Examples of Swiss Banking Act in a sentence
Under the Swiss Banking Act, the Swiss Financial Market Supervisory Authority FINMA is able to exercise broad statutory powers with respect to Swiss banks and Swiss parent companies of financial groups, such as UBS AG and UBS Group AG (i.e. our holding company), if there is justified concern that the entity is over-indebted, has serious liquidity problems or, after the expiration of any relevant deadline, no longer fulfils capital adequacy requirements.
The Issuer and the Securities are subject to the Swiss Banking Act and the Swiss Financial Market Supervisory Authority's ("FINMA") bank insolvency ordinance, which empowers FINMA as the competent resolution authority to in particular apply under certain circumstances certain resolution tools to credit institutions.
Treatment of assets in safekeeping accounts in case of involuntary liquidation of the Bank In the event of involuntary liquidation of the Bank, valuables in custody accounts as defined in article 16 Swiss Banking Act (SBA), such as movable assets, securities and claims of the account holder held on a fiduciary basis, are segregated in favor of the Bank’s customers and will therefore not form part of the Bank’s bankruptcy estate.
Furthermore, as a bank, we are subject to various legal obligations, meaning statutory requirements (e.g. the Swiss Banking Act, Collective Investment Schemes Act, Anti-Money Laundering Act, Mortgage Bond Act, FINMA ordinances and circulars, tax laws) and bank regulatory requirements (e.g. Swiss National Bank, FINMA).
If a payment token is structured as a “stable coin” with a link to certain underlying assets, further requirements may apply, as detailed in recent FINMA guidance (see also question 8): Where a stable coin is backed by currencies and the holder of the coin has a right of redemption at a fixed price against the issuer, the latter may be deemed to have accepted deposits from the public, an activity requiring a license as a bank pursuant to the Swiss Banking Act.
Among other powers, the FINMA has the power to grant and withdraw banking and securities dealing licenses, enforce the Swiss Banking Act and SESTA and issue further regulatory requirements through FINMA Circulars.
Switzerland's depositor protection scheme is explained in detail at www.esisuisse.ch.▪ The Client is informed, understands and accepts that under article 37b of the Swiss Banking Act, in case of insolvency of a Swiss bank the book entry securities deposited in an account opened in a client’s name are generally segregated from the bank’s estate and that any money in the bank’s books will normally fall into bankruptcy estate.
UBS Group AG and its subsidiaries are subject to consolidated supervision by FINMA under the Swiss Federal Law on Banks and Savings Banks ("Swiss Banking Act") and the related ordinances that impose, among other requirements, minimum standards for capital, liquidity, risk concentration and organizational structure.
The Issuer and the Securities are subject to the Swiss Banking Act and the FINMA bank insolvency ordinance, which empowers FINMA as the competent resolution authority to in particular apply under certain circumstances certain resolution tools to credit institutions.
Under certain circumstances, the Swiss Banking Act and FINMA's bank insolvency ordinance authorize FINMA to modify, extinguish or convert to common equity the liabilities of a bank in connection with a resolution or insolvency of such bank.