Aggregated News From Investment Management Regulators

FINMA Guidance: temporary exemptions for banks due to the COVID-19 crisis

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In FINMA Guidance 02/2020, the Swiss Financial Market Supervisory Authority FINMA provides the banks with clarifications for dealing with the COVID-19 credits with federal guarantees within the framework of the capital and liquidity requirements, and on temporary exemptions relating to the leverage ratio and on risk diversification requirements. FINMA also provides information about the expected credit loss approach under IFRS 9 and its application in the context of the COVID-19 crisis.

Distribution of dividends

Moreover, FINMA reiterates that the capital freed up through this relief in the leverage ratio calculation is not to be distributed. For banks whose shareholders approved after 25 March 2020 dividends or other similar distributions relating to 2019, or who plan to seek such shareholder approval, the capital relief will be reduced by the amount of the said distributions.

Regulator Information

Abbreviation: FINMA
Jurisdiction: Switzerland

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