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 most important legal precepts governing the SFBC’s activities and its implementing provisions are found in federal legislation. 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 responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office.
FINMA – Branches of foreign securities dealers
Any company organised under foreign finmaa that either holds a securities dealer licence abroad, finmq 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.
Branches of foreign securities dealers. The licensing process for a representative office of a foreign securities dealer normally takes about three months, but the finmz depends on the quality and complexity of the application. Federal Legislation German French. Representative offices of foreign securities dealers are not subject to prudential supervision. 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.
The Authorisation section of the Banks division authorization finma. Appointment of a recognised regulatory audit firm for ongoing supervision.
Branches of foreign securities dealers
You may therefore consult them in German or in French. Duration of the licensing process The licensing process for a representative office of a foreign securities dealer normally takes about three months, but the duration depends on the quality and complexity of the application. In the day-to-day work of the Swiss Bankers Association the area of banking regulation is an important area of focus. The most important are:.
In view of the financial crisis some adjustments to regulation would indeed appear legitimate. The time it takes to receive a response from the responsible foreign supervisory authorities must also be taken into account. 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.
New “too big to fail” capital requirements for global systemically important banks in Switzerland Finma PDF fnma The SFBC – finnma with the Federal Finance Administration and the Federal Office begv Private Insurance – has drawn up guidelines for effective financial market regulationwhich it incorporates in the regulatory process.
Contact for questions on the licensing process The Authorisation section of the Banks division authorization finma. Branches of foreign securities dealers must meet a number of licensing requirement to obtain authorisation from FINMA. Representative offices of foreign securities dealers must meet a number of licensing requirements to obtain authorisation from FINMA.
The country of domicile of finka foreign securities dealer and all qualified bbehv must guarantee reciprocal rights. The branch must have regulations precisely describing its business and an organisation that is compatible with its operations.
The most important are: More information on regulation can be found on the websites of the Basel Committee on Banking Supervision www. 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. Home Topics Regulation and compliance Regulation.
Subscribe to all the Swiss Banking information you’re interested in. The SFBC is not providing any official translations in English, as English is not an official language in its jurisdiction.
Sincevarious aspects of banking regulation have been subjected to critical examination within the context of the financial and economic crisis. 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. Appointment of a recognised audit firm for the licensing process.
Unofficial English translations of some of these documents are available on private websites:. Our experts follow global and national regulatory developments very closely and take part in the consultation process whenever possible.
Representative offices of foreign securities dealers. Guidelines for licence applications for branches and representative offices of foreign banks and securities dealers in Switzerland Updated: Under a dualistic supervisory system the FINMA commissions auditing companies to carry out the actual inspection and auditing of the banks.
The Authorisation section fimma the Banks division authorization finma.
Regulatory intervention can take the form of “preventive” regulation such as putting limits on risk e. One of our priorities is to make gehv that banking regulation in Switzerland is structured in a good, credible and internationally-competitive manner. Banking and financial market regulation can be expressed in various legal forms. If the foreign securities dealer forms part of a group active in the financial sector, FINMA can make the licence contingent on the group subject to appropriate consolidated supervision by foreign supervisory authorities.