Minutes

The meeting's minutes are now available: PDF


Agenda


UPDATE: Agenda update: DOC - Agenda and Annexes update: DOC - Annex 8 update: DOC

Agenda and Annexes: DOC

Based upon the present situation, the AFBS Group meeting will take place as a Zoom video conference ; this appears to be the most commonly used and easy to access application. We will send dial-in details shortly prior to the meeting. To prepare yourself please make sure you are able to connect with www.zoom.com. Please contact the Secretariat if you have questions.

0. Minutes

The Minutes of the past meeting were published on AFBSecure on 6 February 2020 ( LINK ).

1. Commissions and Working Groups

Information on the following Commissions and Working Groups

  • SBA Legal Commission: René Schwab
  • CDB: Christian Zuber
  • esisuisse: AFBS Secretariat

2. COVID19

What is the impact of the COVID19 pandemic on the banks and their internal organisation, processes and procedures, third party interaction (client, business partners, outsourcing, providers, …).

The FINMA issued three Guidances 02, 03, 04/2020. They offer extended deadlines for regulatory and supervisory action; their applicability is limited in time.

Info: FINMA: DE FR IT EN and AFBSummary: LINK and AFBS Info: Annex 1: DOC.

Members are invited to share views and experiences. Discussion shall focus on:

  • Processes and procedures regarding client identification
  • Recognition of digital signature and authentication by notary public or other instances
  • Practical challenges with regards to home-office
  • Third party conferencing infrastructure and document sharing
  • Regulatory reporting duties and deadlines
  • Supervisory action
  • Implementation of FINMA Guidance
  • The crisis and management / fight of fraud attempts and money laundering
  • Organisation of end of lockdown and return to the office
  • Capital Planning, Intra-Group transfers such as dividend payments to parent company
  • Outlook

3. Shareholder Rights Directive SRDII

The revision of the EU Shareholder Rights Directive SRD introduces obligations of transfer of information between issuer and investor. Companies are entitled to collect information on the shareholders in order to provide information on corporate events and assure exercise of shareholder rights. The entire chain of intermediaries is held to forward information; the intermediary is held to assure the information reaches the end-investor. The Directive applies to companies incorporated in the EU whose shares are listed on an EU stock exchange as well as to third country intermediaries if they provide such services.

Info : AFBS Info SRDII: DOC – The SBA mandated to legal opinions from Clifford Chance: LO I: DOC – LO II: DOC

The AFBS Group members are invited to share views and discuss.

4. AML

The AFBS Group is invited to share views and collect input on the following points:

In its Annual Report the FINMA presents the revised audit approach towards AML audit. It intends to adopt a risk-oriented approach which distinguishes between formal and material aspects and which offers room for in-depth audits along five modules: monitoring of foreign booking centres; identification rules; complex structures; politically exposed persons; trade finance.

The Anti-Money Laundering Reporting Office MROS issued for comments a draft paper (Annex 5: DOC) suggesting the creation of a joint task force. Can experiences from other financial centres be shared? What expectations do banks have? How should the foreign banks position themselves.

5. Review FMIA

The SIF is preparing a revision of the Financial Market Infrastructure Act. It has therefore mandated PWC to conduct a survey among participants. The revision intends to follow up on international developments as well as to replicate technical developments.

Cover letter and survey are in Annex 6 DOC and Annex 7 DOC. The AFBS Group is invited to discuss and to submit comments to the Secretariat. This is the opportunity to also identify other challenges relating to the FMIA. The Secretariat will collect input and submit to PWC in aggregate and anonymised form.

6. Information of Heirs

The Swiss Federal Tribunal ruled that access to information by heirs is restricted to such information which can help them to exercise a claim to reduction or to call into question the bank's liability. In other cases, the deceased's right to confidentiality prevails. See the Court Ruling in Annex 8: DOC.

The AFBS Group is invited to share views and discuss.

7. FINMA Panel Private Banking

The SBA Steering Committee Private Banking will have a meeting with the FINMA. The AFBS Group is invited to suggest points of interest to be raised. We will collect your input and submit to the SBA for the agenda.

8. FinSA / FinIA

AFBS Groups for the implementation of the regulation are planned to take place; member banks identified the following topics to be of core interest.

The AFBS Group members are invited to exchange views and report on their bank's state of implementation:

  • Scope of application: international context of client, services provider and services provision
  • Client categorisation: EU and CH standards
  • Suitability and Appropriateness
  • Product Documentation and client information: CH and EU standards
  • Offering vs Advertisement / distribution

7. Miscellanea

8. Next Meeting

Date and venue need to be chosen.