Banking Law (Switzerland)
In Switzerland , banking law is uniformly regulated by the Banking Act (in full: Federal Act on Banks and Savings Banks , abbreviated BankG ) of November 8, 1934. The Banking Act regulates, among other things, the mandatory authorization for banking activities from the Swiss Financial Market Supervisory Authority (FINMA). In the context of the duty of care, it prescribes regulatory and civil law due diligence as well as confidentiality; the Swiss banking secrecy under Article 47 of the Banking Act is internationally known. In addition, the law stipulates that banks must have equity and reserves beyond the capital requirements of the Basel Accords ( Basel I ff.) . Because of this capital requirement, Swiss banks are considered particularly secure internationally.
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- ↑ In contrast to Germany , where banking law is a cross-sectional matter of various laws and similar legal norms, see Banking Law (Germany) .
- ↑ Federal Law on Banks and Savings Banks (Banking Act, BankG) ; Art. 47
