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ARTICLE · 01 MARCH 2017

Fintech – Federal Council Opens Consultation

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On 1 February 2017, the Federal Council launched a public consultation on proposed amendments to the BA and the BO, which seek to ease the Swiss regulatory framework for providers...

SwitzerlandTechnology
Peter Hsu
Peter Hsu
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On 1 February 2017, the Federal Council launched a public consultation on proposed amendments to the Banking Act (BA) and the Banking Ordinance (BO), which seek to ease the Swiss regulatory framework for providers of innovative financial technologies (FinTech), e.g. crowdfunding and crowd-lending, electronic payment services, robo-advice and crypto-currencies. This legislative project aims to implement the proposals of the Federal Council announced on 2 November 2016 (see Bär & Karrer Briefing November 2016), which should strengthen the competitiveness of the Swiss financial centre. The consultation will last until 8 May 2017.

The proposed amendments to the Banking Act (Draft BA) and the Banking Ordinance (Draft BO; together the Draft Rules) build on the three pillar approach to support FinTech that was presented by the Federal Council in November 2016 by creating two exemptions from the requirement to obtain a banking licence in connection with certain

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