FINMA launches consultation on FINMA Insolvency Ordinance
On 9 October 2024, the Swiss Financial Market Supervisory Authority FINMA is launching the consultation on the new Ordinance on Insolvency Proceedings at Financial Institutions, which will replace the FINMA Banking Insolvency Ordinance, the FINMA Insurance Bankruptcy Ordinance and the FINMA Collective Investment Schemes Bankruptcy Ordinance. The provisions of the new ordinance are largely based on these three predecessor ordinances, which are currently still in force. All existing regulations were reviewed, taking into account relevant findings from theory and practice, and adapted where necessary. In addition, the FINMA Insolvency Ordinance implements the amendments made necessary by the revisions to the Banking Act (BA) and the Insurance Supervision Act (ISA). The consultation will go on until 9 December 2024.
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