Source: http://www.finma.ch/archiv/ebk/print/e/archiv/2005/aktuelles2005.html
Timestamp: 2013-06-20 04:32:16
Document Index: 37722870

Matched Legal Cases: ['Art. 16', 'art. 77', 'art. 87', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art 10', 'art 11', 'art 12']

News 2005 December 28, 2005
Subjection of sales organisations and representatives of investment funds under anti-money laundering act repealed
As from January 1, 2006 sales organisations of domestic and foreign based investment funds and representatives of foreign based investment funds are no longer subject to the Swiss federal anti-money laundering act. For these activities their membership with a self-regulatory organization or obtaining permission from the Swiss anti-money laundering control agency are thus no longer required. December 15, 2005
Adaptation of the circulars «Audit» and «Audit reports»
The circulars “Audit” and “Audit reports” have been slightly revised following the new circular on supervisory reporting (Par. 18 and 19 or Par. 35, 36, 46, 64 and appendix 1 respectively). In addition the circular “Audit reports” contains specific dispositions related to the depositor protection (Par. 73, 74 and appendix 2).
CFBC Circular Audit (in German or French)
CFBC Circular Audit reports (in German or French)
Annex 1 (in German or French)
Annex 2 (in German or French)
December 14, 2005 Guidance notes on investment funds amended In the guidance note on applications for approval of the fund regulations of a Swiss investment fund annex I (previously annex) was amended and a new annex II on performance fees was added. >
Guidance note (in German or French)
December 8, 2005 SFBC Newsletter no 37
The SFBC publishes in its Newsletter no 37 information regarding the implementation of the new depositor protection. Banks and Securities dealers have to report their privileged claims to the SFBC for the calculation of the complementary liquidity. The new regulation will come into force on January 1, 2006. >
SFBC Newsletter no 37 (in German or French)
SFBC puts into force the circular “Supervisory Reporting”
On December 31, 2005 the circular “Supervisory Reporting” will become effective. The circular determines the information on the financial statements which have to be handed in by the banks and securities dealers on an annual and semi-annual basis, respectively. It replaces the circular 99/3 “Early Information”. >
SFBC-Circular Supervisory Reporting (in German or French)
Revised provisions on liquidity The SFBC and the Swiss National Bank (SNB) have issued a joint information letter on the revised provisions on liquidity (Art. 16 BankO) concerning the cancellation of lombard loans as liquidity instruments, effective as of the end of 2005. These modifications will enter into force on January 1, 2006. >
Joint letter SFBC/SNB (in German or French) October 31, 2005
Partial revision of IFO-SFBC
On December 31, 2005, the partly revised Investment Fund Ordinance of the SFBC (IFO-SFBC) will become effective. Pursuant to the Swiss Federal Council’s Investment Fund Ordinance (art. 77a par. 1 and art. 87a par. 4 IFO) the minimum contents of a simplified prospectus (in coherence with EU rules) are defined, on the one hand, and when securities funds must submit a simplified prospectus, on the other. The implementation of details pursuant to annex II IFO and the partly revised IFO-SFBC will be completed by self regulatory rules set up by the Swiss Funds Association SFA.
Modifications of the IFO-SFBC (German or French) October 27, 2005
Swiss-based Banks and the Oil-for-Food Programme The SFBC has reviewed the activities of Swiss-based banks in the context of the UN Oil-for-Food Programme and publishes its inquiry report.
SFBC Report >
Media release of the seco
Election of a new member to the Swiss Takeover Board The SFBC has elected Susan Emmenegger as member of the Swiss Takeover Board.
Prevention of money laundering: banks and securities dealers on track Banks and securities dealers are adequately implementing the Money Laundering Ordinance. This is the conclusion reached by the SFBC following the evaluation of a comprehensive implementation. >
Report September 30, 2005
SFBC opens a consultation on Basel II implementation
The SFBC opens a consultation among the public and federal offices on the draft ordi-nances and circulars implementing the Basel Committee’s new minimum requirements into Swiss law, which become effective in a staggered way from January 1, 2007.
Covering letter (in German or French)
Summary of the explanatory report >
Presentation regarding the implementation of Basel II in Switzerland held at a seminar jointly organised with the Swiss Bankers Association on September 29, 2005 (in German)
Act of the collective investment schemes: approuval of message
The Federal council has approuved the message relatif to the new act of the colletive investment schemes. The parliament will discuss the new act for the first time during its winter session 2005. >
Media release of the FDF (in German or French) >
Message (in German or French)
Takeover Chamber confirms a recommendation of the Takeover Board concerning Saia-Burgess
On September 19, 2005, the Takeover Chamber of the Swiss Federal Banking Commission confirmed the Takeover Board's recommendation dated August 23, 2005 concerning Saia-Burgess according to which the amendments made on June 20, 2005 to its management’s employment contracts are improper defense measures.
Decision of the Takeover Chamber (in German) September 12, 2005
SFBC-Bulletin 47
The SFBC publishes in its latest bulletin various decisions on, amongst other themes, the guarantee of irreproachable business activity, the bank bankruptcy, the dilligence of auditors and the market abuse in securities dealing.
Comments to the draft-proposal for a SFBC-Circular "Internal Surveillance and Control" The SFBC publishes hereby several comments received in reaction to its draft of a Circular "Internal Surveillance and Control". Only comments, whose authors have explicitly agreed, are made public. Based on its provisional evaluation, the SFBC continues to believe the matter needs in substance to be covered by regulation. The SFBC shall analyse the valuable reactions more in detail and pick up the discussion about possible ways forward, in particular with the Swiss Bankers Association, at the appropriate moment.
September 5, 2005 SFBC issues for consultation the circular "Supervisory Reporting" SFBC publishes the draft of the circular "Supervisory Reporting". It defines the basis for the revised early information-reporting. The electronic data basis used for the standardisation of the risk-oriented supervision will be enhanced with data that have so far been available to the SFBC only on paper records. >
Covering letter (German / French)
Draft of the SFBC circular (German / French)
(annexe 1 German / French, annexe 2 German / French )
Draft of semi-annual reporting (individual basis German / French, consolidated basis German / French )
Eugen Haltiner new Chairman of the SFBC
Today the Federal Council elected Eugen Haltiner as the successor of Kurt Hauri.
Sumida rejects second recommendation of the Swiss Takeover Board Sumida Corporation also rejected the second recommendation of the Swiss Takeover Board dated July 27, 2005.
Media release July 26, 2005 Bank Bankruptcy Ordinance comes into force - new depositor protection scheme prepared The new Bank Bankruptcy Ordinance of the Swiss Federal Banking Commission (SFBC) is due to enter into force on August 1, 2005. This ordinance gives practical effect to the rules on the compulsory liquidation of banks set out in the Banking Act. The SFBC has also approved the Agreement on Depositor Protection for banks and securities dealers. The agreement, together with an amendment to the Banking Ordinance which has already been prepared, is scheduled to come into force on January 1, 2006. >
Bank Bankruptcy Ordinance (in German or French) July 25, 2005 Sumida partially rejects the recommendation of the Swiss Takeover Board
Sumida Corporation partially rejected the recommendation of the Swiss Takeover Board (TOB) dated July 15, 2005 concerning the public take over offer submitted to the registered shareholders of Saia-Burgess Electronics Holding AG.
Media release July 19, 2005 SFBC puts into force the circulars Auditing, Audit Report and Audit Companies at the beginning of 2006 The three circulars, which update and complete the foundation concerning the audit within the financial sector, have been subject of a trial run at 22 selected banks and securities firms. The SFBC-Circular 05/1 Auditing describes the object and procedure of the annual auditing of banks and securities dealers on an individual and group basis. The SFBC-Circular 05/2 Audit Report governs the form and content of the audit reporting. The SFBC-Circular 05/3 Audit Companies sets out the details of the recognition of audit companies and leading auditors as well as of the independence, supervision, assignment and changing of audit companies. The SFBC-Circular Audit Report replaces the currently valid SFBC-Circular 96/3 Audit Report. Whereas the SFBC-Circular Auditing and the SFBC-Circular Audit Companies are new and formalise the present practice. The SFBC-Circular Auditing and SFBC-Circular Audit Report are applicable to the audits of the year 2005 on a voluntary basis. >
SFBC circulars Auditing, Audit Report and Audit Companies (in German or French) July 1, 2005 Victory is exempted from the obligation to submit an offer Victory Industriebeteiligung AG is exempted from the obligation to submit an offer to the shareholders of Unaxis Holding AG. >
Media release June 24, 2005 SFBC Newsletter no 36
The SFBC publishes in its Newsletter no 36 information regarding the national quantitative study on the impact of the New Capital Accord "Basel II" (QIS-CH). The partial survey is conducted among 68 selected representative institutions. Basically though, the participation in the survey for QIS-CH is open to all banks and securities dealers. The newsletter informs about the conditions for participating in the survey and lists those banks and securities dealers for which the participation will be compulsory. >
SFBC Newsletter (in German or French) June 16, 2005 The SFBC publishes a policy statement in relation to structured products and other financial vehicles
The SFBC has approved and sent out for consultation a policy statement on the "Scope of application of the Federal Act on Investment Funds - Structured products and other financial vehicles". The objective of this policy statement is to allow for a clear distinction between structured products and other financial vehicles on the one hand, and investment funds on the other. >
Covering letter (German / French) >
Policy statement (German)
Summary of the policy statement (French)
May 4, 2005 SFBC issues for consultation the Circular "Internal Surveillance and Control" The SFBC Circular "Internal Surveillance and Control" emphasises the SFBC's expectation that Swiss banks should be at the forefront of Corporate Governance. However, the Circular Letter also offers reasonable scope for differentiation. Depending on the size and complexity of the supervised firm, it envisions various forms of exemption and relief. It regulates and elaborates on, among other things, the board of directors' independence, the audit committee function, internal audit's duties, the compliance function and whistleblowing procedures. >
April 28, 2005 Chairman of the SFBC Kurt Hauri to resign end of September Kurt Hauri, Chairman of the SFBC, will resign from his office as of September 30, 2005
Media release April 19, 2005 Media conference of the SFBC On April 19, 2005, the SFBC released its Annual Report 2004 and held a Media conference. The chapter on the key themes of the report is available in an English translation. The full report may be consulted in either German or French . Please find below the speeches given at the Media conference. >
Kurt Hauri, Chairman Regulation - circumspect and in tune with the market >
Jean-Baptiste Zufferey, Vice-Chairman Pragmatism, consultation and differentiation: keeping over-regulation in check >
Daniel Zuberbühler, Director Basel II - Swiss cuisine with something for all tastes April 18, 2005 SFBC issues a proposal for a Bank Bankruptcy Ordinance and an amendment to the BO for consultation
The SFBC releases to the public a draft of a SFBC Bank Bankruptcy Ordinance, drawn up by a working group appointed by the SFBC. The amendment to the Banking Ordinance (BO), which relates to the same context, is necessary to implement the new deposit protection system.
Covering Letter (German)
Draft of the SFBC Bank Bankruptcy Ordinance (German / French)
Report of the Working Group (German / French)
Draft amendment to the BO (German / French)
Report on the Draft amendment to the BO (German / French)
April 1, 2005 Partial amendment of IFO-SFBC becomes effective A partial amendment of the Investment Funds Ordinance of the SFBC (IFO-SFBC) will become effective today (in German or French). It was particularly harmonized with the amended EU investment funds directive and the use of credit derivatives is now allowed. March 15, 2005 Future regulatory and supervisory architecture of the Swiss financial centre
At the members' conference of the Swiss Funds Association in Berne, Kurt Hauri, Chairman of the SFBC, discussed the inevitable autonomous Swiss alignment with EU regulation governing investment funds, principle-based and rule-based regulation and the discrepancies between providers and distributors of fund products. >
Speech (in German only) March 11, 2005 Pragmatic solution for the Swiss financial centre The SFBC has issued its first securities trading licence to an asset manager of foreign collective investment schemes. This decision is in response to regulations being tightened up outside Switzerland and will not increase the regulatory burden. >
Media release March 4, 2005 SFBC Newsletter no 35
The SFBC publishes in its Newsletter no 35 information concerning the revised reporting forms for the early information-reporting, applicable to annual financial statements beginning on December 31, 2005. Additionally, selected data are electronically collected in accordance with the ARR-SFBC. These measures enable the SFBC to create the date basis needed for the development of its early warning system.
SFBC Newsletter (in German or French) February 22, 2005 SFBC survey on banks and securities dealers' audit costs The SFBC surveyed the 2003 audit costs charged by audit firms to banks and securities dealers. In comparison with the previous year, the analysis indicates a slight decrease of the audit costs. >
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