An amendment of the Swiss banking legislation that came into force on 1 January 2016 states that banks may only conclude contracts subject to foreign law or providing for a place of jurisdiction abroad, if the counterparties agree to respect an order by FINMA to postpone the termination of these contracts. In practice, many banks encountered difficulties with the timely implementation of this amendment. For this reason, FINMA, in its regulatory guidance note 01/2018, announced to grant all banks concerned an extension of the deadline, provided they meet certain requirements.

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