Switzerland

The Swiss insurance market achieved stable results overall in 2021. This is true both of the technical results and the gains from investment activity.

The owners of Sberbank (Switzerland) AG are selling the institution to Geneva-based m3 Groupe Holding SA. The new owners will continue the bank’s operations, but under a new name.

The Swiss Financial Market Supervisory Authority FINMA has concluded enforcement proceedings against the CSS Group company operating in the supplementary health insurance business.

The transitional period for licensing portfolio managers and trustees comes to an end in December 2022.

The Swiss Financial Market Supervisory Authority FINMA is adjusting its implementing regulations in the area of capital requirements for banks.

The Swiss Financial Market Supervisory Authority FINMA is enabling Sberbank (Switzerland) AG to settle claims of non-sanctioned creditors.

The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has appointed Marianne Bourgoz Gorgé and Alain Girard as new members of the Executive Board.

Coutts & Co Ltd has seriously breached money laundering regulations by failing to carry out adequate background checks into business relationships and transactions associated with Malaysian sovereign

Rupert Schaefer has decided to leave the Swiss Financial Market Supervisory Authority FINMA on 31 August 2022.

The Swiss Financial Market Supervisory Authority FINMA is revising its circular on the operational risks of banks, in order to incorporate the latest principles of the Basel standards.

The Swiss Financial Market Supervisory Authority FINMA is amending the FINMA Financial Market Infrastructure Ordinance.

At the end of the year the transitional period for licensing portfolio managers and trustees will come to an end.