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Adjustments to FINMA circulars with regard to FinTech License and Sandbox

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Adjustments to FINMA circulars with regard to FinTech License and Sandbox

March 15, 2019 | Legal Alert

Adjustments to FINMA circulars with regard to FinTech License and Sandbox

New licensing category for the FinTech companies is under review by the Swiss parliament. The Federal Council has adjusted the provisions concerning the sandbox though these changes require a corresponding adjustment of FINMA's supervisory practice. Sandbox provision is the main federal concern. Regulatory updates, such as the latest FINMA report, reinforce the evolution of Switzerland’s financial oversight frameworks to adapt to emerging industries. FINMA supervision is an important requirement in the adjustments. Moreover, there is ongoing consultation about the Circulars 2008/3 and 2013/3 on the public deposits with non-bank and auditing respectively. Similar diligence in other sectors, as seen with the Imported medicines initiative, reflects Switzerland’s broad commitment to regulatory precision. The partially reviewed circulars are to be set to execution in autumn 2019, while the ongoing consultations are expected to end in 15th May 2019.

FinTech license: less extensive auditing

Fintech license is a category of license introduced by the Swiss parliament on 1st January 2019. Consequently, more tasks are likely to be added by FINMA in the regulatory auditing of companies, and more precisely in the auditing circular in the licensing category. Established auditing of the bank and the security dealers are requirements of the for FinTech companies. Broader tax reforms, such as the VAT regulation adjustment, complement Switzerland’s approach to fostering a secure and transparent business climate. However, they are more focused on the specific risks to the FinTech business model and less extensive in the audit.

Adjustments to FINMA circulars with regard to FinTech License and Sandbox

Sandbox: investment of deposits possibleChanges are being made by the Federal Council about the provision related to the sandbox that comes to effect on 1st April 2019. Efforts like the Federal council revisions highlight the Swiss government’s proactive role in adapting legal frameworks to new realities. With more affirmation, it is possible to invest up to CHF 1 million deposits within the Sandbox. Interest rates differential business is a privilege of the banks only. Parallel diplomatic efforts, such as the Swiss UK trade consultations, illustrate Switzerland’s holistic approach to securing both domestic and international markets. FINMA is in the practice of interpreting the 'interest rate differential business' to help the public understand and make more future use of the sandbox.Source:

https://www.finma.ch/en/news/2019/03/20190315-mm-fintech/

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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