A risk profile must be produced for new business relationships entered into following the entry into force of the new SRO regulations (VQF doc. no. 902.4 or your own equivalent form) (Art. 75 Para. 2 letter a of the SRO regulations). b.) Customer Profile for Trusts (VQF doc. no. 902.6) and Declaration for Associations, Trusts and other Asset Funds with no designated Beneficial Owner(s) (VQF doc. no. 902.10): In regard to these two standard AMLA forms, under the old SRO regulations it was necessary in the past for you to fill out (your own) appropriate forms or obtain statements. There were no specific VQF standard AMLA forms. For this reason the same explanations as given under numeral 2 above apply. |
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Newsletter 101 from September 18, 2009 Newsletter 101 - FINMA Issues Report on Financial Market Crisis - The report issued by FINMA entitled “Financial Market Crisis and Financial Market Supervision” provides a full analysis of the financial market crisis and the subsequent decisions and actions taken by the Swiss Federal Banking Commission (SFBC). None of those involved identified the origins of the crisis in time; nor did they recognise the full extent of the threats it posed. Moreover, the study points out certain weaknesses and a partial lack of effectiveness in banking supervision. However, the report concludes that the SFBC did respond swiftly and decisively, and that fundamental decisions to stabilise the financial centre were taken in targeted and timely fashion. The SFBC quickly learned its lessons from the crisis and implemented corrective actions. The magnitude and depth of the worldwide financial market crisis took all participants by surprise. None of those involved identified the origins of the crisis in time; nor did they recognise the full extent of the threats it posed. In this report, FINMA closely reviews the financial crisis and the subsequent decisions and actions taken by the Swiss Federal Banking Commission (SFBC). Its objective is to draw further lessons that should be learned from the crisis. The report will also serve as the basis for a formal response to two parliamentary initiatives (proposal by Eugen David [Member of Parliament] and motion by the Committee for Economic Affairs and Taxation of the National Council). As one of the three supervisory authorities operating prior to the establishment of FINMA, the SFBC paid particular attention to the two major banks, both before and during the crisis. With the outbreak of the crisis in August 2007, the SFBC changed its functions and moved into active crisis mode, increasing supervision of the two big banks, especially UBS. Parameters critical to the stability of the financial institutions, such as capitalisation and liquidity, were monitored continuously, and corrective measures were taken, such as requests for increases in share capital where appropriate. The SFBC devoted as many staff resources as possible to these efforts. With hindsight, however, weaknesses can be identified both in the early detection of risks and in the implementation of measures. Nonetheless, management of the crisis has worked well up to now because the authorities were ready to cope with a crisis at one of the major banks and targeted and consistent actions were taken when the crisis erupted. The SFBC quickly learned its lessons from the crisis and implemented corrective actions. The capital adequacy regime for the major banks, already well above international standards in 2007 and 2008 due to the “Swiss finish”, was tightened significantly once again. Additional rules were put in place to surmount the liquidity crisis. A circular on incentive schemes will be approved this year and come into effect on 1 January 2010. The SFBC has been integrated into the Swiss Financial Market Supervisory Authority (FINMA) since 1 January 2009. The reason why FINMA was set up as an integrated financial market regulator was not connected with the crisis. Even so, FINMA’s present structure is an advantage when it comes to the demanding job of dealing with dynamic and increasingly complex financial markets. As a direct result of the financial market crisis, FINMA is now further developing its supervisory approach in concrete projects and is escalating its supervisory capability in specific areas. Practical experience gained in senior finance and risk management positions is increasingly in demand. |
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Newsletter 100 from August 26, 2009 Newsletter 100 - Adjustment to the Ordinance Supplement concerning countermeasures against Al-Kaida and the Taliban – he Swiss Federal 'DEA - The Appendix to the Ordinance is available for consultation on the website of the State Secretariat for Economic Affairs (SECO). Financial intermediaries are requested to report such business relationships to the State Secretariat for Economic Affairs (SECO) in accordance with the provisions of the Ordinance and to freeze the associated assets. Reporting to the SECO does not release the financial intermediary from its obligation to report immediately to the Reporting Center for Money Laundering in accordance with Article 9 of the Money Laundering Act. |
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Newsletter 99 from July 31, 2009 Newsletter 99 - Amendment to the Appendices on Sanctions against the Democratic People’s Republic of Korea (North Korea) - The Federal Department of Economic Affairs amended the Appendices to the Ordinance on Sanctions against the Democratic People’s Republic of Korea (North Korea) (SR 946.231.127.6) on 27 July 2009. The names of 4 business enterprises, 1 organisation and 5 individual persons were added to Appendix 3. The amendment came into force on 30 July 2009. The Appendices are available for consultation on the website of the State Secretariat for Economic Affairs (SECO). Financial intermediaries are requested to report such business relationships to the State Secretariat for Economic Affairs (SECO) in accordance with the provisions of the Ordinance on Sanctions against the Democratic People’s Republic of Korea (North Korea) (SR 946.231.127.6) and to freeze the associated assets. |
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Newsletter 98 from July 27, 2009 Newsletter 98 - Amendment to the annex to the ordinance on measures to be taken against Al-Qaida and the Taliban - On the 20th of July, the Swiss National Economics Department (EVD) has amended Annex 2 of the ordinance against persons and organizations connected with Osama bin Laden, the Al-Qaida or the Taliban (SR 946.203). The names of three individual persons have been newly added. This amendment is in accordance with relevant decisions by UNO and it came into force on the 24th of July 2009. This annex to the ordinance can be called up on the website of the Secretary of State for Commerce and Industry (SECO). Financial intermediaries are requested to report such business relationships to the Secretary of State for Commerce and Industry (SECO) in accordance with the terms of the ordinance and to block applicable assets. The report to the SECO does not absolve a finance intermediary from making a report without delay to the Notification Office for Money-laundering, in accordance with Article 9 of the Money-laundering Ordinance. |
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Information form July 09, 2009 Zug, July 09, 2009 – Rules of Conduct for Asset Managers – On 23 April 2009, the Swiss Financial Market Supervisory Authority (FINMA) approved the rules of conduct proposed by the VQF in its function as the national "Industry Organisation for Asset Managers (BOVV VQF)". The rules of conduct of the BOVV VQF regulate what an asset management contract must contain and how the asset management contract must be implemented (duties of trust, information and due diligence by the asset manager towards its client and regulation of the asset manager’s compensation). Therefore, in addition to the VQF’s aforementioned function as a self-regulatory organisation in accordance with the AMLA, its purpose now also includes the assurance of investment protection. In order to become subject to the rules of conduct, VQF members are required to submit a special declaration of change of membership category (change of membership category from AMLA supervision only to the mixed category of supervision under the AMLA and the rules of conduct). You can find the following documents below: |
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Newsletter 97 from July 09, 2009 Newsletter 97 - Amendment to the Appendix to the Ordinance on Sanctions against Al-Qaeda and the Taliban - The Federal Department of Economic Affairs (FDEA) amended Appendix 2 to the Ordinance on Sanctions against Persons and Organisations with Connections to Osama Bin Laden, the “Al-Qaeda” group or the Taliban (SR 946.203) on 1 July 2009. The name of one natural person was added to the list. This amendment relates to corresponding UNO resolutions and came into force on 8 July 2009. The Appendix to the Ordinance is available for consultation on the website of the State Secretariat for Economic Affairs (SECO). Financial intermediaries are requested to report such business relationships to the State Secretariat for Economic Affairs (SECO) in accordance with the provisions of the Ordinance and to freeze the associated assets. Reporting to the SECO does not release the financial intermediary from its obligation to report immediately to the Reporting Center for Money Laundering in accordance with Article 9 of the Money Laundering Act. |
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