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FINMA launches public consultation on proposed amendments to the Bank Insolvency Ordinance-FINMA
The Swiss Financial Market Supervisory Authority (FINMA) has launched a consultation on proposed amendments to the Bank Insolvency Ordinance-FINMA (BIO-FINMA) to clarify the scope and the transitional regime for the implementation of Art. 12 para. 2bis Banking Ordinance providing for an obligation for banks and securities dealers to have counterparties recognize a stay of termination rights pursuant to Art. 30a Banking Act. The consultation period ends on November 8, 2016. The revised BIO-FINMA is expected to come into force on March 1, 2017 with an implementation of the recognition obligations as from May 31, 2017 where the counterparty is a bank or a securities dealer or a foreign equivalent and August 31, 2017 for any other counterparties.