Federal Law, Banks And Savings Banks, Section XV, Provisions

Section XV - Transitional and Final Provisions

Art. 52

repealed.

Art. 53

1. With the entry into force of the present law the following provisions are repealed:

a) the cantonal regulations concerning banks, without prejudice to the provisions for cantonal banks, the provisions concerning the statutory lien for savings deposits according to Article 16, the provisions concerning professional trading in securities as well as the provisions for the supervision of compliance with legal cantonal regulations against abuses in the loan business sector;

b) Article 57 of the Final Title of the Civil Code.

2. The cantonal provisions for a statutory lien in favour of savings deposits shall become void if they are not replaced by new regulations according to Articles 15 and 16 within three years of the coming into force of the present Law.


Art. 54

Article 219 of the Federal Bankruptcy Act of April 11, 1889 has been completed with an addition that has since been integrated in the text of the Act.

Art. 55

repealed.

Art. 56

The Federal Council will fix the date when the present Law will enter into effect and it will set out the necessary guidelines to be followed. (Entry into force: March 1, 1935)

Final Provisions TO THE CHANGES DATED MARCH 18, 1994

1. Natural persons and bodies corporate, who hold deposits from the public on the date the law takes effect in spite of the prohibition to do so set out in Art. 1 par. 2, have to repay these within two years of the effective date of implementation of the new law. The Banking Commission may extend or shorten this deadline on a case-by-case basis, whenever particular conditions exist.

2. Bank-like finance companies who are authorised by the Banking Commission to publicly solicit monies prior to implementation of the law, require no new permission to operate as a bank. They must adapt to articles 4bis and 4ter within one year from the date the law takes effect.

3. Banks must adapt to the provisions of art. 3 par. 2 lit. c bis and d as well as art. 4 par. 2bis within one year of the effective date of the law.

4. Cantons have three years after the effective date of the law to ensure compliance with the provisions of Art. 3 par. 1 and Art. 18 par. 1. Should responsibility for supervision as per Art. 3a par. 2 be transferred to the Banking Commission prior to expiry of this deadline, the provisions of Art. 18 par. 1 must be complied with at the time of the transfer.

5. Each natural person and body corporate who at the date on which the law takes effect, holds a qualified participation in a bank according to Art. 3 par. 2 lit. c bis, must notify the Banking Commission to this effect within one year following the date when the change in the law takes effect.

6. Banks must make the annual notification as per Art. 3 par. 6 for the first time within one year following the date when the law takes effect.

7. Banks organised under Swiss law must inform the Banking Commission within three months following the date when the law takes effect of all subsidiaries, branches, agencies and representations abroad.

Prepared by: M. J. Wharton.

KPMG Fides unofficial translation of Swiss Federal Law - Banks And Savings Banks.
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