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News 2006 |
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| 22 December 2006 |
SFBC Newsletter no 42
In the context of the implementation of Basel II the SFBC publishes provisional mappings for the credit assessments of Dominion Bond Rating Service, Fitch Ratings, Moody’s Investors Service, and Standard & Poor’s Ratings Services. Their ratings can be used as of 1 January, 2007, for the determination of the required regulatory capital for credit risks. |
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SFBC Newsletter no 42 (in German or in French) |
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List of provisionally recognised rating agencies |
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Provisional Mapping |
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Securitisation – Provisional Mapping SA-CH / SA-BIZ |
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Securitisation – Provisional Mapping IRB |
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| 22 December 2006 |
SFBC Decision regarding Swissfirst Bank AG
The Swiss Federal Banking Commission has decided on the case Swissfirst Bank AG on 20 December 2006. As long as the decision is not final, the Swiss Federal Banking Commission will not disclose any information as to its content. |
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| 22 December 2006 |
SFBC promulgates its new circular “Adaptation of Tier-1 Capital”
The new SFBC-circular 06/8 takes effect on 1 January 2007. Its determines the calculation of the capital requirements made with the figures given by financial statements prepared in accordance with an international accounting standard recognised by the SFBC. |
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SFBC-circular 06/8 (in German or in French) |
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Report on the consultation (in German or in French) |
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| 22 December 2006 |
SFBC promulgates its amended accounting guidelines
The revised accounting guidelines (BAF-FBC) will enter into force on 31 December 2006. The majority of changes is compulsory for annual financial statements beginning on 1 January 2007. Several points are to be applied to financial statements for the period ending on 31 December 2006. |
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BAF-SFBC 1994/2006 (in German or in French) |
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Report on the consultation (in German or in French) |
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| 21 December 2006 |
Takeover Chamber of the SFBC confirms TOB-recommendation III dated 14 November 2006 regarding SIG
Takeover Chamber of the SFBC confirmed TOB-recommendation III dated 14 November 2006 and decided that SIG Holding AG must treat Romanshorn AG as it treats potential offerors. Furthermore SIG Holding AG has to transmit all information requested to the TOB. |
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Decision of the Takeover Chamber (in German) |
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| 12 December 2006 |
SFBC-Bulletin 49
The SFBC publishes in its latest bulletin various decisions on, amongst other themes, the new regulation on international cooperation, information and efficiency obligations of securities dealers, onsite-inspections by foreign supervisory authorities and the territorial jurisdiction of the anti-money laundering law. |
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Bulletin |
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| 5 December 2006 |
SFBC Newsletter no 41
The SFBC publishes a summary of the results of a specific audit about the daily record keeping of orders and executed trades in securities dealing in 2005. The records are mostly kept well. |
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SFBC Newsletter no 41 (in German or in French) |
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| 4 December 2006 |
SFBC puts into force the circular "Rating Agencies"
On 1 January 2007 the new circular SFBC-C 06/7 "Rating Agencies" will enter into force together with the other regulation implementing Basel II. This circular completes the regulation concerning Basel II. |
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SFBC-C 06/7 "Rating Agencies" (in German or in French) |
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Report on the consultation (in German or in French) |
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| 1 December 2006 |
Regulatory streamlining
With regard to the positive comments resulting from the consultation, the SFBC repeals five Circulars and two Newsletters. Proposals for further streamlining will be discussed with representatives of the professional associations and of the SWX Swiss Exchange. |
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Repealed Circulars (in German or in French) |
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Repealed Newsletters (in German or in French) |
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| 23 November 2006 |
Takeover Chamber of the SFBC is reviewing the rejections of TOB-recommendation III regarding SIG
The recommendation III of the Swiss Takeover Board (TOB) dated 14 November 2006 regarding the tender offer of Romanshorn S.A. for all SIG Holding Ltd registered shares has been partially rejected by SIG Holding Ltd. The Takeover Chamber of the SFBC is reviewing the matter. |
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| 22 November 2006 |
Approval of the Collective Investment Schemes Ordinance
The Federal council just approved the Collective Investment Schemes Ordinance. The Ordinance, the Federal Act on Collective Investment Schemes and the respective amendments to the Fee Ordinance of the SFBC will come into force on 1 January 2007. |
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Media release of the FDF (in German or in French) |
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Collective Investment Schemes Ordinance (in German or in French) |
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Fee Ordinance of the SFBC (in German or in French) |
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Explanatory report on the Collective Investment Schemes Ordinance (in German or in French) |
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| 20 November 2006 |
Decision of the Takeover Chamber in SIG matter
The Takeover Chamber of the SFBC has decided that the principle of equal treatment has been breached in the ongoing tender offer regarding SIG Holding Ltd. |
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Decision of the Takeover Chamber (in German) |
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Media release |
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| 3 November 2006 |
Takeover Chamber of the SFBC is reviewing the rejections of TOB-recommendation I regarding SIG
The Takeover Chamber of the SFBC is reviewing two rejections of the recommendation I of the Swiss Takeover Board (TOB) regarding the tender offer of Romanshorn S.A. for all registered shares in SIG Holding Ltd. |
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Media release |
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| 30 Octobre 2006 |
SFBC issues for consultation a revised version of its accounting guidelines
The SFBC publishes the draft of its revised accounting guidelines. This project takes into consideration the last changes of the Swiss GAAP FER recommendations. The applicable elements of these recommendations have been integrated in the accounting guidelines of the SFBC instead of the references mentioned in the former version of the SFBC guidelines. The consultation ends on 30 November 2006. |
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Information about the consultation (in German or French) |
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Covering letter (in German or French) |
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Draft of the SFBC accounting guidelines 1994/2006 (in German or French) |
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| 19 October 2006 |
Update: SFBC Guidelines for the distribution of foreign investment funds that comply with the UCITS and UCITS III regulations
The SFBC Guidelines applying to requests for the authorisation to distribute units of UCITS and UCITS III investment funds have been updated. |
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Guidelines (in German or French) |
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| 18 October 2006 |
SFBC puts five new circulars for the implementation of Basel II into force
The new circulars SFBC-C 06/1 “Credit Risks”, SFBC-C 06/2 “Market Risks”, SFBC-C 06/3 “Operational Risks”, SFBC-C 06/4 “Capital Adequacy Disclosure” and SFBC-C 06/5 “Large Exposures” will enter into force together with the Capital Adequacy Ordinance (CAO) on
1 January 2007. They detail the CAO and, in conjunction with it, implement the new Basel II Capital Framework into Swiss legislation. |
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SFBC-C 06/1 “Credit Risks” (in German or French) |
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SFBC-C 06/2 “Market Risks” (in German or French) |
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SFBC-C 06/3 “Operational Risks” (in German or French) |
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SFBC-C 06/4 “Capital Adequacy Disclosure” (in German or French) |
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SFBC-C 06/5 “Large Exposures” (in German or French) |
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Capital Adequacy Ordinance (CAO, in German or French) |
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Explanations on the Implementation of the “International Convergence of Capital Measurement and Capital Standards – A Revised Framework” (Basel II) in Switzerland (in German or French) |
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FAQ on Basel II (in German) |
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| 6 October 2006 |
Consultation on the circular “Adjustments of core capital”
The SFBC publishes the draft of a circular on “Adjustments of core capital”. It governs the calculation of the regulatory capital if an internationally accepted accounting standard is applied. The consultation ends on 10 November 2006. |
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Information about the consultation (in German or French) |
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Covering letter (in German or French) |
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Draft circular “Adjustments of core capital” (in German or French) |
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| 4 October 2006 |
SFBC puts into force the circular Supervision and internal control
On 1 January 2007 the new SFBC circular “Supervision and Internal Control” will enter into force. The circular replaces SFBC circular 95/1 “Internal Audit” and the Swiss Bankers Association’s ”Guidelines on internal control”. |
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Media release |
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SFBC-Circular Supervision and internal control (in German or French) |
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| 29 September 2006 |
Comments on regulatory streamlining
The SFBC publishes the comments resulting from the consultation on the proposal to repeal seven regulatory texts. |
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Comments |
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| 27 July 2006 |
Consultation on the circular “rating agencies”
The SFBC publishes the draft of a circular on the recognition of rating agencies. It governs the recognition of the rating agencies for the calculation of the required capital of banks and securities dealers under Basle II and incorporates circular 98/3 “rating agencies” concerning investment funds. The consultation ends on 31 August 2006. |
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Information about the consultation (in German or French) |
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Draft circular “rating agencies” (in German or French) |
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Explanatory report (in German or French) |
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| 21 July 2006 |
Scope of the IFA - structured products and other financial vehicles
Under the new provision of the future Federal Act on Collective Investment Schemes (CISA), the opinion of the SFBC on structured products and other financial vehicles published in the Spring 2005 will be outdated. The latter is therefore no longer applicable. If specific conditions are met, structured products may be distributed in and from Switzerland. The SFBC will still intervene in the case of a clear circumvention of the provisions of the IFA or the future CISA. |
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Information |
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| 19 July 2006 |
Federal Act on Collective Investment Schemes: The Federal Department of Finance opens the consultation process on the draft version of the ordinance
The Federal Department of Finance (FDF) opens the consultation process on the draft version of the Ordinance on Collective Investment Schemes. The consultation process will end on 20 August 2006. |
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Media release by the FDF (in German or French) |
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Explanatory report (in German or French) |
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Ordinance on Collective Investment Schemes (in German or French) |
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| 19 July 2006 |
SFBC Newsletter no 40
In its Newsletter no 40, the SFBC informs on various technical aspects of the new capital adequacy reporting form in the context of Basel II. This information entails an English version of the reporting form as well as current drafts of the German and French versions of the regulatory texts and should provide support to all banks and securities dealers as well as audit firms in their preparations for Basel II. |
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SFBC Newsletter no 40 (in German or French) |
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Drafts of the regulatory texts |
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Capital adequacy reporting form |
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| 14 July 2006 |
Consultation on regulatory streamlining
The SFBC has reviewed the current body of financial market regulation at the ordinance and circular level. The SFBC proposes to repeal seven regulatory texts and invites responses as part of a consultation process to be closed on 31 August 2006. |
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Information about the consultation (in German or French) |
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Report (in German or French) |
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Annex (in German or French) |
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| 13 July 2006 |
State of Vaud, BCV and commons of Vaud exempt from tender offer obligation for Romande Energie
The Takeover Chamber of the SFBC has exempted the State of Vaud, the State bank of Vaud (BCV) and the concerned commons of Vaud from having to make a tender offer for all outstanding listed shares of Romande Energie Holding SA. |
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Decision of the Takeover Chamber (in French) |
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| 5 July 2006 |
Modified exchange tender offer regarding Atel complies with Stock Exchange Act
The Takeover Chamber of the SFBC has decided that the modified exchange offer of Motor-Columbus Ltd for shares of Atel complies with the Swiss Stock Exchange Act. |
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Decision of the Takeover Chamber (in German) |
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Media release |
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| 20 June 2006 |
Takeover Chamber of the SFBC is reviewing the rejection of TOB-recommendation VII regarding Atel
The Takeover Chamber of the SFBC is reviewing the rejection of the recommendation VII of the Swiss Takeover Board (TOB) regarding the Public Exchange Offer of Motor-Columbus Ltd. for all registered shares in Aare-Tessin Ltd. for Electricity. |
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Media release |
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| 19 June 2006 |
Judgement of the Supreme Court of 9 February 2006 (2A.91/2005)
The SFBC publishes the judgement of the Supreme Court of 9 February 2006 which among other deals with the territorial application of the Money Laundering Act, the consolidated supervision of bank groups and the due diligence obligations regarding higher risks relationships. The judgement will also be published in the SFBC Bulletin 49 to be released in autumn 2006. |
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Judgement of the Supreme Court |
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| 9 May 2006 |
SFBC Bulletin 48 (Special issue)
The SFBC publishes a bulletin, which is dedicated to banking bankruptcy and deposit warranty. The first part is dealing with the pertinent reglementation. The second part reflects the jurisprudence of the SFBC related to it since 1 June 2005. |
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Bulletin |
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| 4 May 2006 |
Decision of the Takeover Chamber in Atel matter
On 3 May 2006, the Takeover Chamber of the SFBC has decided that the public exchange offer of Motor-Columbus Ltd regarding the Atel shares does not comply with the Swiss Stock Exchange Act. The public exchange offer inadmissibly restricts the possibility of the minority shareholders to exit. |
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Decision of the Takeover Chamber (in German) |
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| 1 May 2006 |
New Guideline in the area of investment funds: Duties of representatives
The SFBC publishes a new guideline giving representatives of foreign investment funds in Switzerland an overview of their duties, particularly regarding publication and notification. The SFBC revised also the guideline concerning the change of fund management company or custodian bank. |
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Guideline duties of representatives (in German or French) |
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Guideline change of fund management company or custodian bank (in German or French) |
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| 27 April 2006 |
Media conference of the SFBC
On 27 April 2006, the SFBC released its Annual Report 2005 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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Eugen Haltiner, Chairman
Supervision and regulation - or on the smithing of iron
Presentation (in German) |
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Jean-Baptiste Zufferey, Vice-Chairman
Collective investments: the SFBC listens to the market
Presentation (in French) |
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Daniel Zuberbühler, Director
Basel II Switzerland: a precision landing
Presentation (in German) |
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| 25 April 2006 |
Takeover chamber of SFBC is reviewing the challenge of TOB-recommendation regarding Atel
The Takeover Chamber of the SFBC is reviewing the challenge of a recommendation of the Swiss Takeover Board (TOB) regarding the Public Exchange Offer of Motor-Columbus Ltd. for all registered shares in Aare-Tessin Ltd. for Electricity. |
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Media release |
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| 11 April 2006 |
Results of the national study (QIS-CH) on the quantitative impact of Basel II
The Swiss Federal Banking Commission (SFBC) has completed its final analysis and interpretation of the data related to the “Quantitative Impact Study for Switzerland” (QIS-CH). The results are in line with the expectations. Under the new rules, the regulatory capital requirements in the system as a whole (excluding IRB banks) change only marginally compared to today. |
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Analysis report |
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| 11 April 2006 |
Comments on the implementation of Basel II in Switzerland
The SFBC publishes the comments resulting from the consultation on the draft ordinances and circulars implementing Basel II into Swiss law. |
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Comments |
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| 13 March 2006 |
SFBC amends circular on public advertising
The SFBC liberalises regulation on funds by amending its circular on public advertising. As of now, affluent private clients are categorised as maintaining a qualified relationship with the advertisor. |
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Media release |
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Amended SFBC-Circ. 03/1 (in German or French) |
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| 7 March 2006 |
SFBC Newsletter no 39
With the coming into force of the SFBC Circular Audit reports at the beginning of the year, the annual audit reports can now, on request, be written in English. In order to ensure that consistent English terminology is used, the SFBC is publishing English versions of both the SFBC Circ. 05/1 Audit and the 05/2 Audit reports. |
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SFBC Newsletter no 39 |
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SFBC Circular 05/1 Audit (Appendix 1/Appendix 2) |
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SFBC Circular 05/2 Audit Reports (Appendix 1/Appendix 2/Appendix 3/Appendix 4) |
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| 6 March 2006 |
Consultation on the circular “Concentration Risk” and on the amendments to the capital requirements for guarantees and credit derivatives
The SFBC publishes the draft of the circular “Concentration Risk”. It regulates the treatment of credit derivatives and short-term interbank receivables for concentration risk purposes. The adaptation of the capital requirements for guarantees and credit derivatives to international standards necessitated an amendment of the drafts of 30 September 2005, of the two circulars for credit risk and market risk. |
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Covering letter (in German or French) |
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Explanatory report (in German or French) |
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Drafts |
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| 28 February 2006 |
Hans Rudolf Widmer chairman of the Swiss Takeover Board
The SFBC has elected Hans Rudolf Widmer as chairman and Claire Huguenin as deputy chairman of the Swiss Takeover Board. |
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Media release |
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| 20 February 2006 |
Semi-annual supervisory reporting on single and consolidated basis
The SFBC and the Swiss National Bank (SNB) have issued a joint information letter on the reporting obligation of the "supervisory reporting" on semi-annual basis. The first reporting has to be submitted for interim financial statements as from 30 June 2006. |
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Joint letter SFBC/SNB (in German or French) |
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SFBC Circular 05/4 (in German or French) |
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| 7 February 2006 |
SFBC survey on banks and securities dealers’ audit costs
The SFBC surveyed the 2004 audit costs charged by audit firms to banks and securities dealers. |
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Analysis of the survey results (in 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 12a, Chart 12b |
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| 5 January 2006 |
SFBC Newsletter no 38
The SFBC informs in its Newsletter no 38 about the procedure regarding the disclosure of annual financial statements for those banks and securities dealers aiming to make use of an early application of the revised recommendation Swiss GAAP ARR 16. Additionally, banks and securities dealers liable to disclose clients' assets, have to publish additional indications in the form of a footnote to Table Q as from the next disclosure of annual financial statements. |
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SFBC Newsletter no 38 (in German or French) |
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