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23-638: The original Berne Exchange emerged from the Berne Bank Association, which was founded on 28 January 1880 by nine banks and 14 private companies. On November 10, 1884, the Berne Stock Exchange Association was founded. Until the First World War, the development of the stock exchange was very modest. Between 1911 and 1913, 1100 transactions were concluded annually. From 1961 to 1991, ring trading à la criée

46-467: Is acknowledged appropriately. The FINMA provides supervision when there is a risk to creditors, investors and policy holders and can penalise individuals or authority, its decision, however, can be challenged in a court. It can also ensure compliance, issue warnings, cancel licenses and liquidate companies. FINMA takes a risk-based approach to its supervision of financial institutions, working to identify threats that could affect individual institutions or

69-586: Is home to UBS , one of the world's major banks, and given its significance to the Swiss economy, FINMA has a dedicated regulatory team overseeing its operations. All Swiss banks must receive a banking license from FINMA. Since 2019, certain fintech companies can also apply for a "FinTech banking license". As of May 2023, five companies have been granted fintech banking licenses: Klarpay AG, Relio AG, SR Saphirstein AG, SWISS4.0 SA, and Yapeal AG. On 19 February 2009,

92-528: Is one of the seven departments of the Swiss federal government. The department is headquartered in Bern and headed by a member of the Swiss Federal Council , Switzerland 's finance minister . Initially, in 1848, the department was called "Department of Finance", then, from 1873 "Department of Finance and Customs", until it received its present designation in 1978. The Department is composed of

115-599: Is responsible for FINMA’s budget. It also ensures internal controls by means of an internal audit unit and oversees the Executive Board. The Board of Directors appoints the CEO and elects the members of the Executive Board based on the CEO's proposals. The Executive Board is FINMA's operational management body and is responsible for ensuring that banks, insurance companies, stock exchanges, securities dealers and other financial intermediaries are supervised in accordance with

138-507: Is responsible for combating money laundering and, if necessary, conducts financial restructuring and bankruptcy proceedings. In addition, it has supervisory powers with respect to the disclosure of participations and is the complaints body for decisions of the Takeover Board in the area of public takeover bids for listed companies. The FINMA grants operating licences for companies and organisations subject to its supervision, monitors

161-895: Is subject to the Swiss Financial Market Infrastructure Act under supervision by the Swiss Financial Market Supervisory Authority (FINMA). In addition, listing on the BX Swiss requires compliance with a number of regulatory obligations. The regulatory framework of BX Swiss includes the Listing Rules, various directives and supplementing decisions by the Admission Board. The requirements for listed companies include minimum share capital, publication of audited financial statements in accordance with

184-589: Is the Swiss government body responsible for financial regulation . This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland . FINMA's name and acronym are usually expressed in English so as to avoid the semblance of favouring any one of Switzerland's linguistic regions. FINMA was established in 2007 and succeeded

207-562: The Federal Banking Commission ( German : eidgenössische Bankenkommission , French : Commission Fédérale des Banques , thus EBK-CFB ) established in 1934. It is an independent institution with its own legal personality based in Bern . It is institutionally, functionally and financially independent from the central federal administration and the Federal Department of Finance and reports directly to

230-462: The BX Swiss include, among others: 46°56′59″N 7°26′32″E  /  46.949749°N 7.442197°E  / 46.949749; 7.442197 Swiss Financial Market Supervisory Authority The Swiss Financial Market Supervisory Authority ( FINMA ; German : eidgenössische Finanzmarktaufsicht , French : Autorité fédérale de surveillance des marchés financiers , Italian : Autorità federale di vigilanza sui mercati finanziari )

253-458: The BX offers a broad selection of shares admitted to trading (over 3,600 instruments) and ETFs (over 100 listed and 500 instruments admitted to trading). Moreover, in 2018, BX Swiss started a new segment for Actively Managed Certificates (AMC) and announced its new segment deriBX to offer an attractive exchange segment for the trading of structured products and warrants in early 2019. Companies listed on

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276-657: The Swiss parliament. Banking supervision was introduced in Switzerland by the Federal Act on Banks and Savings Banks of 1934, following unsuccessful attempts that had started in 1914 and triggered by the severe banking crisis of 1931. The 1934 legislation established the Federal Banking Commission (EBK-CFB) as a national prudential supervisor. For decades, however, the EBK-CFB staff was kept in

299-512: The US government filed suit against UBS to reveal the names of all 52,000 U.S. customers, alleging that the bank and these customers conspired to defraud the US tax authority IRS of legitimately owed tax revenue. However revealing customer names was contrary to Swiss law and put UBS in a difficult position. Eventually UBS, with the support of FINMA, agreed to provide the names of 250 to 300 clients through FINMA and pay U.S. $ 780 million fines to settle

322-531: The applicable accounting standard, disclosure of shareholdings and management transactions and a minimum free float of 15 percent. BX Swiss maintains various exchange segments. In the equities segment, it is primarily aimed at Swiss SMEs for whom a listing on the SIX Swiss Exchange would be one step too large or too expensive. Currently, 20 companies are listed in the Swisscaps segment. In addition,

345-519: The conversion into an AG, the board of directors was also strengthened. The current members Peter L. Heller, Brian Sparks and Claudio Studer were re-elected for a term of three years. At that time, Raffaele Agnetti, UBS, and Peter Kilchenmann, Credit Suisse, were newly elected to the Board. In 2016, the move of the stock exchange to Zurich was announced. While the operational business is conducted in Zurich,

368-506: The entire financial system. FINMA is particularly vigilant about money laundering and the financing of terrorism and closely monitors the Swiss financial markets for AML/CFT compliance. The FINMA is made up of a board of directors, an executive board and an extended executive board. The Board of Directors is a strategic management body and has seven to nine independent expert members appointed via parliament. It decides on matters of substantial importance, issues ordinances and circulars, and

391-413: The law and respective strategy. The Executive Board decides on matters such as the granting of licences, key management, organisational and personnel issues, directives and supervisory matters of cross-divisional significance. The Executive Board prepares the necessary files and materials for decisions on items of business that fall under the remit of the Board of Directors and is responsible for implementing

414-534: The legal domicile of BX Swiss AG remains in Berne. At the end of 2017, the sale of BX Swiss to Boerse Stuttgart was announced and the re-approval of BX as a fully regulated Swiss stock exchange by FINMA was confirmed. The acquisition was completed in 2018. Since then, BX Swiss has been a 100% subsidiary of Boerse Stuttgart GmbH. CEO is Harald Schnabel, who previously built up the Euwax business of Boerse Stuttgart. BX Swiss

437-742: The matter. FINMA used sections 25 and 26 of the Banking Act, provided for situations in which a bank is threatened with bankruptcy, to allow this to happen. Subsequently, in February 2009, the Federal Administrative Court of Switzerland ordered FINMA to stop the transmission to the U.S. tax authorities. As a state regulatory body, the FINMA is endowed with supreme authority over banks, insurance companies, stock exchanges, securities dealers and collective investment schemes. It

460-699: The resolutions of the Board of Directors and its committees. Anne Héritier Lachat was Chairwoman of the Board of Directors from 2011 until 1 January 2016 when Thomas Bauer, former Ernst & Young partner became Chairman. Since 2021, Marlene Amstad  [ de ] serves as the chair. [REDACTED] Media related to Swiss Financial Market Supervisory Authority at Wikimedia Commons Federal Department of Finance The Federal Department of Finance ( FDF , German: Eidgenössisches Finanzdepartement , French: Département fédéral des finances , Italian: Dipartimento federale delle finanze , Romansh : Departament federal da finanzas )

483-784: The single digits on a very small budget. It was still only 10 in 1975, and grew to 35 in the late 1980s. FINMA was founded on the 22 June 2007 with the passing of the Federal Act on the Swiss Financial Market Supervisory Authority (FINMASA). This merged the EBK-CFB with the Federal Office of Private Insurance (FOPI) and the Anti Money Laundering Control Authority into one agency responsible for all financial regulation in Switzerland. Switzerland

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506-418: The supervised institutions with respect to their compliance with the requisite laws, ordinances, directives and regulations, as well as with the conditions for the granting of licences that must be complied with at all times. If necessary and to the extent permissible by law, the FINMA imposes sanctions, provides administrative assistance and regulates. FINMA is also responsible for ensuring that self-regulation

529-543: Was conducted in the basement of Aarbergergasse 30 in Bern. Due to a lack of volume, the company switched to telephone trading in 1991. In contrast to the Zurich, Basel and Geneva stock exchanges, the Berne Stock Exchange did not participate in the 1995 merger to form the SIX Swiss Exchange. Until 2014, BX was a private association under Swiss law, of which all major banks in Berne are members. In connection with

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