Swiss Federal Council to Improve Framework for DLT/Blockchain
The Federal Council of Switzerland adopted the dispatch on the adaptation of federal law to developments in distributed ledger technology (DLT). This federal legislation, which is designed as a blanket framework, proposes specific amendments to nine federal acts, covering both civil law and financial market law. Parliament will probably examine the proposal for the first time in early 2020. The proposal was aimed at increasing legal certainty, removing barriers for applications based on DLT and reducing the risk of abuse. The proposal was revised and refined in a number of areas.
In December 2018, the Federal Council published a report on the legal framework for blockchain and DLT in the financial sector. It emphasized that it wanted to create the best possible framework conditions so that Switzerland can establish itself and evolve as a leading, innovative and sustainable location for fintech and DLT companies. Moreover, it wanted to consistently combat abuses and ensure the integrity and good reputation of Switzerland as a financial center and business location. Among other things, the report showed that Switzerland's current legal framework was already well suited to dealing with new technologies, including DLT. Nevertheless, it also pointed out the need for action in certain areas, which is why the Federal Council already submitted a series of amendments to existing legislation for consultation in March 2019. However, it refrained from drawing up a specific technology act. Some 80 responses were received during the consultation process. All the participants welcomed the Federal Council's proposal in principle.
Related Links: Press Release
Keywords: Europe, Switzerland, Banking, DLT, Blockchain, Fintech, Swiss Federal Council
Previous Article
HKMA Outlines Principles for Application of Artificial IntelligenceNext Article
SRB Launches Q&A Process for Resolution ReportingRelated Articles
BIS and BoE Launch Innovation Hub in London
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB Recommends Reciprocation of Certain Macroprudential Measures
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
EC Publishes Regulation on Key Aspects of Implementation of SA-CCR
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS Consults on Prudential Treatment of Cryptoasset Exposures
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA Revises List of Validation Rules for Reporting
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
Banking Authorities and Private Sector Collaborate on Wholesale CBDC
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs Publish Amended Implementing Standards on Mapping of ECAIs
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).
EBA Revises Guidelines on Major Incident Reporting Under PSD2
EBA published revised guidelines on major incident reporting under the Payment Service Directive (PSD2).
BCBS Updates Supporting Information for G-SIB Assessment in June 2021
BCBS updated the year-end and annual average exchange rates in context of the global systemically important bank (G-SIB) assessment exercise.
HKMA Revises Implementation Timeline for Basel Standards
HKMA issued a circular informing the industry about its intention to revise the target effective dates for the revised frameworks on credit risk, operational risk, output floor, leverage ratio, market risk, and credit valuation adjustment risk.
