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ARTICLE · 18 JULY 2017

FinTech – First Part Of New Regulation Enacted

Bär & Karrer Ltd.
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On 5 July 2017, the Swiss Federal Council (Bundesrat) amended the Swiss Federal Banking Ordinance to ease the Swiss regulatory framework for providers of innovative financial technologies...

SwitzerlandTechnology
Eric Stupp
Eric Stupp
Peter Hsu
Peter Hsu
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On 5 July 2017, the Swiss Federal Council (Bundesrat) amended the Swiss Federal Banking Ordinance to ease the Swiss regulatory framework for providers of innovative financial technologies (FinTech; see our briefings in November 2016 and February 2017).

Specifically, the following elements of the new FinTech regulation have now been adopted and will enter into force on 1 August 2017:

  1. longer maximum holding period of third party monies in settlement accounts without qualifying as client deposits: 60 days instead of seven; and
  2. creation of a regulatory sandbox by allowing, subject to certain safeguards, the acceptance of client deposits in an amount of up to CHF 1 million without triggering a banking licence requirement.

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