Statutory Revisions

  • Liquidity Ordinance: In late November 2012, the Federal Council adopted the liquidity ordinance which transforms the Basel III liquidity requirements into Swiss law. It establishes the basis for the introduction of a liquidity coverage ratio (LCR) by 2015 and a net stable funding ratio (NSFR) by 2018 for all Swiss banks. These principles already apply to the two big Swiss banks on the basis of agreements reached with the Swiss Financial Market Supervisory Authority (FINMA) but will be transformed into the ordinance. The ordinance will gradually enter into force from 1 January 2013. The requirements which apply specifically to systemically relevant banks (SIBs) are subject to approval by the Federal Parliament. It is expected that the ordinance will be amended in 2013/2014 to include the final LCR rules on the basis of the final Basel Committee on Banking Supervision (BCBS) rules but including specific FINMA requirements.
  • Collective Investment Schemes Act and Implementing Ordinance (CISA and CISO): It is expected that the revised CISA will enter into force in early 2013. The revised CISA shall enter into force simultaneously with the CISO of which a draft is expected to be circulated for consultation before year-end.
  • Bank Insolvency Ordinance FINMA (BIO-FINMA): BIO-FINMA entered into force on 1 November 2012 (see CapLaw-2012-31).
  • Insurance Bankruptcy Ordinance FINMA (IBO-FINMA): IBO-FINMA will enter into force on 1 January 2013 (see CapLaw-2012-33).

(Reference: CapLaw-2012-56)