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SWISS FINANCE LAW AND INTERNATIONAL STANDARDS
Update
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Stämpfli Publishers Ltd., Berne, 2005
Update of January 2005 |
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Forward
Finance law is in a constant state of flux and Swiss Finance Law, which continues to be a subject of interest and concern to more and more people, has been rapidly developing to accommodate international changes in the field. As a service to the reader, I have thus decided to present an update of "Swiss Finance Law and International Standards" on the Internet. This update provides a selection of the more important and relevant Swiss and International law developments in finance market law since the 2002 publication. The updated paragraphs are set forth below with lettered paragraphs corresponding to those in the individual chapters (e.g., § 6 N 24a, §6 N 24b etc.); when following from the end of a chapter, new paragraphs are numbered.
Among the new developments included herein are the following:
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The FSSA (Financial System Stability Assessment) Report, published in Spring 2002 (§3 N 105a et seq.);
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The WTO´s Fifth Ministerial Conference held in Cancún, 10 to 14 September 2003. (§ 4 N 62b et seq.);
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The July 2004 report and first draft for a Federal Act on Dormant Assets to the Federal Finance Department (§ 5 N 56a);
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The June 2004, European Commission´s tenth and final progress report (completing almost all legislative measures in the FSAP) (§6 N 26a);
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The new EU Directive 2004/39/EC on Markets in Financial Instruments, (§ 6 N 92a);
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The recently enacted (1 May 2004) Federal Act on the Swiss National Bank (NBA) (§ 8 N 60a);
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The July 2003 Zimmerli Commission (first) report on an integrated financial market regulator, together with the draft for a Federal Law on Financial Market Supervision (FINMAG) (§ 9 118b);
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The November 2002 draft and report of the Swiss Federal Council concerning revision of the banking law applicable to bankruptcy and restructuring of banks as well as to depositor protection and a discussion of the new BankA provisions (with parliamentary approval of 3 October 2002;entry into force on 1 July 2004) (§ 10 N 202a);
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New provisions on the supervision of systems for clearing and settlement into the new National Bank Act of 3 October 2003 and the subsequent amendments to the BankA and the SESTA (§ 12 N 68a); the ongoing consolidation in the field of stock exchanges (chapter 12 N 39b, 41a), clearing and settlement organizations (§ 12 N 64a);
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The new national (§ 13 N 29a and N 34a) and international (§ 13 N 3a, 27a and 28a) directives, standards and reports in the area of corporate governance;
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The new Federal Act on Merger, De-merger, Transformation and Transfer of Assets, entry into force on 1 July 2004 (§ 13 N 221a);
E-Mail:
peter.nobel@uni-sg.ch |
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§ 2 |
Facts and Figures
53
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§ 3 |
The Bretton Woods Institutions and Swiss Participation
16a
18a
47a
60a
61a
63a
74a
76a
95a
105a
105b |
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§4 |
WTO, GATS and the Participation of Switzerland
1a
9a
10a
11a
62a
62b
62c
62d |
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§5 |
Switzerland and the Dispute on Holocaust-Related Claims, 1996-2005
40a
49a
56a
58a
59a |
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§6 |
European Union Financial Services Law
22a
24a
24b
26a
50a
50b
50c
65a
65b
66a
81a
82a
85a
92a
92b
100a
101a
109a
109b
109c
109d
113a
113b
126a
128-129a
128-129b
130a
131-135a
136a
136b
137a
140a
140b
140c
141a
160a
163a
164a
165a
166a
167a
167b
168a
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§7 |
International Initiatives for Enhanced Cooperation and International Standards (BIS, IOSCO, Joint Forum)
1a
13a
14a
39a
51a
54a
63a
91a
102a
105a
111a
111b
111c
111d
111e
111f
112a
115a
123a
134a
146a
146b
146c
146d |
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§8 |
The Swiss National Bank (SNB) and the Monetary System
1a
2a
3a
4a
4b
34a
41a
60a
64a
64b
64c |
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§9 |
The Federal Banking Commission (FBC) as a Financial Market Supervisory Authority
1a
7a
8a
8b
9a
16a
27a
27b
27c
27d
39a
43a
51a
51b
54a
57a
69a
70a
74a
79a
84a
100a
103a
103b
118a
118b
118c
118d
118e
123a
124a
128a
130a
169a |
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§ 10 |
Banks and Banking Supervision
6a
7a
13a
19a
20a
21a
21b
21c
24a
27a
33a
36a
42a
42b
42c
81a
85a
85b
105a
105b
170a
202a
221a
245a
246a
246b
262a
269a
269b |
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§11 |
The Federal Act on Stock Exchanges and Securities Trading (Overview and Organization of Authorities)
17a
17b
17c
21a
29a
45a |
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§12 |
Stock Exchange Alliances: Towards a Pan-European Capital Market
28a
28b
34a
34b
36a
39a
41a
41b
42a
64a
66a
68a
68b
70a
70b
70c
75a |
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§13 |
The Corporation as a Financial Vehicle in the Capital Market (Issuer)
3a
23a
27a
28a
29a
34a
38a
82a
91a
94a
120a
126a
140a
151a
175a
221a
226a
231a
238a
243a et seq.
257a et seq.
270a et seq.
306a
307a
308a
309a
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§14 |
The Legislation on Investment Funds
1a
2a
5a
5b
16a
19a
28a
30a
38a
59a
59b
77a
88
89
90
91
92
93
94
95
96
97
98
99
100 |
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§15 |
Criminal Law Protection of the Financial Market
1a
12a
14-15a
20-27a
45a
58a
67a
75a
85a
102a
111a |
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Swiss Finance Law and International Standards |
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§ 2 Facts and Figures |
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53 |
The more recent statistics of significance with regard to facts and figures in connection with Swiss Finance law and International Standards are found in the following sources:
-SWISS NATIONAL BANK (SNB), 96th Annual Report, 2003, www.snb.ch/d/download/bericht03/e/gb2003.pdf;
-SNB, The Banks in Switzerland 2003, Bern 2003, www.snb.ch/e/publikationen/publi.html;
-SWX, Geschäftsbericht (annual report) 2002, Zürich 2003; monthly reports (including those for 2004) are available at www.swx.com/market/downloads_monthly_04_en.html; and
-INTERNATIONAL INSTITUTE FOR MANAGEMENT DEVELOPMENT (IMD), IMD World Competitiveness Yearbook 2003, available through www02.imd.ch/wcc/.
(For further information concerning the above, see also www.imd.ch; www.swx.ch; www.snb.ch) |
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§ 3 The Bretton Woods Institutions and Swiss Participation |
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16a |
The current director is Rodrigo de Rato y Figaredo (since 7 June 2004)
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18a |
On 15 July 2004, SDR 1 corresponded to USD 1.48 (see The International Monetary Fund SDR Valuation, 15 July 2004, p. 1, www.imf.org/external/np/tre/sdr/basket.htm. The value of the SDR in USD is calculated and posted daily on this web site). |
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