Hearing on total revision of Banking Ordinance

Bern, 29.10.2013 - Today, the Federal Department of Finance initiated a hearing on the total revision of the Banking Ordinance. The revision will implement the new accounting legislation applicable for banks, as well as the regulations for unclaimed assets adopted by parliament during the spring session. Moreover, the Banking Ordinance will be revised formally and editorially. The hearing will run until 31 December 2013.

The revision of the Banking Ordinance implements at ordinance level the new accounting provisions for banks in Article 6-6b of the Banking Act with reference to the Code of Obligations. Furthermore, it governs the specific details regarding the prerequisites and procedure for liquidating unclaimed assets, for which parliament eventually found a statutory solution on 22 March 2013 with Article 37m of the Banking Act. The revision also specifies the transfer of unclaimed assets to another bank, for which parliament created a legislative basis back in 2011 in the form of Article 37l of the Banking Act.

At the same time, the Banking Ordinance, which dates back to 1972, will be corrected and revised formally and editorially. It should come into force on 1 January 2015 together with the new Article 37m of the Banking Act.

Address for enquiries

Roland Meier, Media Spokesperson FDF,
+41 31 322 60 86, roland.meier@gs-efd.admin.ch