Region: Switzerland

EBA gets international pushback on third country equivalence

Banking associations from Japan, the United States and Switzerland have criticised post-Brexit proposals by the European Banking Authority to centralise equivalence assessments for non-EU banks’ local branches within the bloc.

22 September 2021

FINMA approves first digital securities depository

Zurich-based FMI operator Six, advised by Heuking Kühn Lüer Wojtek, has obtained the first-ever Swiss licence for a central securities depository to use distributed ledger technology to support digital currencies.

13 September 2021

“Persistent failure”: Paul Weiss report shows how Credit Suisse overlooked Archegos risks

Credit Suisse exercised a “persistent failure” to manage and remediate identified risks associated with Archegos Capital before its eventual collapse, according to an independent external investigation conducted by Paul Weiss.

29 July 2021

Community round-up: senior hires at FINMA and Bank of Canada

The secretary-general of the Basel Committee on Banking Supervision and the CEO of insurer Zurich are set to take senior roles at the Bank of Canada and Swiss regulator FINMA respectively.

19 July 2021

CBDCs get BIS seal of approval

The Bank for International Settlements has backed two-tier central bank digital currencies, with its head of research calling them “a concept whose time has come”.

24 June 2021

Basel urges strict “cliff edge” two-tier cryptoasset regulation

Banks with cryptoasset exposure will be heavily regulated – and have to maintain the full value of crypto held – under new proposals from the Basel Committee, which predict increasing risk to banks from the volatile assets.

14 June 2021

Facebook’s Diem makes a leap for the US

Facebook-backed digital currency project Diem – formerly Libra – has withdrawn its payment system licence application in Switzerland, instead announcing a shift to the United States alongside a partnership with crypto-friendly bank Silvergate.

14 May 2021

Greensill and Archegos losses prompt Credit Suisse class action

Credit Suisse is facing a proposed class action in New York, over allegations it hid defects in its risk policies so it could extend excessive leverage to trade finance provider Greensill and family office Archegos Capital.

21 April 2021

BaFin’s hire of FINMA head a “quantum leap” for German banking

Germany’s government has recruited the head of Switzerland’s financial markets authority to lead its own watchdog BaFin.

24 March 2021

Bitcoin Suisse bank licence bid blocked over AML weaknesses

Switzerland’s banking regulator has told crypto broker Bitcoin Suisse its application for a banking licence is “ineligible for approval”, after it uncovered weaknesses in its money laundering defence mechanisms.

18 March 2021

Get unlimited access to all Global Banking Regulation Review content