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Switzerland Adjusting FINMA Fees In 2013

by Ulrika Lomas, Tax-News.com, Brussels

08 October 2012


The Swiss Federal Department of Finance (FDF) has recently initiated a hearing on the revision of the Financial Market Supervisory Authority (FINMA) Fees and Charges Ordinance.

The FDF said that subjecting most managers of collective capital investments to supervision as envisaged within the scope of the revision of the Collective Investment Schemes Act (CISA) requires an adjustment of the basic fees as of January 1, 2013, to cover the additional licensing costs.

An amendment of the FINMA Fees and Charges Ordinance is additionally pressing due to the deficiencies discovered in practice in fee calculation, the FDF adds.

The FDF stated: “With regard to subjecting most managers of collective capital investments to supervision within the scope of the revision of the CISA, FINMA will have to set up a licensing process. The basic charges will thus have to be adjusted to cover the additional licensing costs incurred.”

It continues: “In the insurance sector, all premium income not only from direct insurance business but also from reinsurance business should then be taken into account for calculating the additional charges. In the stock exchange area, the basic fees for providers of payment and securities settlement systems must be brought into line with those for stock exchanges. In addition, other smaller adjustments will be recommended. In particular, a more accurate user pays basis has to be established for charging in the case of directly subordinated financial intermediaries.”

The hearing is due to end on October 19, 2012.

TAGS: Finance | investment | business | banking | insurance | investment funds | fees | offshore | licensing | stock exchanges | Switzerland

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