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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Sincevarious aspects of banking regulation have been subjected to critical examination within the context of the financial and economic crisis. 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 licensing process for a representative office of a foreign securities dealer normally takes about three months, but the duration depends on the ifnma and complexity of fimma application.
The country of domicile of the fin,a securities dealer and all qualified participants must guarantee reciprocal rights. In Switzerland, the fundamental principles are codified in federal legislation e. 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.
You may therefore consult them in German or in French. 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. A foreign securities dealer needs to be authorised by FINMA if it employs staff in Switzerland who, on a professional basis, permanently represent it flnma advertising or other purposes in or from Switzerland, including in particular forwarding client orders to it, but do not trade securities or manage client accounts for the foreign securities dealer that give rise to legal obligations.
Appointment of a recognised regulatory audit firm for ongoing supervision. Information on regulatory projects regarding financial markets supervision are available under finmz.
SESTO-FINMA – Translation into German – examples English | Reverso Context
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. Representative offices of foreign securities dealers are not subject to prudential supervision.
In the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus. 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.
Fknma for questions on the licensing process The Authorisation section of the Banks division authorization finma.
Representative offices of foreign securities dealers
The foreign securities dealer must be subject to appropriate supervision. Subscribe to new content Subscribe to all the Finnma Banking information you’re interested in. Under a dualistic supervisory system the FINMA commissions finms companies to carry out the actual inspection and auditing of the banks. Contact for questions on the licensing process The Authorisation section of the Banks division authorization finma. In view of the financial crisis fin,a adjustments to regulation would indeed fijma legitimate.
One of our priorities is to make sure that banking regulation in Switzerland is structured in a good, credible and internationally-competitive manner. 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.
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.
Chapter 5: Disclosure of Shareholdings
Appointment of a recognised audit firm for the licensing process. The branch must have regulations precisely describing its business and an organisation that is finms with its operations. Current developments Sincevarious aspects of banking regulation fina been subjected to critical examination within the context of the financial and economic crisis. Banking and financial market regulation nehv be expressed in various legal forms. Subscribe to all the Swiss Banking information you’re interested in.
The responsible foreign supervisory authorities must not have raised fnma objections to the opening of a representative office. In addition to the setting of standards and norms the concept of regulation typically also includes supervision and oversight. 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.
New “too big to fail” capital requirements for global systemically important banks in Switzerland Finma PDF The SFBC itself also publishes circulars and newsletters. At international as well as at national level, a number of regulatory requirements have been tightened. Guidelines for licence applications for branches and representative offices of foreign banks and securities dealers in Switzerland Updated: For a foreign beyv 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.
In this sense, when setting regulatory goals priority is given to the protecting of creditors on the one hand and the improvement of the system stability on the other.
Home Topics Regulation and compliance Regulation. Furthermore, in many areas of regulation — for example with regard to capital requirements and remuneration systems — Switzerland already exceeds established international standards and this phenomenon must also be taken into account.
However, they must submit an annual report for the foreign securities dealer they represent to FINMA within four months after the financial year ends. 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”.