On Jun. 26, SWI GVT confirmed Basel III implementation Jan. 2025.
SWI GVT, SECO said Federal Council confirmed Basel III implementation Jan. 1, 2025.
Follows SWI FINMA Mar. 2024 issued ordinances implementing Basel III, see #206530.
Follows SWI GVT Nov. 2023 adopted amendment of Own Funds Ordinance (CAO) for banks, transposing final Basel III standards of BCBS into Swiss Law, see #142534.
Overview
At meeting of Jun. 26, 2024, Federal Council was informed about progress of the international implementation of the finalized Basel III system applicable to banks.
This will be integrated into Swiss law via amendment to Capital Adequacy Ordinance (CAO/OFR/ERV) which will come into force as planned on Jan. 1, 2025.
In Nov. 2023, Federal Council decided finalized Basel III system would be implemented on Jan. 1, 2025 via a modification of the CAO/OFR/ERV.
On this occasion, also asked Federal Department of Finance to inform, by end of Jul. 2024, regarding progress of implementation of this system at the international level.
Latest developments in area presented to Federal Council at meeting on Jun. 26, 2024.
Despite delays observed in certain countries, Federal Council considers no reason to review current timetable, finalized Basel III system implemented in SWI Jan. 1, 2025.
Recalls system consists in particular of adapting capital requirements according to risk, by providing greater capital coverage for riskier banking operations than for lower risk.
Effectiveness
Basel III system to apply in Switzerland from Jan. 1, 2025.
Jun. 2024 SWE SBA Statement
On Jun. 26, 2024, SWE SBA issued statement on Federal Council decision re Basel III.
It made clear its irritation re that decision Switzerland is forging ahead without need.
It is putting the Swiss financial center at disadvantage by weakening competitivenesss.
Relevant core markets such as EU, UK, US will introduce Basel III standards or significant parts of them later, or the date of introduction is not yet known.
By decision Switzerland is depriving itself of opportunity to assert itself on equal terms.
