SWI GVT Covid Second Wave Support

On Nov. 18, SWI GVT proposed adjusting measures for second wave.

  • Federal Council has proposed adjustments to Covid support measures for second wave.
  • Dispatch to parliament amending COVID-19 Joint and Several Guarantee Act, COVID-19 Act, hardship (art. 12), sport (art. 13/new 12b) unemployment insurance (art. 17).
  • Follows SWI GVT Aug. 2020, extra funds for Covid economic recovery, see #84013.
  • Hardship Cases
  • Total support from Confederation and cantons increase to CHF 1 billion.; Confederation would bear around two thirds of the costs incurred, and the cantons one third.
  • Regulated in ordinance, due for approval next Federal Council meeting, in force Dec. 1.
  • Support cantons by relaxing enforcement and simplifying access to company data.
  • Short-time Working Compensation
  • Emergency law unemployment insurance-related measures transfer to COVID-19 Act.
  • Proposes an extension for fixed-term employment and grace period to be abolished.
  • Sport
  • Professional/semi-professional clubs to receive non-repayable contributions and loans.
  • Compensate up to two thirds lost ticket sales revenue, based on 2018/2019 season.
  • In return, clubs must meet strict requirements, e.g. permanently reducing top salaries.
  • Other Proposals
  • Federal Council discussed reactivating Covid credit program/create new loan program.
  • Fixed Penalties Act change to COVID-19 Act, Minor infringements of the Epidemics Act (EpidA), not wearing facemask would be punishable under fixed penalty procedure.
  • Federal Council submitting bill to Parliament requesting urgent winter session debate.
  • On Nov. 18, 2020, SWI PRL issued WAK-N hardship ordinance comments, see #91161.

Regulators SWI GVT
Entity Types B/D; Bank; CNSM; Corp; Fiduciary; Inv Co
Reference PR 11/18/2020; COVID-19
Functions Compliance; Financial; Operations; Reporting; Risk; Suitability; Tax; Treasury
Countries Switzerland
Products Banking; Corporate; Fund Mgt; Loan; Securities
Regions EMEA
Rule Type Guidance
Rule Date 11/18/2020
Effective Date 12/1/2020
Rule Id 91149
Linked to N/A
Reg. Last Update 11/18/2020
Report Section EU

Last substantive update on 11/20/2020