The requirement to report before establishing operations abroad ensures that Swiss banks and securities firms have the organisation, risk management and finances needed to run their planned foreign operations. It also allows FINMA to assess the new operations in the context of consolidated supervision and respond to any requests for information from foreign supervisory authorities.
A report must be made as soon as a licensed institution wishes to operate abroad, be it by establishing a physical presence (subsidiary, branch, representative office) or acquiring or divesting qualified participations in foreign companies.
The report must contain the following:
Swiss banks and securities firms with operations abroad must also report: