Initiation of consultation on amending Banking Ordinance (fintech authorisation)
Bern, 21.06.2018 - On 15 June 2018, Parliament included provisions for promoting innovation in the Banking Act, together with the Financial Services Act and the Financial Institutions Act. A newly created authorisation category will enable companies that are not banks to accept public funds of up to CHF 100 million. The Federal Department of Finance (FDF) initiated a consultation on 21 June 2018 in order to adapt the Banking Ordinance accordingly.
The Federal Council held a fintech consultation in February 2017. It contained three measures to promote innovation in the financial sector and remove barriers to market entry for fintech firms. The extension of the holding period for settlement accounts and an authorisation-free innovation area (sandbox) were brought into force on 1 August 2017 with an amendment to the Banking Ordinance.
The third measure – a new authorisation category with simplified requirements in the Banking Act – was discussed by Parliament together with the Financial Services Act and Financial Institutions Act, and was adopted with these laws on 15 June 2018. In the future, companies that operate beyond the core activities characteristic of banks should be granted authorisation under certain simplified conditions in order to be able to accept public funds of up to a maximum of CHF 100 million on a professional basis. In addition, the scope of the Consumer Credit Act was extended to include crowdlending.
In order to implement the legislative amendments, the Banking Ordinance, among other things, must be amended. The FDF initiated a corresponding consultation on 21 June 2018. It will run until 21 September 2018. In the interests of the market participants concerned, the new rules should thus be able to come into force already on 1 January 2019.
Address for enquiries
Frank Wettstein, Communications, State Secretariat for International Financial Matters SIF
Tel. +41 58 462 38 56, firstname.lastname@example.org
State Secretariat for International Financial Matters