Reverse Solicitation In Switzerland

1. LEGISLATIVE FRAMEWORK

1.1 Key Laws and Regulations

FINMA as Regulator of the Banking Sector

Swiss Banks and Swiss branch offices or representative offices of foreign banks are subject to prudential supervision by the Swiss Financial Market Supervisory Authority (FINMA).

Principal Laws and Regulations for Banks

The Swiss Federal Banking Act of 8 November 1934 (Banking Act) and the ordinances issued under the Banking Act are the relevant pieces of legislation governing banks under Swiss law.

The key ordinances under the Banking Act include:

• the Swiss Federal Banking Ordinance of 30 April 2014 (Banking Ordinance);
• the Capital Adequacy Ordinance of 1 June 2012 (Capital Adequacy Ordinance), covering the rules on capital requirements for all banks and securities firms, including banks of systemic importance;