Swiss Authorities Issue Regulatory Updates for Financial Entities
The Swiss Financial Market Supervisory Authority (FINMA) issued statements on the extension of protective measures at Sberbank (Switzerland) AG as well as on the changing ownership of Sberbank (Switzerland) AG. In addition, the Swiss Federal Council issued the implementing provisions in various ordinances related to the Anti-Money Laundering Act. The Federal Council also adopted a framework for issuance of green Confederation bonds, with the first bond scheduled to be issued in Autumn 2022.
Below are key highlights of the recent updates:
- FINMA informed that it has temporarily lifted its protective measures at Sberbank (Switzerland) AG from September 02, 2022 to September 05, 2022 to enable the sale of Sberbank (Switzerland) AG to go through. The Russian parent company of Sberbank (Switzerland) AG is selling its holding to Geneva-based m3 Groupe Holding SA. The restructured bank will continue its operations on the basis of the existing FINMA license under the new name of TradeXBank AG. FINMA is closely overseeing the transaction and has temporarily lifted the protective measures it imposed in March 2022 to protect the bank's creditors.
- During a meeting on August 31, 2022, the Federal Council brought the revised Anti-Money Laundering Act (AMLA) and the amended Anti-Money Laundering Ordinance (AMLO) into force with effect from January 01, 2023. The Federal Council brought the first part of the revised AMLA into force on January 01, 2022 and the main part will follow on January 01, 2023. The Federal Council is issuing implementing provisions in various ordinances, including on reporting, on the introduction of a control mechanism for the purchase of precious metal scrap, and on the new mandate of the Central Office for Precious Metals Control as a money laundering oversight authority. The duties in the event of a suspicion of money laundering will no longer be set out in ordinances of the supervisory authorities; instead, they will be regulated by the Federal Council.
- By issuing the Green Confederation bonds, the Federal Council intends to promote the application of international standards on the Swiss capital market and encourage private-sector players to issue their own green bonds. The framework adopted by the Federal Council forms the basis for issuing green Confederation bonds in the future. It shows how the bonds will be integrated into the federal government's sustainability strategy, which green expenditure from the federal budget can be allocated to green Confederation bonds and how this expenditure will be reported. The precise specifications for the first issue (volume, maturity, coupon) will depend on the Confederation's funding requirements and the prevailing market conditions at the time of issuance.
Related Links
- Press Release on Protective Measures at Sberbank
- Press Release on Sale of Sberbank
- Press Release on Anti-Money Laundering Act
- Press Release on Green Confederation Bond
Keywords: Europe, Switzerland, Banking, Regulatory Capital, Sberbank, Anti Money Laundering Act, ESG, Credit Risk, Green Bonds, AML CFT, Sustainable Finance, Swiss Federal Council, FINMA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Trevor Howes
IFRS 17 technical advisor; AXIS actuarial modeling system expert; extensive experience in life insurance and life reinsurance, with focus on modeling, valuation, and financial reporting
Previous Article
MNB on Application Date Changes of Modules Under EBA Framework 3.2Related Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
