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5 Die Schweizerische Nationalbank und die Pfandbriefzentralen fallen nur soweit sinngemäss Anwendung auf die von ausländischen Banken in der Schweiz. Nov. Auswirkungen auf den Wirtschaftsstandort Schweiz und den . Februar zur Änderung der Bankenverordnung (FinTech-Vorlage ;. Auswirkungen auf den Wirtschaftsstandort Schweiz und den Wettbewerb . 16 . In der Schweiz deuten die seit der Inkraftsetzung des TBTF-.

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Swiss Federal Council Adopts Implementing Provisions for Fintech Authorisation

Representative offices of foreign banks bankenveeordnung not subject to prudential supervision. Moreover, crowdlending should be possible also for private consumption within the authorization-exempt area of the sandbox. Guidelines for licence applications for branches and representative offices of foreign banks and securities dealers in Switzerland Updated: The most important are: You can submit your own here http: The responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office.

Two of these — the extension of the holding period for settlement accounts and an authorisation-exempt innovation area sandbox — have already been regulated at ordinance level in the meantime and came into force on 1 August With the new measure, companies with special authorisation can accept public funds of bnakenverordnung to CHF million from 1 Januaryprovided they neither invest nor pay interest on these funds.

The time it takes to receive a response from the responsible foreign supervisory authorities must also be taken into account. The country of domicile of the foreign bank and all qualified participants must bankenverordnug reciprocal rights. As it will take time to implement these rules, the changes to consumer credit law and the associated amendment of the BankO will scnweiz come into force until 1 April Any company organised under foreign law that either holds a banking licence abroad, uses banoenverordnung term “bank” or “Banking” in its name, the description of its purpose or its business documentation or conducts banking business as defined in Article 2a of the Banking Ordinance is considered as a foreign bank.

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Representative offices of foreign banks and bankenverodnung dealers must meet a number of licensing requirements to obtain authorisation from FINMA. The most important are:.

During its meeting on 30 Novemberthe Federal Council brought into force a corresponding amendment to the Banking Act to promote innovation fintech. In the BankO, the sandbox will additionally be extended to include crowdlending business models, whereby public funds up to a total bankenerordnung of CHF 1 million can one day be brokered not only for commercial and industrial purposes but also for private consumption. For bankenvetordnung foreign bank to obtain a licence to open a representative bankenferordnung, there must be no doubt that the applicant and the representative office meet or can meet all of the licensing requirements.

However, they must submit an annual report for the foreign bank they represent to FINMA within four months after the financial year ends. The licensing process for a representative office of a foreign bank normally takes about three months, but the duration depends on the quality and complexity of the application. Representative offices of foreign banks. In Februarythe Federal Council put three cshweiz out for consultation to promote innovation in the financial sector and to remove barriers bankenferordnung market entry for fintech firms.

It is now possible for the third measure — a new authorisation category with simplified requirements in the Banking Act — to come into bankenveorrdnung on 1 January A foreign bank 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 schweia from Switzerland, including in particular forwarding client orders to it, but do not carry out transactions or manage client accounts for the foreign bank that give rise to legal obligations.

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The Authorisation section of the Banks division authorization finma. Banks and securities dealers Getting licensed Representative offices of foreign banks. Those in charge of the representative office must assure proper business conduct.

This extension became possible because crowdlending will be subject to the Consumer Credit Act in the future.

FINMA – Representative offices of foreign banks

Duration of the licensing process The licensing process for a representative office of a bankenverordning bank normally takes about three months, but the duration depends on the quality and complexity of the application.

Contact for questions on the bankenverordnunb process The Authorisation section of the Banks division authorization finma. The foreign bank must be subject to appropriate supervision The responsible foreign supervisory authorities must not have raised any objections to the opening of a representative office.

Licensing schaeiz For a foreign bank 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.