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Media releases 2004 |
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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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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The Swiss Federal Banking Commission (SFBC) has withdrawn the license of Ticino’s securities dealers firm Sogevalor SA with immediate effect on grounds of serious legal violations and insolvency.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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| June 16, 2004 |
The SFBC provides precisions on Circular 96/4 concerning payment means and systems
The SFBC has added a paragraph 18bis 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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| 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 Banking 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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