FINMA to issue revised circular on “Video and online identification” Four years on from the publication of the circular on “Video and online identification” 2016/7, The Swiss Financial Markets Supervisory Authority (FINMA) is re-evaluating the regulation’s purposefulness in order to take into account the most recent technological advancements. The goal is to align the norm...Read More

Ombudsman affiliation requirement: new limitations On 25 September 2020, Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (DLT bill), with the aim to keep Switzerland a leading, innovative and sustainable location in the blockchain and DLT sector. As part of the parliamentary deliberations on the DLT,...Read More

FINMA issuing regulation implementing FinSA and FinIA The Financial Market Supervisory Authority (FINMA) recently held a consultation with the aim to issue regulation implementing the Financial Services Act FinSA and the Financial Institutions Act FinIA. The consultation’s outcome is the following: FINMA will make adjustments to the existing ordinances and circulars; It will issue a...Read More

End of preparatory works for FinIA and FinSA The Federal Financial Market Supervisory Authority (FINMA) has conferred upon the Swiss Supervisory Limited Company AOOS the authorization as a fifth supervisory organisations (SO), also recognizing it as a self-regulatory organization (SRO) under the Anti Money Laundering Act (AMLA). The set-up phase involving the institutional prerequisites for...Read More

FINMA implementing small banks regime The Swiss Financial Market Supervisory Authority FINMA is implementing the small banks regime at circular level as of 1 January 2020: small, particularly liquid and well capitalised banks are to be exempted from certain regulatory requirements. FINMA is adjusting eight FINMA circulars for this purpose. Following a pilot phase lasting...Read More

The Swiss Financial Market Supervisory Authority FINMA has published guidance on how it applies Swiss anti-money laundering rules to financial services providers supervised by FINMA in the area of blockchain technology. FINMA has also issued banking licences to two new blockchain service providers. FINMA recognises the innovative potential of new technologies for the financial industry....Read More