CapLaw-2012-3

On 16 January 2012 the Swiss Financial Market Supervisory Authority FINMA has opened the consultation on the global revision of the Banking Insolvency Ordinance FINMA (BIO-FINMA). The revision becomes necessary due to the following amendments to the Banking Act: On 1 September 2011, important new provisions on bankruptcy and restructuring laws provided in the Banking Act entered into force (referred to as deposit protection scheme bill). As per 1 March 2012 various parts of the Banking Act have again be amended as part of the “too-big-to-fail” bill. The proposed draft of the BIO-FINMA shall implement more detailed provisions in particular…

In January 2012 FINMA announced that it sanctioned a Swiss insurance company and its directors for their improper behaviour relating to an employee participation program in connection with a contemplated merger with another Swiss health insurance carrier. This article discusses the cause for this decision and its legal foundations.