Switzerland

One step closer: The Swiss Blockchain Law is back on track

Swiss Blockchain History Switzerland has long been ambitious in supporting innovation in the Blockchain space. Back when regulators were divided on how to approach the ICO phenomena, the Swiss regulator – as opposed to many of its peers that were either more hesitant, cautious or outright against it – chose a more proactive approach and …

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Swiss regulator seeks input on new AML rules for FinTechs

The Swiss financial regulator, FINMA, has today published a statement with regard to the consultation in respect of the amendment of AML rules for FinTechs. In mid-June 2018, the Swiss parliament launched a new licensing category, known as the FinTech licence, with the aim of promoting financial market innovation. This new licensing category under the …

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Singapore regulator shuts down Swiss bank

The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff. In addition, …

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Swiss regulator aims to reduce obstacles to FinTech

The Swiss Financial Market Supervisory Authority FINMA has published a new circular facilitating video and online client identification. In addition to removing a number of unnecessary obstacles from its regulations, FINMA also supports the introduction of a new licensing category for financial innovators and a licence exempt area for start-up companies. An increasing number of …

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FINMA publishes guidance on 2015 financial reporting on occupational pension schemes

The documents required by Swiss private life insurers to collect data for the 2015 financial reporting on occupational pension schemes have been published by FINMA today. The deadline for submitting reports to FINMA is 30 April 2016. Reports must be audited before submission to FINMA, i.e. life insurance companies must have undergone an audit conducted …

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FCA issues PS16/5 on accountability in banking and insurance

The FCA today has published the Policy Statement PS16/5: Strengthening accountability in banking and insurance: implementation of SM&CR and SIMR, and PRA requirements on regulatory references. This policy statement contains, among other things, the PRA and FCA final rules to implement the proposals for applying the Senior Insurance Managers Regime (SIMR) to Swiss general insurers. In …

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ESMA cooperates with Canadian and Swiss regulators on CCPs under EMIR

The European Securities and Markets Authority (ESMA) has established three Memoranda of Understanding (MoUs) under the European Markets Infrastructure Regulation (EMIR). The MoUs establish cooperation arrangements, including the exchange of information, regarding Central Counter-parties (CCPs) which are established and authorised or recognised in Canada (Alberta, Manitoba, Ontario and/or Quebec) or Switzerland, and which have applied …

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