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News 2004 |
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| December 20, 2004 |
SFBC-Bulletin 46
The SFBC publishes in its latest bulletin various decisions on, amongst other themes, the guarantee of irreproachable business activity, international administrative assistance, interdiction to practice for employees of securities dealers firms, the competence of the observer appointed by the SFBC. The Bulletin will be available in hard copy at the beginning of 2005. |
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Bulletin |
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| December 3, 2004 |
Complete Revision of the Investment Fund Act - Report of the results of the consultation and follow-up procedure
The Federal Council agreed to the report of the results of the consultation with regard to the complete revision of the Investment Fund Act. The draft law and the message regarding the new collective investment schemes act have to be submitted to the Federal Council until the third quarter 2005. |
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Media Release (German or French) |
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FDF-Report (German or French) |
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| December 2, 2004 |
SFBC Newsletter
The SFBC and the Swiss National Bank have issued a joint information letter concerning the submission of explanational comments with the reporting of interest rate risks. |
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SFBC Newsletter (German and French) |
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| December 1, 2004 |
SFBC Newsletter no 22
The SFBC publishes the summary of the results of the 2002/2003 in-depth audit of credit-risk management at 133 institutions significantly involved in the credit business. The audit results were for the most part positive, with only few institutions exhibiting substantive weaknesses in a range of credit-risk management areas. |
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Summary of the results (German, French and English only „Executive summary“) |
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SFBC Newsletter no 22 (German and French) |
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| November 29, 2004 |
SFBC puts into force circular „duty to report exchange transactions“
On January 1, 2005, the SFBC puts into force the new circular about the „duty to report exchange transactions“ (Reporting duty). The circular specifies and illustrates the reporting duty according to art. 15 par. 2 SESTA and art. 2 – 7 SESTO-SFBC. |
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SFBC-Circular 04/03 (German or French) |
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| November 18, 2004 |
Supervisory Enforcement through Mandated Investigators
In procedures against financial intermediaries, the SFBC has formalized the function of mandated investigators. The SFBC will select these investigators from a list of candidates (e.g. auditors, lawyers and other specialists). In order to have the relevant updated data, the SFBC invites all parties interested to join the list of candidates to present their credentials until December 12, 2004. |
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Guideline (German, French or Italian) |
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| November 12, 2004 |
SFBC to suspend the revision of the Ordinances concerning takeovers and disclosure of shareholdings
The SFBC Takeover Chamber decided to suspend the revision of the Ordinances concerning takeovers and disclosure of shareholdings (SESTO-FBC and Takeover Ordinance) which were put in consultation on October 2003. Priority will be given to the revision of the dispositions of the Stock Exchange Act concerning the organisation of the authorities.
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Letter to the consultants (German or French) |
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| November 5, 2004 |
Media Release: The SFBC acknowledges to its satisfaction the Swiss Supreme Court’s judgment in the Quadrant Case
The Swiss Supreme Court has essentially confirmed in its ruling the Swiss Takeover Board’s recommendation dated July 23, 2002 as well as the SFBC’s decision dated June 12, 2003 by stating that the shareholders Messrs. René-Pierre Müller, Adrian Niggli and Arno Schenk formed a group. |
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Media Release |
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| September 30, 2004 |
SFBC amends its Circular „Self-regulation as minimal standard“ (SFBC-Circular 04/2)
The SFBC has accepted the Swiss Bankers Association’s self-regulation regarding „Customer Identification in Credit Card Business“ as well as the Swiss Funds Association’s „Guideline on the calculation and publication of fund performance of July 27, 2004“ (inofficial translation of title) as minimal standard under the said Circular. Both minimal standards will take effect on October 1, 2004. |
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SFCB-Circular (German or French) |
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Annex (German or French) |
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| August 25, 2004 |
SFBC withdraws Sogevalor’s License and Initiates Bankruptcy Proceedings
The Swiss Federal Banking Commission (SFBC) has withdrawn the license of Ticino’s securities dealers firm Sogevalor SA with immediate effect on grounds of serious legal violations and insolvency. Having opened a bankruptcy procedure against Sogevalor, the SFBC has appointed Deloitte & Touche AG to act as liquidator. |
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Media release |
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| July 30, 2004 |
Selective partial amendment of Investment Fund Ordinance becomes effective
On August 1, an anticipated selective partial amendment of Investment Fund Ordinance will become effective, intended to harmonize Swiss rules and regulations with the amended EU investment funds directive of 1985. Additionally, the SFBC has amended all Guidelines on investment funds, with the exception of the one on SFBC's approval of valuation experts of real estate funds, edition of November 25, 2002. |
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Modifications of Investment Fund Ordinance (German or French) |
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Guidelines (in German or French) |
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| July 1, 2004 |
The SFBC implements the amendment to the Circular 96/4 concerning new payment means, association and foundations.
On July 1, 2004, the Swiss Federal Banking Commission starts the implementation of the amendments to Circular 96/4. Specifically, paragraph 18 bis addresses the issue of accepting funds as part of payment means and systems (see the SFBC Media release of June 16, 2004). Moreover, paragraphs 26 and 27 were modified following the November 12, 2003 amendments to the Banking Ordinance concerning associations and foundations. |
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SFBC-Circular 96/4 (German or French) |
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| June 30, 2004 |
SFBC survey on banks and securities dealers' external audit costs
The SFBC surveyed the audit costs charged by audit firms to banks and securities dealers. The results relating to business year 2002 are now available. The renewed increase in the costs shown, can be explained by the higher complexity and broader range of risks, the increase in business volumes and increasing density of regulations. |
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Analysis of the survey results (German) |
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Chart 1, Chart 2, Chart 3, Chart 4
Chart 5 , Chart 6, Chart 7, Chart 8
Chart 9 , Chart 10, Chart 11, Chart 12 |
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| June 28, 2004 |
SFBC presentation on on the risk-based approach to the fight against money laundering
At forum organized by the Wolfsberg Group, a group of international banks, the SFBC presented its remarks on the risk-based approach to the fight against money laundering and its implementation in Switzerland. |
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Presentation |
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Presentation slides |
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| June 23, 2004 |
Trial run for SFBC circulars Audit, Audit Report and Audit Companies
The three drafts of the circulars, which update the foundation concerning the audit within the financial sector, have been revised on the basis of the results of the consultation and will now be subject for trial run at 23 selected banks and securities firms. They are supposed to be put into force - after possible adaptations based on the results of the trial run - in the middle of 2005 and will be applicable to the audits of the annual results 2005. |
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Covering letter (German / French) |
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Trial run version of SFBC circular Audit (German / French),
Annex 1 (German / French)
Annex 2 (German / French) |
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Trial run version of SFBC circular Audit report (German / French)
Annex 1 (German / French)
Annex 2 (German / French)
Annex 3 (German / French)
Annex 4 (German / French) |
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Trial run version of SFBC circular Audit Companies (German / French)
Annex 1 (German / French)
Annex 2 (German / French)
Annex 3 (German / French)
Annex 3, Form BEF (German / French)
Annex 3, Form AF (German / French)
Annex 4 (German / French)
Annex 5 (German / French) |
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| June 16, 2004 |
FBC provides precisions on Circular 96/4 concerning payment means and systems
The SFBC has added a paragraph 18 bis to its Circular 96/4 "Public Deposits for Non-Banks". It will come into force on July 1, 2004. It stipulates that, subject to certain limitations, the funds accepted for payment means or systems do not qualify as deposits pursuant to the Banking Act. |
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Media release |
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| June 15, 2004 |
SFBC Newsletter no 34
The SFBC publishes (i) the results of the analysis of the reports on the concept and timeframe of the implementation of the SFBC Ordinance on Money Laundering, (ii) the list of group companies subject to the supervision of the SFBC under the MLA, (iii) a collection of answers to Frequently Asked Questions (FAQ) relating to the SFBC Ordinance on Money Laundering as well as (iv) the standardized form designed for the evaluation of the implementation of the SFBC Ordinance on Money Laundering. |
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Report (German or French) |
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SFBC Newsletter no 34 (German, French or Italian) |
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List of group companies subject to the supervision |
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FAQ |
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Standardized Form (German, French or Italian) |
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| May 25, 2004 |
SFBC puts into force Circular "Self-regulation as minimal standard"
By June 1, 2004 the SFBC puts into force the new circular "Self-regulation as minimal standard". The circular contains rules and codes of conduct, which were drawn up within the framework of self-regulation and accepted by the SFBC as a binding minimal standard. It also replaces annex 1 of the SFBC-Circular 96/3 audit report. |
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SFCB-Circular (German or French) |
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Annex (German or French) |
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| May 25, 2004 |
SFBC puts into force Circular "Supervision of large banks"
By June 1, 2004 the SFBC puts into force the new circular "Supervision of large banks". The circular treats the reporting duties of large banks, the regular contacts between large banks and the Banking Commission as well as on-site reviews and extended audits. Considering their size, complexity and systemic relevance large banks are supervised more intensively than other banks. |
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SFCB-Circular (German or French) |
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Annex (German or French) |
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| May 10, 2004 |
Media release: The SFBC Reprimands UBS over US Dollar Banknotes Trading
Bank officers and employees of UBS Investment Bank Switzerland have repeatedly acted in breach of UBS's contractual obligations by failing to comply with US embargo provisions incorporated by reference in an agreement providing for the circulation of US Dollar banknotes and by providing incorrect information to the Federal Reserve Bank of New York (New York FED). The Swiss Federal Bank-ing Commission (SFBC) has reprimanded UBS and decided to impose corrective measures. This action has been coordinated with action being taken by the Federal Reserve in the United States. |
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Media release |
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| April 29, 2004 |
Press conference of the SFBC
On April 29, 2004, the SFBC released its Annual Report 2003 and held a Media conference. The chapter on the key themes of the report is available in an English translation. The full report may be consulted in either German or French. Please find below the speeches given at the Media conference.
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Kurt Hauri , Chairman of the SFBC
Integrated financial market supervision: a major advantage - Independent financial market supervision: an absolute necessity
SFBC's comment on FINMA (in German) |
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Jean-Baptiste Zufferey , Vice-Chairman of the SFBC
Overregulation in banking and finance |
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Daniel Zuberbühler , Director
Implementation of Basel II in Switzerland |
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| April 14, 2004 |
Comments to the modification drafts concerning the circular "Reporting duty"
The SFBC publishes the comments to the draft of a circular about the "duty to report exchange transactions" put in consultation on December 19, 2003. |
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Comments |
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| April 8, 2004 |
Comments to the modification drafts concerning proposed guideline on market abuse
The SFBC publishes the comments to the draft of guideline on market abuse put in consultation on December 16, 2003. |
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Comments |
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| April 7, 2004 |
Revised provisions on liquidity / new provisions on minimum reserves
The SFBC and the Swiss National Bank (SNB) have issued a joint information letter concerning the revised provisions on liquidity as well as the introduction of the SNB's new provisions on minimum reserves and their effect on the liquidity statistics. These modifications will enter into force on January 1, 2005. |
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Joint letter SFBC/SNB (German or French) |
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| April 2, 2004 |
SFBC-Newsletter no 33
The leading bodies of the Swiss GAAP ARR promulgated the recommendations 23 and 24, which must be applied for the financial statements beginning on january 1, 2004 or later. The SFBC has examined those and completed the appendix XVI of its accounting guidelines, which takes position on the possible appliance by the banks of every ARR recommendation. It follows from this examination that the standard 23 has to be applied for every financial statement, whereas the standard 24 only governs the financial statements prepared according to the "true and fair view" principle. |
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Application of the Swiss GAAP ARR (German or French) |
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| March 26, 2004 |
Financial market regulation and no end?
In the publication "De lege ferenda" in honour of Prof. Alain Hirsch (Editions Slatkine, Geneva, 2004) Daniel Zuberbühler, director of the SFBC, comments on the reproach of over-regulation, portrays cause and effect and addresses the demand for resolutions to contain the flood of regulation. |
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Essay by Daniel Zuberbühler (in German) |
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| February 18, 2004 |
Comments to the modification drafts concerning takeovers and disclosure of shareholdings
The SFBC publishes the comments to the draft of two proposals modifying the Ordinances concerning takeovers and disclosure of shareholdings put in consultation on October 17, 2003. |
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Comments |
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| February 15, 2004 |
Consultation process opened on a Federal Act on Collective Investment Schemes
Today, the Federal Council opened a consultation process on the draft for a new Federal Act on Collective Investment Schemes (CISA), complemented by an explanatory report prepared by the Commission of experts presided by Prof. Forstmoser. Contrary to the Investment Funds Act currently in effect, all forms of collective investment schemes shall come under CISA. |
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Draft version and explanatory report (German or French) |
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| January 8, 2004 |
SFBC-bulletin No. 45
The SFBC publishes Bulletin 45, which contains among others: a report on the practice of the SFBC and the Swiss Supreme Court with respect to international administrative assistance, a decision on the allocation of the shares of Think Tools by Banque Vontobel, and informations on the scope and extent of banks' and securities dealers' auditing. |
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SFBC-Bulletin No. 45 |
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