The Federal Council has amended the rules relating to the acceptance of deposits from the public in two respects: On the one hand side, the revised article 5 para. Abs. 3 letter c of the Banking Ordinance sets forth that the acceptance of monies for settlement purposes does not require a banking licence if the settlement takes place within 60 days. Previously, FINMA had applied a time frame of only 7 days. The extension of the time frame is particularly geared towards facilitating the activities of crowdlending plattforms. On the other hand side, the revised article 6 para. 2 of the Banking Ordinance allows for public deposits to be accepted without a banking licence, provided that such deposits do not exceed CHF 1 million on an aggregate basis. Under the old provisions there was no such exemption limit. The newly introduced limit shall enable fintech firms to test their business model on a smaller scale before having to apply for a costly banking licence. The amended Banking Ordinance entered into force on August 1, 2017.

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