The Swiss Financial Market Supervisory Authority (FINMA) has issued a new consolidated FINMA Insolvency Ordinance, replacing three separate ordinances that previously governed insolvency proceedings for banks, insurance companies and collective investment schemes. The new ordinance revises and adapts existing rules based on practical and academic findings and implements changes required by amendments to the Banking Act and the Insurance Supervision Act. The ordinance brings the procedure for restructuring and bankruptcy of institutions under FINMA’s insolvency jurisdiction into a single framework, largely harmonising procedural rules while retaining only minimal category-specific provisions and the existing generic structure. FINMA consulted on the draft from 9 October to 9 December 2024, and the project was not controversial. The FINMA Insolvency Ordinance enters into force on 1 October 2025, when the FINMA Banking Insolvency Ordinance, FINMA Insurance Bankruptcy Ordinance and FINMA Collective Investment Schemes Bankruptcy Ordinance will be repealed.
Swiss Financial Market Supervisory Authority (FINMA) 2025-09-04
Swiss Financial Market Supervisory Authority consolidates bank, insurance and fund insolvency rules into a new FINMA Insolvency Ordinance effective 1 October 2025
The Swiss Financial Market Supervisory Authority (FINMA) has issued a consolidated FINMA Insolvency Ordinance, replacing three separate ordinances for banks, insurance companies, and collective investment schemes. This ordinance harmonizes procedural rules for restructuring and bankruptcy under FINMA's jurisdiction, incorporating changes from amendments to the Banking Act and Insurance Supervision Act. It takes effect on 1 October 2025, repealing the existing ordinances.