Federal Law, Banks And Savings Banks, Section IV, Financial Statements

Section IV - Annual Financial Statements and Balance Sheets

Art. 6

1. Banks shall prepare in respect of each accounting period an annual report consisting of annual financial statements and a business report. The Federal Council determines those cases where consolidated financial statements are to be prepared in addition.

2. The business report is to be drafted in accordance with the provisions of the Code of Obligations pertaining to Limited-Liability Companies and with this law. Whenever general conditions require it, the Federal Council may permit departures therefrom. Such a decision of the Federal Council is to be published.

3. The Ordinance determines which banks are to prepare interim financial statements.

4. Single-company, consolidated and interim financial statements are to be published or made available to the public.

5 . The Federal Council lays down the classification rules for single-company, consolidated and interim financial statements and lays down which form and to which extent and within which deadlines they are to be published or made available to the public.

6. Paragraphs 3 and 4 do not apply to private bankers who do not publicly solicit customer deposits.

Prepared by: M. J. Wharton.

KPMG Fides unofficial translation of Swiss Federal Law - Banks And Savings Banks.
For further information contact Debbie Grauf on +411 249 3131.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.