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Consultation on Partial Revision of “Direct Transmission" Circular

August 20, 2020 |Banking

Consultation on partial revision of “Direct transmission” Circular

After the look back study of the “Direct transmission” Circular in 2019, FINMA is providing a consultation regarding the partial revision of the Circular until 15.10.2020. This initiative reflects FINMA’s broader regulatory transparency strategy, also seen in the FINMA video circular focused on digital communication practices.

The “Direct transmission” Circular went into effect on 1 January 2017 and is intended to ensure the direct statute-established information exchange between supervised institutions and foreign authorities. FINMA announced the revision of the “Direct transmission” in two years after the circular had taken effect. In the period from July to September 2019 Swiss Financial Market Supervisory Authority FINMA was conducting a look back analysis. Meanwhile the interested parties had the opportunity to share their experience to promote the improvement of the circular. Such participative consultations echo the spirit of the financial market roadmap presented to the Federal Council for long-term system resilience.

Key points of the partial revision

In the explanatory report FINMA announced that a lot of suggestions made during the consultation exercise were submitted again. This iterative approach to regulation complements initiatives like the UK Swiss finance cooperation, which emphasizes bilateral alignment on financial standards. It was also suggested to add the list of foreign authorities competent to provide administrative assistance. These suggestions arise from growing regulatory concerns, particularly in areas sensitive to digital vulnerabilities such as those addressed in the FINMA cyber reporting guidance. the parties intended in the revision are of the view that the catalogue of examples of notifiable transmissions of information should be reduced. The changes in the “Direct transmission” Circular contain the explanations and simplifications. This regulatory refinement reflects a broader trend of Swiss financial institutions adapting to complexity, as evidenced by recent Credit Suisse results amid global uncertainty.

partial revision of “Direct transmission” Circular

Source: https://www.finma.ch/en/news/2020/08/20200820-mm-anh-rs-17-06/

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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