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Swiss Financial Regulation and Fintech: A Summary

The Swiss financial regulatory framework is overseen by FINMA (Financial Market Supervisory Authority). Here are key points regarding Swiss financial regulation and Fintech:

Overall Regulatory Framework

• The BankA and BankO Ordinances regulate banks, while the CISA governs investment funds.
• A new fund category, the “Limited Qualified Investor Fund” (L-QIF), was introduced to simplify the establishment of investment funds for qualified investors.

Systemically Important Banks

• Switzerland has a policy mix of stringent capital requirements and liquidity ratios to address systemically important banks (SIBs).
• Total Loss-Absorbing Capacity (TLAC) requirements were phased in to ensure sufficient capital is available for SIB resolution.
• Unlike other jurisdictions, the Swiss framework did not impose explicit requirements on ring-fencing or bans on proprietary trading.

Resolution Stay and Bail-in

• FINMA was granted authority to order a resolution stay and bail-in unsecured claims.
• The resolution stay powers extend to all agreements, while bail-in is limited to certain financial arrangements.
• Contractual recognition of both resolution stays and bail-in is not required under Swiss law.

Fintech

• Amendments eased the regulatory regime for Fintech providers by introducing a third-party monies exemption (up to 60 days) and expanding the “sandbox” exemption for firms accepting deposits from the public.
• A new Fintech license was introduced with more lenient requirements, applying to institutions holding deposits of less than CHF 100 mn.

Note that this summary only covers the available text and might not reflect the complete or updated regulatory landscape in Switzerland.