<h3>FINMA Specifies the Requirements to the Swiss Market for UK Insurance Companies and Intermediaries</h3>
<h3>A. Introduction</h3>
On 21 December 2023, Switzerland and the United Kingdom (UK) signed the so-called &#171;Berne Financial Services Agreement&#187;, a treaty on mutual recognition in the financial services and insurance sector. The treaty recognises the regulatory and supervisory frameworks of the two jurisdictions as equivalent in certain segments, allowing certain service providers from the investment services and insurance sectors to access each other&#8217;s markets more easily. The Berne Financial Services Agreement is expected to enter into force on 1 January 2026.
On 3 November 2025, the Swiss Financial Market Supervisory Authority FINMA (FINMA) published guidance (the FINMA Guidance) on how interested market participants can benefit from the simplified market access granted under the Berne Financial Services Agreement. Simultaneously with the publication of the FINMA Guidance, the UK&#8217;s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) jointly issued guidelines to assist UK insurance companies and intermediaries considering providing services in Switzerland under the Berne Financial Services Agreement. UK insurance companies and intermediaries must therefore consider not only the FINMA Guidance, but also the PRA/FCA guidelines.
This bulletin provides an overview of the relevant parts of the FINMA Guidance for UK-domiciled insurance companies and untied insurance intermediaries that intend to supply Swiss clients under the Berne Financial Services Agreement. Although the FINMA Guidance does not refer to Swiss insurance companies, it may also be relevant to them if they cooperate with UK untied insurance intermediaries.
<h3>B. Requirements for UK Insurance Companies</h3>
The Berne Financial Services Agreement will allow UK-domiciled, -licensed and -supervised insurance companies to provide certain types of insurance to Swiss clients who meet specific criteria, without requiring a local presence or licence in Switzerland. The covered insurance lines and clients are specified in Annex 4 of the Berne Financial Services Agreement. Essentially, the Berne Financial Services Agreement allows UK insurance companies to provide certain non-life insurance policies to large Swiss companies. Not in scope are compulsory or monopoly insurance lines, including motor liability, health and accident insurance policies, as well as insurances provided to retail clients and small and medium-sized enterprises.
Eligible UK insurers wishing to offer insurance services in Switzerland on a cross-border basis are required by the Berne Financial Services Agreement to (i) be registered with FINMA, (ii) provide certain information to their customers, and (iii) submit an annual report to FINMA. The new FINMA Guidance specifies these requirements.
<h4>1. Registration with FINMA</h4>
According to the FINMA Guidance, the entry of a UK insurance company in FINMA&#8217;s register requires a prior notification to the PRA and FCA, which in turn inform FINMA upon receipt of the notification. The notification form will be available on the FCA&#8217;s Connect system and will require information, among other things, on the insurance lines that the UK insurer wishes to provide in Switzerland, as well as a declaration confirming that the conditions set out in the Berne Financial Services Agreement are met. In particular, the UK insurer must confirm that it also provides the intended insurance lines outside Switzerland. Without such activity outside Switzerland, supplying the relevant insurance lines in Switzerland would not be permitted under the Berne Financial Services Agreement.
The PRA and FCA will then liaise and confirm to FINMA within 30 days of receiving the notification whether the UK insurance company is eligible. If there are issues with a submitted notification, the PRA will discuss these with the UK insurance company before notifying FINMA.
Within 30 days of receiving positive confirmation, FINMA will add the insurance company to its register of UK insurance companies. At this point, the UK insurance company can begin providing services in Switzerland.
The FINMA register of UK insurance companies will be publicly available and will indicate the insurance classes in which each insurer is authorised to operate.
<h4>2. Client Information Obligations</h4>
When providing services under the Berne Financial Services Agreement, UK insurance companies will be required to disclose certain information to customers. According to the FINMA Guidance, UK insurance companies must provide the following information to policyholders before entering into an insurance agreement:
<ul>
<li>name and address of the UK insurance company;</li>
<li>confirmation that the insurance company is authorized and supervised under UK law, and that it is not licensed or supervised by FINMA;</li>
<li>information that the policyholder is personally responsible for paying any mandatory taxes levied on insurance premiums in Switzerland (stamp duties) to the competent tax authority;</li>
<li>contact details of the UK insurance company for obtaining information on the professional qualifications of distributors and for submitting complaints; and</li>
<li>information on the governing law of the insurance policy and the competent court for disputes.</li>
</ul>
The UK insurance companies must provide the above information in text form, either on paper or electronically. These disclosure obligations are in addition to any other disclosure obligations that may apply to UK insurance companies, including those under the Swiss Insurance Contract Act, where applicable.
Furthermore, the policyholder may request a complete copy of all documents prepared by the UK insurance company during the course of the business relationship at any time.
<h4>3. Annual Reporting to FINMA</h4>
UK insurance companies that rely on the Berne Financial Services Agreement must submit annual reports to FINMA via FINMA&#8217;s EHP platform. Copies of these reports are automatically forwarded to the PRA and the FCA.
Yearly reporting must be submitted by 30 April and should cover the previous calendar year. Consequently, if an insurance company registers with FINMA between 1 January and 30 April in any given year, it is not required to report until the subsequent year.
The annual report should include the following information: (i) company name; (ii) the types of covered services, including the classes of insurance supplied to covered clients; and (iii) the total value of gross premiums for activities carried out in the previous 12-month calendar year specified by type of covered services including the classes of insurance where the total value of gross premiums of the insurance company&#8217;s activities under the Berne Financial Services Agreement exceeds CHF 5,000,000 in the previous 12-month calendar year.
<h3>C. Requirements for UK Untied Insurance Intermediaries</h3>
Under the Berne Financial Services Agreement, untied insurance intermediaries domiciled in the UK are exempt from the requirement to have a local presence in Switzerland when providing insurance intermediary services to Swiss clients. However, apart from this exemption, UK-based untied insurance intermediaries are subject to the same rules as Swiss untied insurance intermediaries. In particular, they must register with FINMA (via FINMA&#8217;s EHP platform) and are required to submit annual reports to FINMA by 31 May each year.
UK untied insurance intermediaries are also subject to the client disclosure obligations imposed by the Swiss Insurance Supervision Act (including information on training, conflicts of interest and third-party compensation). In addition to these disclosure obligations applicable to all insurance intermediaries, they must specifically inform clients in text form, either on paper or electronically, about the following:
<ul>
<li>their responsibility for Swiss stamp duty on insurance premiums; and</li>
<li>the applicable law and forum for disputes.</li>
</ul>
Furthermore, policyholders may request a complete copy of all documents prepared by the UK insurance intermediary during the course of the business relationship at any time.
<h3>D. Outlook</h3>
By issuing the FINMA Guidance, FINMA has specified the requirements that UK insurance companies and untied insurance intermediaries must meet to benefit from the simplified market access granted by the Berne Financial Services Agreement. As UK insurance companies and untied insurance intermediaries must register with FINMA before providing services to customers in Switzerland, interested market participants are recommended to initiate the registration process as soon as possible.

Homburger Bulletin

New Guidance on the Berne Financial Services Agreement

On July 26, 2024, FINMA published <a href="https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/">Guidance 06/2024</a> «Stablecoins: risks and challenges for issuers of stablecoins and banks providing guarantees» (Guidance 06/2024). Whilst the «Guidances» (Aufsichtsmitteilungen) published by FINMA are not of a normative nature and therefore may not stipulate additional requirements on financial institutions going beyond the existing legislation, FINMA utilizes Guidances to publish its supervisory practice and interpretation of the Swiss financial market laws.
<h3>What the New Guidance 06/2024 Says</h3>
Guidance 06/2024 sets out FINMA&#8217;s expectation that the identity of all persons holding stablecoins be adequately verified by the issuing institution or by appropriately supervised financial intermediaries. 
This expectation is based on the notion that the stabilization mechanism used by stablecoin issuers «generally» involves a stablecoin holder having a payment claim against the issuer at any time, which may be considered a deposit if the underlying assets are managed for the account and risk of the issuer (as previously communicated by FINMA in its <a href="https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-stable-coins.pdf?sc_lang=en&amp;hash=68854A0D6DAFC3F8F1D4F1C9AF56BA4D">2019 supplement to its ICO guidelines</a>). It remains to be seen whether it will be applied equally to stablecoin arrangements not relying on a claim against the issuer as a stabilization mechanism or other similar arrangements involving counterparty risk.
In the new Guidance 06/2024, FINMA not only reminds financial intermediaries of the KYC/CDD requirements set out under the Anti-Money Laundering Act (identification of the customer; determination of the identity of the beneficial owner; repetition of the procedure in the event of subsequent doubts).
Guidance 06/2024 also refers to FINMA&#8217;s practice already published in its <a href="https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/finma-publikationen/geschaeftsbericht/20220405-finma_jahresbericht_2021.pdf">2021 Annual Report</a> (p. 19), according to which «contractual and, where appropriate, technological transfer restrictions are required for the issue of stable coins by supervised institutions. All persons disposing of stable coins must be sufficiently identified by the issuing institution or by adequately supervised distribution partners in order to comply with the due diligence obligations under the Anti-Money Laundering Act for all transactions with stable coins.» It further cites a <a href="https://www.newsd.admin.ch/newsd/message/attachments/86329.pdf">2024 report by the CGMF</a> (interdepartmental coordinating group on combating money laundering and the financing of terrorism), which characterizes this (at p. 28) as a technology-neutral application of the ban on bearer savings accounts contained in the Swiss Bankers Association&#8217;s Agreement on the Swiss Banks&#8250; Code of Conduct with Regard to the Exercise of Due Diligence (CDB 20), which applies primarily to banks licensed in Switzerland.
The new Guidance 06/2024 links this prohibition of anonymous transfers, which was previously primarily expressed in relation to banks, to the general obligations of all financial intermediaries under the Anti-Money Laundering Act.
In the <a href="https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-stable-coins.pdf?sc_lang=en&amp;hash=68854A0D6DAFC3F8F1D4F1C9AF56BA4D">2019 supplement to its ICO guidelines</a>, FINMA had already stated that the Anti-Money Laundering Act is «almost always applicable» to stablecoins, albeit based on their use as a means of payment and thus not necessarily imposing any obligations on the issuer in the context of transactions without its direct involvement.
While apparently going beyond imposing KYC/CDD requirements on stablecoin issuers only at the points of issuance and redemption, we do not believe there should be a general requirement for stablecoin issuers to identify each individual holder beforehand if contractual or technological solutions (e.g. limiting transfers to VASPs complying with anti-money laundering requirements or other forms of whitelisting) ensure compliance with the Anti-Money Laundering Act.
Guidance 06/2024 sets out restrictions on the use of default guarantees issued by regulated banks as a means for stablecoin issuers to avoid being treated as banks themselves.
Under the Banking Ordinance, claims against stablecoin issuers guaranteed by a licensed bank are exempt from the treatment as regulated deposits and therefore do not cause the stablecoin issuer to carry on an activity requiring authorization under the Banking Act. According to FINMA, various stablecoin issuers in Switzerland use such default guarantees in lieu of an authorization under the Banking Act.
Guidance 06/2024 lists a number of requirements that must be met by a default guarantee in order for the exemption from the authorization requirement to apply:
<ul>
<li>Each customer must have their own claim against the Swiss bank issuing the default guarantee and been informed of the guarantee.</li>
<li>The default guarantee must cover public deposits with interest.</li>
<li>Claims to be covered by the default guarantee must not exceed its upper limit.</li>
<li>The specifics of the default guarantee must permit rapid guarantee calls by customers.</li>
<li>Defenses and objections by the issuing bank are permitted to the extent provided by law.</li>
<li>Customers&#8250; claims under the guarantee must become due at the latest at the time of the stablecoin issuer&#8217;s insolvency, i.e. at the latest at the time of the opening of bankruptcy proceedings against the stablecoin issuer, and not only at the time of the issuance of a certificate of loss.</li>
<li>If there are multiple default guarantees, the increased need for coordination and the resulting operational risks must be highlighted and adequately addressed.</li>
</ul>
Guidance 06/2024 emphasizes that in the event of irregularities at the stablecoin issuer, the bank providing the default guarantee may suffer reputational damage due to its contractual relationship with the issuer and may also be exposed to legal risks.
In addition, because stablecoin holders must have a direct claim against the bank issuing the default guarantee in the event of the bankruptcy of the stablecoin issuer, there is a risk that dishonest stablecoin holders may assert their claims under the default guarantee against the bank providing the default guarantee. In such cases, the legal and reputational risks would be compounded by high regulatory costs, in particular to comply with its obligations under the Anti-Money Laundering Act.
<h3>Assessment</h3>
Guidance 06/2024 comes against the backdrop of an international emergence and evolution of not only anti-money laundering but also prudential requirements for stablecoin issuers.
Most recently, on June 30, 2024, under the European Union&#8217;s Markets in Crypto-Assets Regulation (MiCAR), the issuance in the European Union of stablecoins referencing a single fiat currency (so-called «e-money tokens») was restricted to credit institutions and e-money institutions, and the issuance of stablecoins referencing multiple fiat currencies or other underlying assets (so-called «asset-referenced tokens») was restricted to credit institutions and firms that obtain specific authorizations.
In Switzerland, a bill amending the fintech license for payment service providers (including those using stablecoin) and providers of crypto assets is currently being drafted within the Federal Department of Finance and <a href="https://www.sif.admin.ch/sif/en/home/finanzmarktpolitik/financial-market-regulation/regulatory-projects/innovative-geschaefsmodelle.html">expected to be submitted for public consultation in 2025</a>.
It therefore seems to be consistent with these developments that FINMA&#8217;s Guidance 06/2024 emphasizes the link of stablecoin arrangements to the prudentially regulated sector by highlighting the prudential considerations to be taken into account by the bank issuing the default guarantee, which currently allows stablecoin issuers to operate only under anti-money laundering regulations, and the commonalities in the respective implementations of an anti-money laundering framework that FINMA expects from regulated banks and from not prudentially regulated stablecoin issuers.
This is underlined by FINMA&#8217;s reference to the potential fragility of arrangements involving stablecoin issuers outside the prudential perimeter on the basis of a bank-issued guarantee (e.g. operational aspects relating to the terms of the guarantee, but also the lack of deposit protection for holders of such stablecoins), although some of the constraints on the use of such guarantee arrangements to be exempt from an authorization requirement under the Banking Act, as well as certain residual concerns from a prudential perspective, go beyond their application in the context of stablecoins (as Guidance 06/2024 itself points out, and as is also clear from the discussion in the <a href="https://backend.efd.admin.ch/fileservice/sdweb-docs-prod-efdadminch-files/files/2024/04/30/9fb7f508-2522-428c-a192-23b975c48e93.pdf">Federal Council&#8217;s 2022</a> report on amendments to the fintech license regime).
While the requirements set forth in the text of Guidance 06/2024 are important (and potentially quite restrictive, particularly with respect to KYC/CDD requirements), Guidance 06/2024 also signals the need for stablecoin issuers to be prepared to adapt to a rapidly evolving regulatory environment and a broadening scope of prudential regulation.

FINMA Publishes Guidance on Stablecoins

<h3>A. Übersicht</h3>
Die Eidgenössische Finanzmarktaufsicht FINMA (FINMA) hat am 13. Mai 2024 die öffentliche Anhörung zur Totalrevision des Rundschreibens 2013/5 «Liquidität – Versicherer» (revFINMA-RS 2013/5) eröffnet. Die Anhörung dauert bis 12. Juli 2024. Das revidierte Rundschreiben soll am 1. Januar 2025 in Kraft treten.
Im Rahmen der Revision der Aufsichtsverordnung (AVO), welche per 1. Januar 2024 in Kraft getreten ist, wurden die in Art. 98a AVO vorgesehenen Liquiditätsanforderungen für Versicherer ergänzt. Dabei wurde insbesondere die Berichterstattung an die FINMA zur Liquiditätsplanung auf Verordnungsstufe fixiert (Art. 98a Abs. 4 AVO).
Die FINMA hat diese Verordnungsänderung sowie Entwicklungen auf internationaler Ebene zum Anlass genommen, das FINMA-RS 2013/5 total zu revidieren. Mit dieser Totalrevision will die FINMA ihre Aufsichtspraxis und Erwartungshaltung in Bezug auf die Liquiditätsanforderungen von Versicherungsunternehmen «umfassend, prinzipienbasiert und verständlich» konkretisieren.
<h3>B. Rechtliche Grundlagen</h3>
Bei den Anforderungen an die Liquiditätsbewirtschaftung ist zwischen verschiedenen rechtlichen Grundlagen zu unterscheiden:
<ul>
<li>Aus dem Gesellschaftsrecht ergibt sich, dass die finanzielle Unternehmensführung eine zentrale Aufgabe des Verwaltungsrates ist (Art. 716a Abs. 1 Ziff. 3 OR). Seit der letzten Aktienrechtsrevision gehört dazu auch explizit die Überwachung der Zahlungsfähigkeit (Art. 725 Abs. 1 OR). Für die going-concern Beurteilung nach Art. 958a OR wird zudem jeweils auch eine Liquiditätsplanung erforderlich sein.</li>
<li>Aufsichtsrechtlich werden die Liquiditätsanforderungen an Versicherungsunternehmen primär in Art. 98a AVO geregelt. Dabei wird verlangt, dass Versicherungsunternehmen jederzeit über so viel Liquidität verfügen, damit sie ihren Zahlungsverpflichtungen auch in Stresssituationen nachkommen können (Abs. 1). Zudem müssen sie mindestens jährlich eine Liquiditätsplanung vornehmen (Abs. 2), über ein Notfallkonzept zum Umgang mit Liquiditätsengpässen verfügen (Abs. 3) und der FINMA jährlich zur Liquiditätsplanung Bericht erstatten (Abs. 4).</li>
</ul>
Abgesehen von diesen Schweizer Vorgaben stand die Liquiditätsbewirtschaftung von Versicherern in jüngerer Zeit auch im Fokus internationaler Standardsetter. Der Grund dafür ist die Tiefzinsphase, welche in der Vergangenheit zu einer Verschiebung von Versicherungsvermögen in weniger liquide Anlagen mit höherer Verzinsung geführt hat. So hat die Internationale Vereinigung der Versicherungsaufsichtsbehörden am 29. Juni 2020 beispielsweise das «Application Paper on Liquidity Risk Management» publiziert, welches Versicherungsunternehmen als Leitfaden zum Liquiditätsmanagement dienen soll.
<h3>C. Geltungsbereich</h3>
Die Vorgaben des revFINMA-RS 2013/5 gelten für sämtliche Versicherungsunternehmen, die dem Versicherungsaufsichtsgesetz (VAG) unterstehen, unabhängig von ihrer Grösse oder Organisation.
Darüber hinaus sind die neuen Anforderungen auch von den beaufsichtigten Versicherungsgruppen und -konglomeraten, bzw. durch die im Sinne einer Konzernbetrachtung für die Liquiditätsbewirtschaftung wesentlichen Gruppengesellschaften zu erfüllen. Dies betrifft in der Regel Konzernmuttergesellschaften oder Gesellschaften, die eine Funktion im Rahmen einer zentralisierten Liquiditätssteuerung (z.B. das Cash Pooling) übernehmen. Dabei ist keine konsolidierte Liquiditätsbetrachtung über den gesamten Konzern anzuwenden, sondern es muss berücksichtigt werden, dass die liquiditätssteuernden Konzerngesellschaften bzw. die Konzernmuttergesellschaften und insbesondere die angeschlossenen und beaufsichtigten Versicherungsunternehmen tatsächlich über die notwendige Liquidität verfügen können.
Ein Spezialfall gilt für Schweizer Zweigniederlassungen von Versicherungsunternehmen mit Sitz im Ausland. Bei diesen beschränkt sich die Aufsicht der FINMA auf die Geschäftstätigkeit der Zweigniederlassung. In Bezug auf die Liquiditätsbelange solcher Zweigniederlassungen gelten die Bestimmungen des revFINMA-RS 2013/5 sinngemäss. Ausnahmen sind einzig in Bezug auf die Berichterstattung an die FINMA im Rahmen einer konkreten Einzelfallbeurteilung möglich (Art. 98a Abs. 4 AVO).
<h3>D. Anforderungen an das Liquiditäts(risiko)management</h3>
Die FINMA unterteilt die Anforderungen an Versicherer im neuen Rundschreiben in sechs Bereiche. Diese können wie folgt zusammengefasst werden:
<ul>
<li>Governance: Das revFINMA-RS 2013/5 verlangt eine klare Regelung der Organisation des Versicherungsunternehmens in Bezug auf das Liquiditätsmanagement. Dabei müssen die Versicherungsunternehmen insbesondere die interne Zuweisung der entsprechenden Aufgaben, Kompetenzen und Verantwortlichkeiten ausreichend dokumentieren (z.B. im Organisations- und/oder Geschäftsreglement). Das Rundschreiben überlässt die Ausgestaltung der internen Organisation dabei grundsätzlich den Versicherungsunternehmen. Es hält lediglich fest, dass das Oberleitungsorgan (d.h. der Verwaltungsrat in der Aktiengesellschaft) für die Genehmigung bzw. Überprüfung der strategischen Belange und Grundsätze des Liquiditätsmanagements bzw. -risikomanagements sowie für die Überwachung der Liquidität verantwortlich ist. Die Geschäftsleitung soll dem Oberleitungsorgan zudem periodisch über die Liquiditätssituation berichten und ihm allfällige Verschlechterungen der Unternehmensliquidität melden.</li>
<li>Liquiditätsmanagement und -planung: Zur Erkennung und Vermeidung von Liquiditätsengpässen müssen Versicherungsunternehmen mindestens jährlich ihren Liquiditätsbedarf basierend auf dem erwarteten und geplanten Geschäftsverlauf abschätzen. Zudem müssen sie die eigenen Liquiditätspositionen zukunftsgerichtet, mindestens über einen Horizont von einem Jahr (365 Tage), einem Monat (30 Tage) und einem weiteren unterjährigen Planungshorizont beurteilen. Diese Liquiditätsplanungen sind dabei nach dokumentierten Vorgaben und über alle Perioden konsistent durchzuführen.</li>
<li>Liquiditätsreserve: Zur Überbrückung eines kurzfristigen Liquiditätsbedarfs müssen die Versicherer über hinreichende, hochliquide Vermögenswerte (d.h. sehr kurzfristig mit sehr geringen operationellen Einschränkungen und ohne Abschläge verfügbare Vermögenswerte) verfügen. Diese müssen entsprechend der Geschäftstätigkeit und auf mögliche Stresssituationen abgestimmt sein. So kann es beispielsweise erforderlich sein, dass angemessene Liquiditätsreserven auch in einzelnen Tochtergesellschaften oder Jurisdiktionen gehalten werden. Essenziell ist dabei der sofortige Zugriff auf die Vermögenswerte, insbesondere, dass dieser auch in Stresssituationen gewährleistet ist. Entsprechend soll der Versicherer sicherstellen, dass der Nutzung der Liquiditätsreserven keine gesetzlichen, vertraglichen, regulatorischen oder operativen Restriktionen entgegenstehen.</li>
<li>Liquiditätsrisikomanagement: Nach dem revFINMA-RS 2013/5 hat die Geschäftsleitung im Rahmen des Liquiditätsrisikomanagements dafür zu sorgen, dass (i) die Zahlungsfähigkeit auch unter adversen Bedingungen gewährleistet werden kann, (ii) die Liquidität basierend auf dem definierten Risikoappetit und der daraus abgeleiteten Risikostrategie wirksam gesteuert wird und (iii) wirksame Vorgaben und Prozesse für die Kontrolle und Begrenzung des Liquiditätsrisikos festgelegt werden. Im Unterschied zum Liquiditätsmanagement geht es beim Liquiditätsrisikomanagement deshalb vor allem um die Beurteilung, inwiefern die Liquidität bzw. die Zahlungsfähigkeit auch in Stressszenarien gegeben ist. Um den Liquiditätsbedarf in solchen Stresssituationen zu decken, sind die Liquiditätsreserven angemessen zu bemessen. Die verwendeten Stresstests und die adversen Szenarien sind dabei grundsätzlich gemäss den eigenen Einschätzungen festzulegen und zu dokumentieren.</li>
<li>Liquiditätscontrolling und -überwachung: Liquiditätsrisiken müssen gemäss dem neuen Rundschreiben fortlaufend gemessen und überwacht werden. Das Rundschreiben überlässt die Bestimmung der konkreten Mess-, Kontroll- und Steuerungsverfahren dabei grundsätzlich den Versicherungsunternehmen. Sie sollen diese jedoch insbesondere unter Berücksichtigung ihrer Geschäftstätigkeit und Liquiditätssituation sowie ihres gesamten Risikoexposures festlegen. Aufgrund der existenzbedrohenden Bedeutung von Liquiditätsrisiken sind die Geschäftsprozesse zum Liquiditäts(risiko)management zudem in das interne Kontrollsystem zu integrieren und mittels Kontrollen regelmässig zu prüfen.</li>
<li>Notfallkonzept: Das FINMA-RS 2013/5 konkretisiert neu die Anforderungen an das gemäss Art. 98a Abs. 3 AVO erforderliche Notfallkonzept. Damit soll sichergestellt werden, dass das Versicherungsunternehmen im Falle einer Liquiditätskrise die notwendigen Massnahmen mit der gebotenen Eile vornehmen kann. Neben diesen Massnahmen soll das Notfallkonzept insbesondere auch geeignete Frühwarnindikatoren enthalten, um die Entstehung von Liquiditätsgefahren zu erkennen, und die Verantwortlichkeiten, Abläufe und Kommunikationsstrategien für eine Liquiditätskrise definieren. Das Notfallkonzept ist dabei jährlich zu überprüfen und nach der Genehmigung durch die Geschäftsleitung jeweils dem Oberleitungsorgan zur Kenntnis zu bringen.</li>
</ul>
<h3>E. Berichterstattung an die FINMA</h3>
Unter dem neuen Rundschreiben sollen Versicherer verpflichtet werden, jährlich auf den 31. Dezember hin einen Bericht zur Liquiditätsplanung zu erstellen und bei der FINMA bis spätestens am darauffolgenden 30. April einzureichen. Die FINMA publiziert die Resultate dieser Berichterstattungen anschliessend jeweils bis zum 30. Juni.
Die Berichterstattung an die FINMA erfolgt für alle Versicherer im Rahmen einer standardisierten Erhebung über die EHP-Plattform der FINMA. Die Elemente der Berichterstattung werden dabei durch die FINMA vorgängig für die einzelnen Versicherer unter Berücksichtigung der Aufsichtskategorie, der Geschäftstätigkeit und der Risikoexposition vorgegeben.
Neben dieser ordentlichen Berichterstattung melden Versicherer ausserordentliche Veränderungen der Liquiditätssituation umgehend der FINMA. Diese Pflicht ergibt sich bereits aus Art. 29 Abs. 2 FINMAG, das revFINMA-RS 2013/5 enthält neu jedoch eine (nicht abschliessende) Liste an konkreten meldepflichtigen Tatbeständen. Dazu gehören im Wesentlichen voraussichtliche oder tatsächliche vorübergehende Liquiditätsunterdeckungen sowie ernsthafte, operative oder strategische Liquiditätsprobleme.
<h3>F. Ausblick</h3>
Die FINMA plant, nach Abschluss der öffentlichen Anhörung die eingegangenen Stellungnahmen zu berücksichtigen und gestützt darauf, im November 2024 die finale Version des revFINMA-RS 2013/5 zu publizieren. Die Versicherer sollen die neuen Vorgaben grundsätzlich ab dem 1. Januar 2025 einhalten. Eine Ausnahme besteht allerdings in Bezug auf die neue Berichterstattungspflicht der Versicherungsunternehmen. So soll die ordentliche Berichterstattung an die FINMA erstmals für das Geschäftsjahr 2025 per 30. April 2026 erfolgen.

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Neue Liquiditätsvorschriften für Versicherer

Corporate / M&A

Employment and Executive Compensation

Competition

Grant Thornton

Homburger News

Homburger advised Grant Thornton Advisors on the expansion of its multinational platform to include Liechtenstein and Switzerland

Homburger advised Grant Thornton Advisors in its strategic initiative to expand its multinational platform through the acquisitions of Grant Thornton Switzerland and Grant Thornton Liechtenstein.
This transaction – together with other recent expansions – creates a team of more than 18,000 professionals in offices stretching from the Americas across Europe and the Middle East to the Asia Pacific region. The transaction was backed by an investor group led by New Mountain Capital.
The Homburger team was led by partner Dieter Gericke (Corporate / M&amp;A) and included partners Benjamin Leisinger (Financial Services), Balz Gross (Employment and Executive Compensation) and Richard Stäuber (Competition) as well as associates Thierry Burckhardt, Cédric Berger, Hans Glent Abildgaard, Simone Schmid, Viviane Egli and Leon Indov (all Corporate / M&amp;A), Kimberly Amrein (Employment and Executive Compensation), Giulia Meier (Competition) and Fabrice Eckert (Financial Services).

Financing

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Homburger advised Madrigal in connection with its new USD 500 m financing

On July 17, 2025, Madrigal Pharmaceuticals, Inc., a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a serious liver disease with high unmet medical need, secured a USD 500 m senior secured credit facility from Blue Owl Capital to advance its pharmaceutical pipeline. On September 4, 2025, Madrigal’s Swiss subsidiary, Madrigal Pharmaceuticals GmbH, acceded as guarantor and security provider to this financing.
Homburger advised Madrigal, in particular its Swiss subsidiary Madrigal Pharmaceuticals GmbH, with regard to all Swiss legal aspects of the financing transaction.
The Homburger team was led by Daniel Haeberli and included Fabrice Eckert, Luca Gmür and Yulia Shaburnykova (all Financing) as well as Stefan Oesterhelt (Tax).

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20250326 - Legal 500 Rankings 2025

The Legal 500 Rankings 2025: Homburger top ranked

The Legal 500 has ranked Homburger Tier 1 in 13 categories and recognized us in an additional 9 practice areas: Banking and Finance; Capital Markets; Commercial, Corporate and M&amp;A; Competition; Construction; Data Privacy and Data Protection; Dispute Resolution: Arbitration; Dispute Resolution: Litigation; Employment; Fintech; Healthcare and Life Sciences; Insolvency and Corporate Recovery; Insurance; Intellectual Property; Private Client; Public Law; Real Estate; Regulatory, Compliance and Investigations; Sports Law; Tax; TMT and Transport.
Over all ranked categories, 52 of our lawyers achieved individual rankings: <a href="https://www.homburger.ch/en/team/alexander-wherlock" target="_blank" rel="noopener">Alexander Wherlock</a>, <a href="https://www.homburger.ch/en/team/allegra-arnold" target="_blank" rel="noopener">Allegra Arnold</a>, <a href="https://www.homburger.ch/en/team/andreas-burger" target="_blank" rel="noopener">Andreas Burger</a>, <a href="https://www.homburger.ch/en/team/andreas-muller" target="_blank" rel="noopener">Andreas Müller</a>, <a href="https://www.homburger.ch/en/team/andri-hess" target="_blank" rel="noopener">Andri Hess</a>, <a href="https://www.homburger.ch/en/team/angelika-murer" target="_blank" rel="noopener">Angelika Murer</a>, <a href="https://www.homburger.ch/en/team/anna-peter" target="_blank" rel="noopener">Anna Peter</a>, <a href="https://www.homburger.ch/en/team/balz-gross" target="_blank" rel="noopener">Balz Gross</a>, <a href="https://www.homburger.ch/en/team/benedikt-maurenbrecher" target="_blank" rel="noopener">Benedikt Maurenbrecher</a>, <a href="https://www.homburger.ch/en/team/benjamin-leisinger" target="_blank" rel="noopener">Benjamin Leisinger</a>, <a href="https://www.homburger.ch/en/team/claudia-suter" target="_blank" rel="noopener">Claudia Suter</a>, <a href="https://www.homburger.ch/en/team/claudio-bazzani" target="_blank" rel="noopener">Claudio Bazzani</a>, <a href="https://www.homburger.ch/en/team/daniel-daeniker" target="_blank" rel="noopener">Daniel Daeniker</a>, <a href="https://www.homburger.ch/en/team/daniel-haeberli" target="_blank" rel="noopener">Daniel Haeberli</a>, <a href="https://www.homburger.ch/en/team/daniel-hasler" target="_blank" rel="noopener">Daniel Hasler</a>, <a href="https://www.homburger.ch/en/team/daniel-hausermann" target="_blank" rel="noopener">Daniel Häusermann</a>, <a href="https://www.homburger.ch/en/team/david-oser" target="_blank" rel="noopener">David Oser</a>, <a href="https://www.homburger.ch/en/team/david-thomann" target="_blank" rel="noopener">David Thomann</a>, <a href="https://www.homburger.ch/en/team/dieter-gericke" target="_blank" rel="noopener">Dieter Gericke</a>, <a href="https://www.homburger.ch/en/team/dieter-grunblatt" target="_blank" rel="noopener">Dieter Grünblatt</a>, <a href="https://www.homburger.ch/en/team/dilber-devitre" target="_blank" rel="noopener">Dilber Devitre</a>, <a href="https://www.homburger.ch/en/team/fabrice-eckert" target="_blank" rel="noopener">Fabrice Eckert</a>, <a href="https://www.homburger.ch/en/team/felix-dasser" target="_blank" rel="noopener">Felix Dasser</a>, <a href="https://www.homburger.ch/en/team/flavio-romerio" target="_blank" rel="noopener">Flavio Romerio</a>, <a href="https://www.homburger.ch/en/team/frank-gerhard" target="_blank" rel="noopener">Frank Gerhard</a>, <a href="https://www.homburger.ch/en/team/franz-hoffet" target="_blank" rel="noopener">Franz Hoffet</a>, <a href="https://www.homburger.ch/en/team/gabrielle-nater-bass" target="_blank" rel="noopener">Gabrielle Nater-Bass</a>, <a href="https://www.homburger.ch/en/team/georg-rauber" target="_blank" rel="noopener">Georg Rauber</a>, <a href="https://www.homburger.ch/en/team/gregor-buhler" target="_blank" rel="noopener">Gregor Bühler</a>, <a href="https://www.homburger.ch/en/team/hansjurg-appenzeller" target="_blank" rel="noopener">Hansjürg Appenzeller</a>, <a href="https://www.homburger.ch/en/team/jeremy-reichlin" target="_blank" rel="noopener">Jeremy Reichlin</a>, <a href="https://www.homburger.ch/en/team/julian-schwaller" target="_blank" rel="noopener">Julian Schwaller</a>, <a href="https://www.homburger.ch/en/team/jurg-frick" target="_blank" rel="noopener">Jürg Frick</a>, <a href="https://www.homburger.ch/en/team/kirsten-wesiak-schmidt" target="_blank" rel="noopener">Kirsten Wesiak-Schmidt</a>, <a href="https://www.homburger.ch/en/team/laetitia-fracheboud" target="_blank" rel="noopener">Laetitia Fracheboud</a>, <a href="https://www.homburger.ch/en/team/luca-dal-molin" target="_blank" rel="noopener">Luca Dal Molin</a>, <a href="https://www.homburger.ch/en/team/marcel-dietrich" target="_blank" rel="noopener">Marcel Dietrich</a>, <a href="https://www.homburger.ch/en/team/mariella-orelli" target="_blank" rel="noopener">Mariella Orelli</a>, <a href="https://www.homburger.ch/en/team/miguel-sogo" target="_blank" rel="noopener">Miguel Sogo</a>, <a href="https://www.homburger.ch/en/team/philippe-baumann" target="_blank" rel="noopener">Philippe Baumann</a>, <a href="https://www.homburger.ch/en/team/rene-bosch" target="_blank" rel="noopener">René Bösch</a>, <a href="https://www.homburger.ch/en/team/reto-heuberger" target="_blank" rel="noopener">Reto Heuberger</a>, <a href="https://www.homburger.ch/en/team/richard-stauber" target="_blank" rel="noopener">Richard Stäuber</a>, <a href="https://www.homburger.ch/en/team/roman-baechler" target="_blank" rel="noopener">Roman Baechler</a>, <a href="https://www.homburger.ch/en/team/stefan-bindschedler" target="_blank" rel="noopener">Stefan Bindschedler</a>, <a href="https://www.homburger.ch/en/team/stefan-blunschi" target="_blank" rel="noopener">Stefan Blunschi</a>, <a href="https://www.homburger.ch/en/team/stefan-gaumann" target="_blank" rel="noopener">Stefan Gäumann</a>, <a href="https://www.homburger.ch/en/team/stefan-kramer" target="_blank" rel="noopener">Stefan Kramer</a>, <a href="https://www.homburger.ch/en/team/stefan-oesterhelt" target="_blank" rel="noopener">Stefan Oesterhelt</a>, <a href="https://www.homburger.ch/en/team/stefanie-pfisterer" target="_blank" rel="noopener">Stefanie Pfisterer</a>, <a href="https://www.homburger.ch/en/team/tanja-niederer" target="_blank" rel="noopener">Tanja Niederer</a>, <a href="https://www.homburger.ch/en/team/tobias-kaufmann" target="_blank" rel="noopener">Tobias Kaufmann</a>.
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Fabrice
Eckert

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Fabrice Eckert

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FabriceEckert

Homburger advised Grant Thornton Advisors on the expansion of its multinational platform to include Liechtenstein and Switzerland

Homburger advised Madrigal in connection with its new USD 500 m financing

The Legal 500 Rankings 2025: Homburger top ranked

New Guidance on the Berne Financial Services Agreement

FINMA Publishes Guidance on Stablecoins

Neue Liquiditätsvorschriften für Versicherer

Rules of Conduct under FinSA – FINMA's Draft Circular

Decentralised Finance

Kommentierung von Art. 7 FIDLEG

Join the Team

Fabrice Eckert

Career

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Bar Registration

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Fabrice
Eckert