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FINMA Guidance 06/2020: extension or discontinuation of exemptions due to the COVID-19 crisis

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The Swiss Financial Market Supervisory Authority FINMA is publishing further guidance in the context of the COVID-19 crisis containing adjustments to the periods for various exemptions already granted and specifying in more detail how the net stable funding ratio (NSFR) is calculated.

In Guidance 06/2020 of 19 May 2020, FINMA adjusts the periods of various exemptions already granted. Clients are continuing to hold unusually large deposits with Swiss banks. FINMA is therefore extending the exemption for the calculation of the leverage ratio (exclusion of central bank reserves) for all banks until 1 January 2021 (previously 1 July 2020). As there is no longer any broad use being made of the exemptions concerning risk diversification at banks, these are not being extended. However, institutions can request specific exemptions in individual cases. The exemption concerning market risks is to be incorporated into future supervisory practice. FINMA has granted exemptions in the area of anti-money laundering for the opening of new client relationships. These will be extended for specific situations, in particular for foreign clients, in order to return gradually to the normal opening procedure. FINMA is also setting out in more detail the handling of durations for loans procured as part of the SNB’s COVID-19 refinancing facility (CRF) for calculating the net stable funding ratio (NSFR).

Regulator Information

Abbreviation: FINMA
Jurisdiction: Switzerland

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