Federal Council brings amendments to Banking Act and Banking Ordinance into force with effect from 1 January 2023
Bern, 23.11.2022 - During its meeting on 23 November 2022, the Federal Council brought the amendments to the Banking Act and Banking Ordinance into force with effect from 1 January 2023. This anchors the insolvency provisions for banks at legislative level and strengthens deposit insurance.
Parliament adopted the amendments to the Banking Act on 17 December 2021. As a result of the amendments to the Banking Act, the Banking Ordinance also needs to be amended.
The implementing provisions mainly comprise definitions and more precise formulations on deposit insurance. For example, there are stipulations for banks on how to make preparations to ensure the swift payout of insured deposits in the event of insolvency. Furthermore, there are new provisions enabling cantonal banks to issue special financial instruments for resolution which are tailored to their special legal status. In addition, the financial and organisational requirements for unsupervised, important companies belonging to a systemically important banking group have been fleshed out. Finally, the amendments also concern big banks, as their rebate on certain capital requirements is replaced with an incentive system.
The Federal Council has now brought both the Banking Act and the Banking Ordinance into force with effect from 1 January 2023.
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