Newsletter 303 of 28 August 2014 International Sanction
Dear Sir or Madam,
Please find here below FINMA's newsletter regarding certain amendments of the Ordinance on measures to prevent the circumvention of international sanctions in connection with the situation in Ukraine on 27 August 2014:
Amendment to the Appendix to the Ordinance of 27 August 2014 on measures to prevent the circumvention of international sanctions in connection with the situation in Ukraine (SR 946.231.176.72)
International Sanctions
The Federal council amended the annex to the Ordinance on measures to prevent the circumvention of international sanctions in connection with the situation in Ukraine on 27 August 2014.
In the financial sector, issuances of long-term financial instruments by five Russian banks as listed in the annex to the Ordinance are subject to approval. In future, approval for new issuances will only be granted if they are within the range of the average financing framework for the past three years. The subsidiaries of these Russian banks in Switzerland are exempt from the approval requirement, provided that they are not acting in the name or on the instructions of their parent companies. The EU's measures also provide for a corresponding exemption for subsidiaries of the above Russian banks established in EU territory. Secondary trading in new financial instruments issued outside of Switzerland and the EU is subject to a reporting requirement. Eight individuals and three entities were added to the existing list of individuals and companies with which financial intermediaries may not enter into any new business and whose existing business relationships are subject to a reporting requirement.
The amendment came into force at 18:00 hours on 24 August 2014.
The amendment is available for consultation on the SECO website.
We hope that this newsletter is of service to you.
Kind regards,
VQF
Financial Services Standards Association
Baarerstrasse 112, Postfach
6302 Zug
----------------------------------------------
Phone +41 (0)41 - 763 28 20
Fax +41 (0)41 - 763 28 23
e-mail:info@vqf.ch
Financial Services Standards Association
Baarerstrasse 112, Postfach
6302 Zug
----------------------------------------------
Phone +41 (0)41 - 763 28 20
Fax +41 (0)41 - 763 28 23
e-mail:info@vqf.ch
Please note that only the German version is legally binding.