Swiss market regulator Finma has issued a CHF6.5m (€6.07m) fine to Swiss banking group Coutts & Co in a money laundering case linked to Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB). Finma considered Coutts has seriously breached money laundering regulations by failing to carry out adequate background checks into business relationships and transactions associated with Malaysian […]
Swiss financial market supervisor Finma has initiated bankruptcy proceedings against Zurich based private bank Hottinger & Cie, due to a risk of the bank becoming overly indebted, the regulator confirmed today. Finma stated that the regulator had been aware of the bank’s failure to meet minimum capital requirements for a sustained period, resulting in unsuccessful […]
Regulation has fundamentally altered the Swiss asset management landscape in recent years. However, further adjustment toward European standards comes with warnings of consolidation In contrast to many of its European counterparts, the Swiss asset management industry is dominated by a multitude of independent asset managers, and until recently, its regulatory framework has allowed the industry to develop in relative independence from […]
The British Financial Conduct Authority (FCA), Swiss Finma and US Commodity Futures Trading Commission (CFTC) have imposed fines of £1.1bn (€1.39bn), CHF134m(€111.4m) and $1.4bn (€1.122bn) respectively on five global banking institutions for failures in their FX trading operations. The banks are accused of failing to control their business practives in their G10 spot foreign exchange […]
The Swiss Financial Market Supervisory Authority FINMA has now appointed Peter Giger as deputy CEO, completing the appointments to its executive board.
The Swiss Financial Supervisory Authority FINMA has appointed Philippe Egger to its board of directors as of 1 Mary 2014.
The board of directors of the Swiss Financial Markets Supervisory Authority, Finma, has unanimously appointed former UBS banker Mark Branson as CEO as of 1 April 2014.
Limmat Capital Alternative Investments has gained Swiss Financial Market Supervisory Authority (Finma) approval as an asset manager of foreign collective investment schemes.
The EU and Swiss financial regulators have agreed terms on the cross-border supervision of alternative funds, including hedge funds, private equity and real estate funds, FINMA has said in a statement.
Guy Lachappelle, head of institutional clients at Basler Kantonalbank, has been appointed interim chief executive, replacing Hans Rudolf Matter.
Renaissance Asset Managers has gained registration to distribute five of its Ucits funds in Switzerland, following the opening of an office in Zurich in February.
Amendments to the Swiss rules for funds will bring the market into line with the EU’s AIFM directive which comes into force in July 2013. The revision includes changes to licensing and distribution.