Regulatory Alerts2019-06-26
FINMA Circular 2008/3 Public Deposits with Non-Banks
The Swiss Financial Market Supervisory Authority (FINMA) issues this circular to define the criteria for determining when the receipt of public deposits by non-banks constitutes a regulated banking activity requiring a license. It establishes that such activities are prohibited unless the funds lack deposit characteristics under specific exemptions or originate from excluded investor categories such as banks, related parties, or institutional investors. The document further outlines statutory exceptions allowing certain public law entities and employer-guaranteed schemes to accept deposits without a banking license.
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