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Switzerland Adopts Revised Regulation Fees

by Ulrika Lomas, Tax-News.com, Brussels

18 November 2010


The Swiss Federal Council has adopted the revised Fees and Charges Ordinance of the Confederation’s Financial Market Supervisory Authority (FINMA), designed to better distribute supervisory charges among the big banks, stock exchanges and similar institutions in Switzerland.

As the Swiss Federal Administration reported in September 2010, various deficiencies were found in the FINMA Fees and Charges Ordinance when compiling the final statement of supervisory charges for 2009.

Commenting on the latest revision of the ordinance, the administration states that: “In future, the supervisory costs for the two big banks will be billed directly to these institutions in order to correct cross-subsidizations and comply with the equivalence and cost-recovery principle under administrative law. Also in the stock exchange area, the costs will be passed on in full to the corresponding institution in accordance with the originator principle.”

It adds: “In addition, the basis for assessing supervisory charges has been changed. Supervisory charges will now be levied based on the preceding year's accounts, which will reduce the administrative burden regarding collection.”

The revised ordinance met with approval during the consultation period and is due to enter into force on January 1, 2011.

TAGS: tax | law | banking | fees | stock exchanges | Switzerland

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