Banking Act revision by Federal Council
2019-03-08 | News & Media

Banking Act revision by Federal Council

The Banking Act serves only as the major feature of the restructuring approach regulator for Swiss Banks. More information is available in the FINMA Banking Insolvency Ordinance. Factors like capital measures influence the rights of the bank owners and creditors now resuming at the legislative level. This are vast measures to strengthen legal certainty. The Bank Swiss mortgage bond role empowered through an adjustment of Mortgage Bond Act in the event of insolvency or bankruptcy of a member bank.

Banking Act emphasizes banks have no obligation in securing half of their contribution deposit insurance through additional liquidity but by depositing securities or Swiss francs in cash with a custodian. In the event the Swiss bank does not meet its payment obligations, deposit insurance will use these deposited values. It was in this manner not important to change deposit insurance with a security fund to be set up by the Swiss banks. The payout due date of the assets from deposit to the chapter 11 vendor will be decreased from twenty to seven days. Upon receipt of the bank client's payment instructions, the deposits paid to the customer inside a further seven days.

A change in accordance with the Intermediated Securities Act will at that point present the obligation for all overseers of intermediated securities to isolate their own and customers' portfolios. On the off chance that the custody chain leads abroad, the last Swiss caretaker needs to take measures to ensure the intermediated securities booked with the outside overseer. Inside this degree, the data gave to customers additionally must be improved.

Source: https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-74246.html

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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