FINMA has enacted amendments to its circular 2008/3 “public deposits with non-banks” as per January 1, 2018. In the revised circular FINMA more clearly defines the respective new rules of the Banking Ordinance that were introduced by the Federal Council on August 1, 2017. As we have reported earlier, 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. Further, 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 (so called “sandbox”). The amended circular now provides further guidance on specific questions relating to these two topics.

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