Banks and securities firms

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<div class="flyout-column-left-title">Authorised or registered institutions, persons and products</div> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_bewilligung.png?h=64&iar=0&w=64&hash=C59AF4AB210953925B44A1CBEDE5FD8F" alt="Authorisation icon" width="64" height="64" /> </div> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Getting authorised</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/authorisation/authorisation-overview/" title="Authorisation" role="menuitem">Authorisation</a> </li> <li role="presentation"> <a href="/en/authorisation/types-of-licensing/" title="Types of authorisation" role="menuitem">Types of authorisation</a> </li> <li role="presentation"> <a href="/en/authorisation/banks-and-securities-firms/" title="Banks and securities firms" role="menuitem">Banks and securities firms</a> </li> <li role="presentation"> <a href="/en/authorisation/insurers/" title="Insurers" role="menuitem">Insurers</a> </li> <li role="presentation"> <a href="/en/authorisation/insurance-intermediaries/" title="Insurance intermediaries" role="menuitem">Insurance intermediaries</a> </li> <li role="presentation"> <a href="/en/authorisation/asset-management/" title="Asset management" role="menuitem">Asset management</a> </li> <li role="presentation"> <a href="/en/authorisation/portfolio-managers-and-trustees/" title="Portfolio managers and trustees" role="menuitem">Portfolio managers and trustees</a> </li> <li role="presentation"> <a href="/en/authorisation/supervisory-organisations/" title="Supervisory organisations" role="menuitem">Supervisory organisations</a> </li> <li role="presentation"> <a href="/en/authorisation/vertretungen-auslaendischer-finanzinstitute-gemaess-finig/" title="Representative offices of financial institutions based outside Switzerland under FinIA" role="menuitem">Representative offices of financial institutions based outside Switzerland under FinIA</a> </li> <li role="presentation"> <a href="/en/authorisation/self-regulatory-organisations-sros/" title="Self-regulatory organisations (SROs)" role="menuitem">Self-regulatory organisations (SROs)</a> </li> <li role="presentation"> <a href="/en/authorisation/financial-market-infrastructures-and-foreign-market-participants/" title="Financial market infrastructures and foreign market participants" role="menuitem">Financial market infrastructures and foreign market participants</a> </li> <li role="presentation"> <a href="/en/authorisation/rating-agencies/" title="Rating agencies" role="menuitem">Rating agencies</a> </li> <li role="presentation"> <a href="/en/authorisation/registrierungsstelle/" title="Registration body" role="menuitem">Registration body</a> </li> <li role="presentation"> <a href="/en/authorisation/ombudsmen-for-financial-service-providers/" title="Ombudsmen for financial service providers" role="menuitem">Ombudsmen for financial service providers</a> </li> <li role="presentation"> <a href="/en/authorisation/pruefstelle-fuer-prospekte/" title="Reviewing body for prospectuses" role="menuitem">Reviewing body for prospectuses</a> </li> <li role="presentation"> <a href="/en/authorisation/fintech/" title="FinTech" role="menuitem">FinTech</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/finma-public/authorised-institutions-individuals-and-products/">Authorised or registered institutions, persons and products</a> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">These companies are not authorised and may be engaging in financial market activity without the requisite licence.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Supervision</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/supervision/our-approach-to-supervision/">Our approach to supervision</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_ueberwachung.png?h=64&iar=0&w=64&hash=EBB252A54B6BD7EA0CDB0475CA196855" alt="Supervision icon" width="64" height="64" /> </div> <div class="flyout-column-text">FINMA’s core task is prudential supervision of the financial market. It also uses private audit companies to extend its reach.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Information about supervision of…</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/supervision/our-approach-to-supervision/" title="Our approach to supervision" role="menuitem">Our approach to supervision</a> </li> <li role="presentation"> <a href="/en/supervision/cross-sector-issues/" title="Cross-sector issues" role="menuitem">Cross-sector issues</a> </li> <li role="presentation"> <a href="/en/supervision/banks-and-securities-firms/" title="Banks and securities firms" role="menuitem">Banks and securities firms</a> </li> <li role="presentation"> <a href="/en/supervision/insurers/" title="Insurers" role="menuitem">Insurers</a> </li> <li role="presentation"> <a href="/en/supervision/versicherungsvermittler/" title="Insurance intermediaries" role="menuitem">Insurance intermediaries</a> </li> <li role="presentation"> <a href="/en/supervision/asset-management/" title="Asset Management" role="menuitem">Asset Management</a> </li> <li role="presentation"> <a href="/en/supervision/portfolio-managers-and-trustees/" title="Portfolio managers and trustees" role="menuitem">Portfolio managers and trustees</a> </li> <li role="presentation"> <a href="/en/supervision/supervisory-organisations/" title="Supervisory organisations" role="menuitem">Supervisory organisations</a> </li> <li role="presentation"> <a href="/en/supervision/self-regulatory-organisations-sros/" title="Self-regulatory organisations (SROs)" role="menuitem">Self-regulatory organisations (SROs)</a> </li> <li role="presentation"> <a href="/en/supervision/financial-market-infrastructures/" title="Financial market infrastructures" role="menuitem">Financial market infrastructures</a> </li> <li role="presentation"> <a href="/en/supervision/central-mortgage-bond-institutions/" title="Central mortgage bond institutions" role="menuitem">Central mortgage bond institutions</a> </li> <li role="presentation"> <a href="/en/supervision/fintech/" title="FinTech" role="menuitem">FinTech</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/supervision/banks-and-securities-firms/categorisation/">Risk categories in the banking sector</a> <div class="flyout-column-text">FINMA assigns banks to different risk categories.</div> <a class="flyout-column-link" href="/en/supervision/insurers/categorisation/">Risk categories in the insurance sector</a> <div class="flyout-column-text">FINMA assigns insurers to different risk categories.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Enforcement</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/enforcement/all-about-enforcement/">Enforcing supervisory law</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_durchsetzung.png?h=64&iar=0&w=64&hash=DD5B067C17728DE511F0D115D366BC67" alt="Enforcement icon" width="64" height="64" /> </div> <div class="flyout-column-text"><p style="margin: 0cm 0cm 0pt;">Where necessary, FINMA enforces supervisory law using coercive measures under administrative law. Find out about its powers, approach and measures for dealing with violations of the law here.</p></div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Enforcement topics</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/enforcement/all-about-enforcement/" title="All about Enforcement" role="menuitem">All about Enforcement</a> </li> <li role="presentation"> <a href="/en/enforcement/licence-holders/" title="Licence holders" role="menuitem">Licence holders</a> </li> <li role="presentation"> <a href="/en/enforcement/unauthorised-activities/" title="Unauthorised activities" role="menuitem">Unauthorised activities</a> </li> <li role="presentation"> <a href="/en/enforcement/market-supervision/" title="Market supervision" role="menuitem">Market supervision</a> </li> <li role="presentation"> <a href="/en/enforcement/enforcement-tools/" title="Enforcement tools" role="menuitem">Enforcement tools</a> </li> <li role="presentation"> <a href="/en/enforcement/database-for-assessing-fitness-and-propriety-requirements/" title="Database for assessing fitness and propriety requirements" role="menuitem">Database for assessing fitness and propriety requirements</a> </li> <li role="presentation"> <a href="/en/enforcement/recovery-and-resolution/" title="Recovery and resolution" role="menuitem">Recovery and resolution</a> </li> <li role="presentation"> <a href="/en/enforcement/national-and-international-cooperation/" title="National and international cooperation" role="menuitem">National and international cooperation</a> </li> <li role="presentation"> <a href="/en/enforcement/parties-rights-and-obligations/" title="Rights and obligations" role="menuitem">Rights and obligations</a> </li> <li role="presentation"> <a href="/en/enforcement/case-reports-and-court-decisions/" title="Case reports and court decisions" role="menuitem">Case reports and court decisions</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/documentation/finma-publications/kennzahlen-und-statistiken/statistiken/enforcement/">Enforcement report</a> <div class="flyout-column-text">The enforcement report contains anonymised case studies that offer a more in-depth insight into FINMA’s enforcement activities.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">This is a list of companies and individuals that may be operating without the requisite FINMA authorisation.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Documentation</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/documentation/finma-s-legal-basis/">FINMA’s legal basis</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_dokumentation.png?h=64&iar=0&w=64&hash=42C3971FE452D2643DEB60C25197EEC0" alt="Documentation icon" width="64" height="64" /> </div> <div class="flyout-column-text">The financial market laws and the Financial Market Supervision Act provide the basis for FINMA’s activities. FINMA reports in detail on the fulfilment of its aims.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Information on…</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/documentation/finma-s-legal-basis/" title="Legal basis for FINMA’s activities" role="menuitem">Legal basis for FINMA’s activities</a> </li> <li role="presentation"> <a href="/en/documentation/legal-basis/" title="Legal basis" role="menuitem">Legal basis</a> </li> <li role="presentation"> <a href="/en/documentation/circulars/" title="Circulars" role="menuitem">Circulars</a> </li> <li role="presentation"> <a href="/en/documentation/consultations/" title="Consultations and evaluations" role="menuitem">Consultations and evaluations</a> </li> <li role="presentation"> <a href="/en/documentation/finma-s-position/" title="FINMA position statements" role="menuitem">FINMA position statements</a> </li> <li role="presentation"> <a href="/en/documentation/finma-guidance/" title="FINMA Guidance" role="menuitem">FINMA Guidance</a> </li> <li role="presentation"> <a href="/en/documentation/finma-publications/" title="FINMA publications" role="menuitem">FINMA publications</a> </li> <li role="presentation"> <a href="/en/documentation/finma-videos/" title="FINMA videos" role="menuitem">FINMA videos</a> </li> <li role="presentation"> <a href="/en/documentation/dossier/" title="Dossiers" role="menuitem">Dossiers</a> </li> <li role="presentation"> <a href="/en/documentation/enforcement-reporting/" title="Enforcement reporting" role="menuitem">Enforcement reporting</a> </li> <li role="presentation"> <a href="/en/documentation/insurance-law-rulings/" title="Insurance law rulings" role="menuitem">Insurance law rulings</a> </li> <li role="presentation"> <a href="/en/documentation/self-regulation/" title="Self-regulation" role="menuitem">Self-regulation</a> </li> <li role="presentation"> <a href="/en/documentation/international-sanctions-and-combating-terrorism/" title="Sanctions and FATF statements" role="menuitem">Sanctions and FATF statements</a> </li> <li role="presentation"> <a href="/en/documentation/archiv/" title="Archive" role="menuitem">Archive</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" target="_blank" rel="noopener noreferrer" href="http://www.admin.ch/opc/en/classified-compilation/20052624/index.html">Financial Market Supervision Act</a> <div class="flyout-column-text">The legal basis for FINMA as an authority, setting out its tasks and powers.</div> <a class="flyout-column-link" href="/en/documentation/finma-publications/annual-reports--and-financial-statements/">Annual report and financial statements</a> <div class="flyout-column-text">FINMA gives a full account of its activities in its annual report.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">FINMA</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/finma/finma-an-overview/">FINMA – an overview</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_behoerde.png?h=64&iar=0&w=64&hash=ED57AB81A75632D24584A132CD7D6DE6" alt="FINMA icon" width="64" height="64" /> </div> <div class="flyout-column-text">As an independent supervisor of the Swiss financial market, FINMA is institutionally, functionally and financially independent.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span 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competent, independent regulator. This brochure illustrates how FINMA meets these criteria.</span></p></div> <a class="flyout-column-link" href="/en/documentation/finma-publications/annual-reports--and-financial-statements/">Annual Report</a> <div class="flyout-column-text">FINMA accounts for its supervisory activities in its annual report and annual financial statements.</div> </div> </div> </li> </ul> </li> <li class="finma-public-item" style="display: block;" role="presentation" aria-haspopup="true"> <a class="e-btn btn-finma-public" role="menuitem" title="FINMA Public" href="/en/finma-public/">FINMA Public</a> </li> </ul> </div> </nav> </div> </header> <div class="l-body l-sub"> <div class="l-background"> </div> <div class="l-content-wrapper l-wrap"> <div class="g-row"> <div class="l-bread"> <div class="mod-breadcrumb"> <ul class="breadcrumb-list"> <li><a href="/en/">Home </a></li> <li><a href="/en/authorisation/">Authorisation </a></li> <li><a href="/en/authorisation/banks-and-securities-firms/">Banks and securities firms </a></li> </ul> </div> </div> <div class="g-cell s-flex"> <div class="l-content l-right--left"> <div class="l-main"> <div class="e-text text-heading-underline"> <h1>Banks and securities firms</h1> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-lead-intro">Legislation on banks and securities firms provides for various types of licences, each with its own conditions.</div> </div> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-rte--infobox g-row"> <div class="text-rte g-cell s-flex"> <div class="text-infobox"><ul> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="http://www.admin.ch/opc/de/classified-compilation/19340083/index.html">Banking Act (BA)</a> </li> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="https://www.admin.ch/opc/de/classified-compilation/20131795/index.html">Banking Ordinance (BO) </a> </li> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="https://www.admin.ch/opc/de/classified-compilation/19960529/index.html">Auslandbankenverordnung-FINMA (ABV-FINMA)</a> </li> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="https://www.admin.ch/opc/en/classified-compilation/20152662/index.html">Financial Institutions Act (FinIA)</a> </li> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="https://www.fedlex.admin.ch/eli/cc/2019/763/en">Financial Institutions Ordinance (FinIO)</a> </li> <li > <a class="e-text text-link-external bold" target="_blank" rel="noopener noreferrer" href="https://www.fedlex.admin.ch/eli/cc/2020/922/de">Finanzinstitutsverordnung-FINMA (FINIV-FINMA)</a> </li> </ul> </div> <div class="text-page"> Banks and securities firms, as well as branches and representative offices of foreign banks and securities firms, must be licensed by FINMA. The legislation on banks and securities firms sets out requirements with varying levels of rigour for the different types of licences. <br><h2>Banks</h2><p>Any business that involves accepting deposits from the public on a professional basis or publicly advertising such activity requires a banking licence. Anyone offering financing of any kind on their own account to an indeterminate number of individuals or companies that are not part of the same economic unit as themselves and refinancing their business to a considerable extent with a number of independent banks also needs a banking licence. However, the Banking Ordinance provides for a number of exceptions to the ban on accepting deposits from the public on a professional basis. </p><p> </p><p>Since 1 January 2019, companies which accept public deposits of up to <abbr data-addtext='Swiss franc ' title='Swiss franc ' class="e-text" rel="tooltip">CHF</abbr> 100 million on a professional basis or solicit such deposits and neither invest nor pay interest on these public deposits have no longer been defined as banks. A <a href="/en/authorisation/fintech/fintech-bewilligung/">FinTech licence</a> with less stringent requirements is available for such institutions. <br><br>In principle, anyone who does not hold a banking licence is not allowed to accept deposits from the public on a professional basis. Any independent activity geared to generating regular income is deemed to be conducted on a professional basis; the assumption is automatic if more than 20 clients are involved. Anyone who accepts public deposits up to one million francs is not deemed to be acting professionally, however, provided that they <abbr data-addtext='Disclosure Office' title='Disclosure Office' class="e-text" rel="tooltip">do</abbr> not operate in the interest rate differential business (sandbox). The investors must be informed in advance that the sandbox is not supervised by FINMA and that the deposits are not protected. </p><h2>Securities firms</h2> The <abbr data-addtext='The Financial Institutions Act (FinIA) regulates the operational requirements for financial institutions.' title='The Financial Institutions Act (FinIA) regulates the operational requirements for financial institutions.' class="e-text" rel="tooltip">Financial Institutions Act</abbr> states that a licence is required for various forms of securities trading. The activities of dealers trading either on their own behalf or on behalf of a client, market makers, issuing houses and derivatives firms as well as the operation of an organised trading facility all require a licence.  <br><h2>Branches and representative offices</h2> A branch licence is required by any foreign bank or securities firm employing staff in Switzerland who permanently carry out transactions, trade securities or manage client accounts on its behalf in or from Switzerland on a professional basis that give rise to legal obligations. <br> <br>A representative office licence is required by any foreign bank or securities firm employing staff in Switzerland who permanently represent it in or from Switzerland on a professional basis for advertising or other purposes, in particular forwarding client orders to it. Representative offices do not carry out transactions, trade securities, manage client accounts that give rise to legal obligations for foreign banks or securities firms in or from Switzerland. <br><h2>FINMA’s licensing activities</h2><p>FINMA’s tasks in connection with licensing processes are: </p><ul><li>dealing with <a href="/en/authorisation/banks-and-securities-firms/assessment-of-authorisation-enquiries/">questions about the need for authorisation, preliminary enquiries and projects</a></li><li>issuing <a href="/en/authorisation/banks-and-securities-firms/getting-licensed/">new licences</a></li><li> processing requests for <a href="/en/authorisation/banks-and-securities-firms/changes-to-licences/">changes to licences</a></li><li> <a href="/en/authorisation/banks-and-securities-firms/lifting-and-end-of-licence-conditions/">lifting licensing requirements and liquidating companies</a></li></ul><p>FINMA takes appropriate measures – up to and including liquidation – against companies and individuals operating without the requisite licence to <a href="https://www.finma.ch/en/enforcement/unauthorised-activities/">restore compliance with the law</a>. </p> </div> </div> </div> </div> </div> </div> <div class="l-sidebar"> <div class="mod mod-nav-sidebar"> <span class="nav-sidebar-mobile-title js-nav-sidebar-mobile-title">Banken und Effektenhändler</span> <ul class="nav-sidebar-list-level-1 state-selected js-state-selected"> <li><a href="/en/authorisation/authorisation-overview/" title="Authorisation">Authorisation</a></li> <li><a href="/en/authorisation/types-of-licensing/" title="Types of authorisation">Types of authorisation</a></li> <li class="state-active"><a href="javascript:;" title="Banks and securities firms">Banks and securities firms</a></li> <ul class="nav-sidebar-list-level-2"> <li><a href="/en/authorisation/banks-and-securities-firms/assessment-of-authorisation-enquiries/" title="Assessment of authorisation enquiries">Assessment of authorisation 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