Regulation and Supervision of Bank Senior Management in Light of Prudential Corporate Governance E-Book

Kimberley S. Rothwell

• Herausgeber: buch & netz
• Kategorie: Fachliteratur
• Sprache: Englisch

Veröffentlichungsjahr: 2024

Beschreibung

Ongoing conduct issues in the banking sector have sparked global discussions on the effectiveness of the corporate governance of these institutions. This dissertation commences by exploring the internationally evolving regulatory landscape of prudential corporate governance and the role of bank senior management within these frameworks using a law and economics perspective. Two model jurisdictions, the United Kingdom and the Netherlands, are identified as pioneers with their emerging approaches to tackle the persisting challenges. Against this backdrop, the study turns to Switzerland. It fills the gap of a comprehensive supervisory law analysis of bank senior management. For this purpose, the fragmented provisions are distilled from their institutional embedding and structured along the supervisory law life cycle of authorisation, ongoing supervision and enforcement. Along each phase, the respective novel approaches from the model jurisdictions are presented. Through these analyses, the dissertation identifies gaps and inefficiencies in the Swiss supervisory law framework. These findings are synthesised in order to gain a holistic view of the current setup. Concluding, future pathways for Switzerland are presented, also inspired by international developments, to propose a more structured, robust and efficient framework for the regulatory oversight of the senior management of Swiss banks.

Leseprobe

Regulation and Supervision of Bank Senior Management in Light of Prudential Corporate Governance

Analysis of the Swiss Framework including Perspectives from British and Dutch Law

Dissertation by the Law Faculty of the University of Lucerne

to earn the degree of Doctor of Laws

submitted by

Kimberley S. Rothwell of Niederrohrdorf AG

approved upon the application of

Prof. Dr. Franca Contratto and Prof. Dr. Urs Zulauf

Publication of the dissertation approved by the Faculty of Law of the University of Lucerne.

Lucerne, 4 July 2024

The Dean: Prof. Dr. Nicolas Diebold

Kimberley S. Rothwell

Regulation and Supervision of Bank Senior Management in Light of Prudential Corporate Governance

Analysis of the Swiss Framework including Perspectives from British and Dutch Law

EIZ Publishing Zürich

Regulation and Supervision of Bank Senior Management in Light of Prudential Corporate Governance Copyright © by Kimberley S. Rothwell is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License, except where otherwise noted.

© 2024 – CC BY-NC-ND (Werk), CC BY-SA (Text)

Author: Kimberley S. RothwellPublisher: EIZ Publishing (eizpublishing.ch)Production, Set & Distribution: buch & netz (buchundnetz.com)ISBN:978-3-03805-732-1 (Print – Softcover)978-3-03805-733-8 (Print – Hardcover)978-3-03805-734-5 (PDF)978-3-03805-735-2 (ePub)DOI:https://doi.org/10.36862/eiz-733Version: 1.02 – 20240925

The dissertation was submitted by Kimberley S. Rothwell and adopted by the Faculty of Law of the University of Lucerne, represented by Dean Prof. Dr. Nicolas Diebold, on July 4, 2024.It was supervised by Prof. Dr. Franca Contratto and Prof. Dr. Urs Zulauf.

The open access publication of this book has been published with the support of the Swiss National Science Foundation (SNF).

This work is available in print and various digital formats in OpenAccess. Additional information is available at: https://eizpublishing.com/publikationen/regulation-and-supervision-of-bank-senior-​management-in-light-of-prudential-corporate-governance/.

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Acknowledgements

I would like to express my deepest gratitude to my doctoral mother, Prof Dr. iur. Franca Contratto. Her guidance and encouragement were indispensable. This gratefulness extends to Prof. Dr. iur. Urs Zulauf, who approached the role as co-examiner with remarkable dedication. I consider myself fortunate to have had the freedom to explore my academic interests while benefitting from the crucial and inspiring insights of both examiners during our critical and fruitful discussions throughout this project.

A heartfelt thanks goes to Christophe Reitze, who encouraged me to pursue this path. His constant support, unparalleled patience and unwavering belief in me were the pillars on which this project rested. Our discussions and his thoughtful feedback on parts of the thesis were invaluable. My utmost gratitude is yours.

I am also deeply thankful to my fellow PhD candidates and former colleagues, Janique Bourgeois and Stefanie Fuchs. The uplifting sense of community we shared was a continuous motivator, our lively discourses a source of inspiration and their critical reviews of parts of the manuscript a great help. I would also like to thank Jacqueline Buff for her generous feedback on parts of the work. Her enthusiastic support from the very beginning of this project remained extraordinary and was always deeply appreciated.

I was lucky to be surrounded by even more supporters: my wonderful friends – especially Chantal Siegenthaler, Dana Behrens, Remo Meyer, Laura Grünig and Nadine Grolimund – and my precious family near and far, particularly my mother and brother. They met me with tolerance, kind understanding and patience, all of which were crucial factors that carried me through this endeavour. Ella, Nora, Elias, Mathis, Eliott, Eléonore and Colette, you reminded me of the truly important things in life. I am profoundly grateful for the incredible support I received.

This thesis reflects the state of legislation, jurisprudence, administrative practice and literature as of 31 January 2024 and was completed in February 2024. The views expressed here are entirely my own and have no connection with any past, present or future employment.

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Overview Table of Contents

Overview Table of Contents

Table of Contents

Bibliography

List of Materials, Regulatory and Further Sources

List of Abbreviations

Introduction

Relevance of the TopicPurpose of this ThesisResearch QuestionsStructureScope

Part 1: Contextualisation

Corporate Governance of Banks as a Specialised ConceptPreliminary Conceptual TerminologiesEconomic PerspectiveLegal PerspectiveSenior Management and Prudential Corporate Governance in the Post-GFC EraContinued ChallengesRegulatory ShiftConclusions

Part 2: Requirements and Authorisation

AnalysisIdentified Legal Framework Towards Senior ManagementAuthorisation as an Element of the Supervisory Law Life CycleResultsEmerging Approaches

Part 3: Ongoing Supervision

AnalysisSupervision as an Element of the Supervisory Law Life CycleInstruments to Supervise Senior ManagementResultsEmerging Approaches

Part 4: Enforcement

AnalysisEnforcement as an Element of the Supervisory Law Life CycleInstruments Affecting Senior ManagementResultsEmerging Approaches

Part 5: Synthesis and Perspectives

Senior Management and Prudential Corporate Governance: Different Perceptions at a GlanceInternational BodiesEmerging ModelsSwitzerlandDiscussion of the Swiss FrameworkPresent Setup and Future PerspectivesThe Path to a Cohesive Senior Management Regulation and Supervision

Summary

Policy Outlook

3

Table of Contents

Overview Table of Contents

Table of Contents

Bibliography

List of Materials, Regulatory and Further Sources

List of Abbreviations

Introduction

Relevance of the TopicPurpose of this ThesisResearch QuestionsStructureScope

Part 1: Contextualisation

Corporate Governance of Banks as a Specialised ConceptPreliminary Conceptual TerminologiesCorporate GovernanceBankEconomic PerspectiveGeneral Function of Corporate GovernanceCorporate Governance as a Means to Align Corporate InterestsProblems in Agency RelationsRelevance for Corporate GovernanceDistinctive Characteristics of Banks and Their Impact on Corporate GovernanceEconomic Role and Systemic RelevanceHigh LeverageOpacityRegulationStakeholdersAdapting Corporate Governance for BanksLegal Perspective“Prudential” Corporate GovernanceBasel Committee on Banking Supervision Guidelines Corporate Governance Principles for BanksSetupEvolutionOverview and CornerstonesThe Role of Senior ManagementDefinition of Senior Management in the Present ContextRelevanceOutline of RequirementsSenior Management and Prudential Corporate Governance in the Post-GFC EraContinued ChallengesPersistent Corporate Governance IssuesLimits of FrameworksRegulatory ShiftReception of Persisting IssuesDevelopments of International BodiesFinancial Stability BoardBasel Committee on Banking SupervisionGroup of ThirtyEmerging National ApproachesConceptual DefinitionUnited KingdomGeneral SetupSenior Managers and Certification RegimeBackground and RationaleKey FeaturesReception of the British ApproachInternationallyNationallyThe NetherlandsGeneral SetupThe Supervision of Behaviour and CultureBackground and RationaleKey FeaturesFurther ElementsReception of the Dutch ApproachInternationallyNationallyConclusions

Part 2: Requirements and Authorisation

AnalysisIdentified Legal Framework Towards Senior ManagementFoundationsOutlineOrganisational RequirementsPersonnel RequirementsHistorical ContextRelevant Norms in the Banking ActEarly DiscussionsFirst Banking ActRationale and ObjectiveOrganisational RequirementsPersonal LiabilityFirst Revision and OnwardBackgroundDevelopment of Organisational RequirementsEstablishment and Development of Personnel RequirementsGuarantee for Irreproachable Business ConductPlace of ResidenceDevelopment of the Liability ProvisionFINMA‑Circular “Corporate Governance – Banks”Development of the CircularDevelopment of Relevant ProvisionsBoard of DirectorsExecutive ManagementAuthorisation as an Element of the Supervisory Law Life CycleConceptual DefinitionFunction and ObjectiveRequirements affecting Senior ManagementOrganisational PerspectiveAdministrative Organisation and Separation of Governing BodiesBoard of DirectorsRequirementsPrescribed ResponsibilitiesBasic Principles Governing a DirectorshipExecutive BoardRequirementsPrescribed ResponsibilitiesPersonnel PerspectiveGuarantee for Irreproachable Business ConductOutline of ConceptDefinitionIndeterminacyPersonal Scope of ApplicationContentProfessional CompetenceIrreproachabilityLimitsPlace of ResidenceSenior Management in the Authorisation ProcessOutline of the ProcessOrganisational RequirementsPersonnel RequirementsDocuments and Information to be SubmittedAssessment of the Guarantee of Irreproachable Business ConductGeneral ApproachPast-orientedSpecificAuthorisation and Legal EffectResultsEmerging ApproachesUnited KingdomAuthorisationSenior Management FunctionsCertified FunctionsConduct RulesThe Netherlands

Part 3: Ongoing Supervision

AnalysisSupervision as an Element of the Supervisory Law Life CycleConceptual DefinitionFunction and ObjectiveOverview on InstrumentsInstruments to Supervise Senior ManagementOrganisational PerspectiveRegulatory AuditOutline of the InstrumentContextualisation in Bank SupervisionLegal Foundations and ObjectiveAddresseesAuditorsContentAudit of Relevant Corporate Governance ProvisionsCorporate Governance in the Regulatory AuditAudit PointsOrganisational Structure and Separation of Governing BodiesBoard of DirectorsExecutive BoardAudit IntensityAudit ReportReview on Supervision of Corporate Governance by the IMFPersonnel PerspectiveAudit of the Guarantee of Irreproachable Business Conduct?Processing and Storage of Personal Data in SupervisionScope and Legal FoundationsProcessingStorage in the Irreproachability Guarantee DatabaseContent of the DatabasePermissible DataOther DataConsequences for Concerned IndividualsInformation about the Entry“Pending” Legal EffectsChanges in Senior ManagementBackground and DevelopmentCurrent PracticeResultsEmerging ApproachesUnited KingdomThe Netherlands

Part 4: Enforcement

AnalysisEnforcement as an Element of the Supervisory Law Life CycleConceptual DefinitionFunction and ObjectiveOverview on InstrumentsCurrent SetupThe Question of FinesLimits on Communication in EnforcementContext and Scope of AnalysisInstruments Affecting Senior ManagementPersonal PerspectiveProhibition from Practising a ProfessionContent and FunctionPersonal Scope of ApplicationMaterial Scope of ApplicationSerious Violation of Supervisory ProvisionsGeneral Definition of the RequirementApplication of the RequirementForms of ViolationIndividual AttributionDefinitionIndividual Attribution in Complex Organisational StructuresApplicationDeclaration of ResignationScope of ConsequencesIrreproachability ProcedureContent and FunctionPersonal Scope of ApplicationMaterial Scope of ApplicationScope of ConsequencesConfiscationContent and FunctionPersonal Scope of ApplicationMaterial Scope of ApplicationSerious Violation of Supervisory ProvisionsCausalityScope of Confiscation: Profit Earned or Loss AvoidedOrganisational PerspectiveRestoration of Compliance with the LawContent and FunctionPersonal Scope of ApplicationMaterial Scope of ApplicationScope of ConsequencesDeclaratory Ruling and Substitute PerformanceContent and FunctionPersonal Scope of ApplicationMaterial Scope of ApplicationScope of ConsequencesPublication of the Supervisory RulingContent and NaturePersonal Scope of ApplicationMaterial Scope of ApplicationRevocation of the LicenseResultsEmerging ApproachesUnited KingdomThe Netherlands

Part 5: Synthesis and Perspectives

Senior Management and Prudential Corporate Governance: Different Perceptions at a GlanceInternational BodiesTraditional UnderstandingEvolutionEmerging ModelsSwitzerlandPerceptionReception of DevelopmentsNeed for an Evolution?Discussion of the Swiss FrameworkPresent Setup and Future PerspectivesGeneral DiscussionDetailed DiscussionIncrease Quality and Quantity of CommunicationIdentified ImplicationsPerspectivesRequirements and AuthorisationRefine the Irreproachability GuaranteeIdentified ImplicationsPerspectivesClear Assignment of ResponsibilitiesIdentified ImplicationsPerspectivesIncrease ScrutinyIdentified ImplicationsPerspectivesOngoing SupervisionInstitutionalise Ongoing OversightIdentified ImplicationsPerspectivesTransition to Exclusive Authoritative OversightIdentified ImplicationsPerspectivesEnforcementStrengthen AccountabilityIdentified ImplicationsPerspectivesDiversify Enforcement InstrumentsIdentified ImplicationsPerspectivesThe Path to a Cohesive Senior Management Regulation and Supervision

Summary

Policy Outlook

4

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Kuhn Christoph, Das Berufsverbot nach Art. 33 FINMAG, in: Veröffentlichungen aus dem LL.M.-Studiengang Internationales Wirtschaftsrecht der Universität Zürich und des Europa Instituts an der Universität Zürich, 2014 Zürich (cit.: Kuhn, Berufsverbot)

Kunz Peter V., Wirtschaftsrecht, Grundlagen und Beobachtungen, Bern 2019

Laaper Peter/Busch Danny, The Dutch Banker’s Oath and the Dutch Banking Disciplinary Committee, in: Busch Danny/Ferrarini Guido/van Solinge Gerard (eds.), Governance of Financial Institutions, Oxford 2019, 444 (cit.: Laaper/Busch, Governance of Financial Institutions)

Laeven Luc, Corporate Governance: What’s Special about Banks?, Annu. Rev. Financ. Econ. 2013, 63

Lagarde Christine, The Role of Personal Accountability in Reforming Culture and Behavior in the Financial Services Industry, IMF Speech at the Federal Reserve Bank of New York, New York 5.11.2015 (cit.: Lagarde, IMF Accountability 2015)

Lagarde Christine, Ethics and Finance – Aligning Financial Incentives with Societal Objectives, IMF Speech at the Event hosted by the Institute for New Economic Thinking: Finance and Society, Washington 6.5.2015 (cit.: Lagarde, IMF Ethics and Finance 2015)

Larcker David/Tayan Brian, Corporate Governance Matters, A Closer Look at Organizational Choices and Their Consequences, 3rd edn., London 2020

Levine Ross, The Corporate Governance of Banks, A Concise Discussion of Concepts and Evidence, The World Bank Policy Research Working Paper 2004 (cit.: Levine, World Bank Working Paper 2004)

Llewellyn David T., Corporate Governance Issues in Non-Shareholder Value Institutions, a Case Study of Mutual Building Societies in the UK, in: Stavrinakis Spyros G. et al (eds.), Corporate Governance in Financial Insitutions Wien 2007, 53 (cit.: Llewellyn, Corporate Governance FIs)

Llewellyn David T., Central Banks and the New Regulatory Regime for Banks, in: Mayes David G., Siklos Pierre L., Sturm Jan-Egbert (eds.), The Oxford Handbook of the Economics of Central Banking, New York 2019, 503 (cit.: Llewellyn, Oxford Handbook Central Banking)

Lo Andrew W., The Gordon Gekko Effect: The Role of Culture in the Financial Industry, FRBNY Economic Policy Review 2016, 17 (cit.: Lo, FRBNY Economic Policy Review 2016)

Lombardini Carlo, Droit Bancaire Suisse, 2nd edn., Zürich 2008

Loonen Tom/Rutgers Mark R., Swearing to be a Good Banker: Perceptions of the Obligatory Banker’s Oath in the Netherlands, JBR 2016, 1

Lüthi Daniel J., Wirksame Krisenverhinderung? Das UK Senior Managers Regime und der Archegos Skandal, SZW 2023, 443

Macey Jonathan/O’Hara Maureen, Bank Corporate Governance: a Proposal for the Post-Crisis World, FRBNY Policy Review 2016, 85 (cit.: Macey/O’Hara, FRBNY Policy Review 2016)

McCalman James/Young Angus/Chan Raymond, Regulating the Culture of Banks in the United Kingdom: Strengthening Legal Accountability or Just Better Leadership?, JIBLR 2017, 261

McCormick Roger/Stears Chris, Legal and Conduct Risk in the Financial Markets, 3rd edn., Oxford 2018

McGrath Joe, Why do Good People do Bad Things? A Multi-Level Analysis of Individual, Organizational, and Structural Causes of White Collar Crime, Seattle U. Law Rev. 2020, 525

Mehran Hamid/Mollineaux Lindsay, Corporate Governance of Financial Institutions, Annu. Rev. Financ. Econ. 2012, 215

Meier-Wehrli Jörg, Die Verantwortlichkeit der Verwaltung einer Aktiengesellschaft bzw. einer Bank gemäss Art. 754 ff. OR/41 ff. BkG, Diss. Zürich 1968

Moore Marc/Petrin Martin, Corporate Governance: Law, Regulation and Theory, London 2017

Mülbert Peter O., Corporate Governance of Banks after the Financial Crisis – Theory, Evidence, Reforms, ECGI Law Working Paper 2010 (cit.: Mülbert, ECGI 2010)

Musalem Alberto G., The Importance of Reforming Bank Culture, in: Dombret Andreas/Kenadjian Patrick S. (eds.), Getting the Culture and the Ethics Right, Towards a New Age of Responsibility in Banking, Berlin/Boston 2016, 16 (cit.: Musalem, Culture and Ethics in Banking)

Niggli Marcel Alexander/Mäder Stefan, Das Enforcementverfahren der Finanzmarktaufsicht (FINMA), Strafprozessuale Garantien im Verwaltungsrecht, Jusletter 7.3.2016, 1

Nobel Peter, Schweizerisches Finanzmarktrecht, 4th edn., Bern 2019

Nobel Peter, Der arme Bankaktionär, in: Weber Rolf H. et al (eds.), Aktuelle Herausforderungen des Gesellschafts- und Finanzmarktrechts, Festschrift für Hans Caspar von der Crone zum 60. Geburtstag, Zürich 2017, 637 (cit.: Nobel, FS von der Crone)

Nobel Peter, Sanktionen gemäss FINMAG, GesKR 2009, 59

Nouy Danièle, Good Governance – an Asset for all Seasons, ECB Speech at the Seminar from Lehman to Bitcoin – Trends and Cycles in Financial Supervision, Amsterdam 21.6.2018 (cit.: Nouy, ECB Good Governance 2018)

Nouy Danièle, Ethics in Banking – from Gordon Gekko to George Bailey, ECB Speech at the Congress of the Solvay Schools and their Alumni, Brussels 15.10.2018 (cit.: Nouy, ECB Ethics in Banking 2018)

Nuijts Wijnand, Public Supervision of Behaviour and Culture at Financial Institutions, in: Busch Danny/Ferrarini Guido/van Solinge Gerard (eds.), Governance of Financial Institutions, Oxford 2019, 415 (cit.: Nuijts, Governance of Financial Institutions)

Nuijts Wijnand, ‘The next step’: DNB’s bijdrage aan recente ontwikkelingen in het toezicht op gedrag & cultuur, TvC 2018, 179

Nuijts Wijnand/de Haan Jakob, DNB Supervision of Conduct and Culture, in: Kellermann Joanne A./de Haan Jakob/de Vries Femke (eds.), Financial Supervision in the 21st Century, Berlin Heidelberg 2013, 151 (cit.: Nuijts/de Haan, Financial Supervision)

Omarova Saule, Ethical Finance as a Systemic Challenge: Risk, Culture, and Structure, Cornell J. Law Public Policy 2018, 797

Pacces Alessio, Rethinking Corporate Governance, The Law and Economics of Control Powers, Oxon 2012

Pagliari Stefano/Kovras Iosif, Individual Accountability in International Economic Policymaking after the Global Financial Crisis, City Political Economy Research Centre, City University of London, Working Paper 2021 (cit.: Pagliari/Kovras, City University of London Working Paper 2021)

Parajon Skinner Christina, Misconduct Risk, Fordham Law Rev. 2016, 1559

Raaijmakers Mirea, Why this Book?; Model and Basic Assumptions; Supervisory Approach and Methodology, in: Raaijmakers Mirea (ed.), DNB Supervision of Behaviour and Culture, Foundations, Practice and Future Developments, Amsterdam 2015, 13; 42; 64 (cit.: Raaijmakers, DNB Supervision of Behaviour and Culture)

Reimann Robert, Kommentar zum Bundesgesetz über die Banken und Sparkassen vom 8. November 1934 samt Vollziehungsverordnung vom 30. August 1961 mit Verordnung des Bundesgerichts betreffend das Nachlassverfahren von Banken und Sparkassen vom 11. April 1935/26. Februar 1936, 3rd edn. Zürich 1963 (cit.: Reimann, Komm-BankA 1963)

Reiser Nina, Missmanagement im Bankensektor und die FINMA-Gewährsprüfung, SZW 2022, 543

Resti Andrea, Is the Current “Fit and Proper” Regime appropriate for the Banking Union?, In-Depth Analysis Requested by the European Parliament’s Committee on Economic and Monetary Affairs, 2020 (cit.: Resti, EU Analysis 2020)

Rhinow René/Bayerdörfer Manfred, Rechtsfragen der schweizerischen Bankenaufsicht, Die Aufsichtsbefugnisse der Bankenkommission im Rahmen der Gewähr für eine einwandfreie Geschäftstätigkeit, Basel/Frankfurt am Main 1990

Roesler Lukas/Walter Stephanie, FINMA’s Enforcement Tools to Uphold Supervisory Law: Current Toolkit and Proposed Additions, CapLaw 2023, 14

Rogers Carolyn, The Changing Role of a Bank Supervisor, BCBS Speech at the Starling Annual Compendium 25.5.2021 (cit.: Rogers, BCBS Changing Role)

Römer Moritz, Leadership, in: Raaijmakers Mirea (ed.), DNB Supervision of Behaviour and Culture, Foundations, Practice and Future Developments, Amsterdam 2015, 138 (cit.: Römer, DNB Supervision of Behaviour and Culture)

Ross Stephen A., The Economic Theory of Agency: The Principal’s Problem, AER 1973, 134

Scholten Wieke/Raaijmakers Mirea, The Rationale for Supervision of Behaviour and Culture, in: Raaijmakers Mirea (ed.), DNB Supervision of Behaviour and Culture, Foundations, Practice and Future Developments, Amsterdam 2015, 26 (cit.: Scholten/Raaijmakers, DNB Supervision of Behaviour and Culture)

Sester Peter et al (eds.), St. Galler Handbuch zum Schweizer Finanzmarktrecht, Finanzmarktaufsicht und Finanzmarktinfrastrukturen, Zürich/St. Gallen 2018 (cit.: Author(s), Finanztmarktaufsicht)

Shafik Minouche, From ‘Ethical Drift’ to ‘Ethical Lift’: Reversing the Tide of Misconduct in Global Financial Markets, BoE Speech at FRBNY Conference on Reforming Culture and Behaviour in the Financial Services Industry, New York 20.10.2016 (cit.: Shafik, BoE Ethical Lift 2016)

Shalchi Ali, Executive Accountability in Financial Services: the Senior Managers and Certification Regime, Briefing Paper 2021, House of Commons Library (cit.: Shalchi, UK House of Commons Library Briefing 2021)

Shleifer Andrei/Vishny Robert W., A Survey of Corporate Governance, J. Finance 1997, 737

Smith Adam, An Inquiry into the Nature and Causes of the Wealth of Nations, Books I, II, III, IV and V, Original Publication from 1776, edited by Soares Salvio Marcelo, New York 2007

Soeharno Jonathan, Disciplinary Punishment for Bankers: a Critical Evaluation, JIBLR 2021, 131

Soeharno Jonathan, Tuchtrecht en de wens tot integere bankiers. Een kritische beschouwing, Tijdschrift voor Financieel Recht 2014, 243

Song Frank M./Li Li, Bank Governance: Concepts and Measurements, in: Barth James R. Barth/Chen Lin/Wihlborg Clas (eds.), Research Handbook on International Banking and Governance, Cheltenham/Northampton 2012, 17 (cit.: Song/Li, International Banking and Governance)

Stöckli Beat, Die Organisation von Banken aus privat-, aufsichts-, straf- und stan­des­recht­li­cher Perspektive, Diss. St. Gallen 2007

Thakor Anjan, Corporate Culture in Banking, FRBNY Economic Policy Review 2016, 5 (cit.: Thakor, FRBNY Economic Policy Review 2016)

Thakor Anjan, Ethics, Culture, and Higher Purpose in Banking: Post-Crisis Governance Developments, IJCB 2021, 47

Tricker Bob, The Evolution of Corporate Governance, Cambridge 2020

Uhlmann Felix, Berufsverbot nach Art. 33 FINMAG, SZW 2011, 437

van der Elst Christoph, Corporate Governance and Banks: How justified is the Match?, ECGI Law Working Paper 2015 (cit.: van der Elst, ECGI 2015)

van Esch, Commentaar art. 3:17 WFT, Busch Danny (ed.), Groene Serie Toezicht Financiële Markten, Deventer 2019 (cit.: van Esch, Comm-FSA 3:17)

Walker Cirian, The Role of the Board of Financial Services Firms in Improving their Firm’s Culture, Seattle U. Law Rev. 2020, 723

Walker David, A Review of Corporate Governance in UK Banks and Other Financial Industry Entities, Final Recommendations, 26.11.2009 (cit.: Walker, UK Report 2009)

Watter Rolf/Bahar Rashid (eds.), Basler Kommentar zum Finanzmarktaufsichtsgesetz/Finanzmarktinfrastrukturgesetz, 3rd edn., Basel 2019 (cit.: Author(s), BSK FINMASA)

Watter Rolf et al (eds.), Basler Kommentar, Bankengesetz, 2nd edn., Basel 2013 (cit.: Author(s), BSK BankA)

Wheatley Martin, Nothing to Fear from High Standards, FCA Speech at Bloomberg, London 16.3.2015 (cit.: Wheatley, FCA High Standards 2015)

Williams John C., Now is the Time for Banking Culture Reform, FRBNY Speech at the Governance and Culture Reform Conference, New York 18.6.2018 (cit.: Williams, FRBNY Banking Culture 2018)

Winter Jaap, A Behavioral Perspective on Corporate Law and Corporate Governance, in: Gordon Jeffrey/Ringe Wolf-Georg (eds.), The Oxford Handbook of Corporate Law and Corporate Governance, Oxford 2018, 159 (cit.: Winter, Oxford Handbook Corporate Governance)

Winzeler Christoph, Das “Einfallstor” der Finanzmarktregulierung, Ständige Bewilligungsvoraussetzungen einer Bank, insbesondere die Gewähr für eine einwandfreie Geschäftstätigkeit, ZSR 2013, 437

Wyss David, Finanzmarktenforcement der FINMA: Die Instrumente und ihr Einsatz in der Praxis, in: Emmenegger Susan (ed.), Banken zwischen Strafrecht und Aufsichtsrecht, Basel 2014, 83 (cit.: Wyss, Enforcement Instrumente)

Zaring David, Regulating Ethics: A Toolkit, Seattle U. Law Rev. 2020, 555

Zhu Shanshan / Ferrarini Guido, Corporate Culture in the Governance of Financial Institutions: an Interdisciplinary Approach, in: Busch Danny/Ferrarini Guido/van Solinge Gerard (eds.), Governance of Financial Institutions, Oxford 2019, 381 (cit.: Zhu/Ferrarini, Governance of Financial Institutions)

Zobl Dieter et al (eds.), Kommentar zum Bundesgesetz über die Banken und Sparkassen vom 8. November 1934 sowie zu der Verordnung (V) vom 17. Mai 1972 und der Vollziehungsverordnung (VV) vom 30. August 1961 mit Hinweisen auf das Bankenrecht der Europäischen Union, auf das allgemeine Dienstleistungsabkommen (GATS) und mit Erläuterungen zu den Massnahmen gegen die Geldwäscherei (Schulthess Kommentar), loose-leaf publication, 23rd supplement, Zürich 2015 (cit.: Author(s), SK BankA)

Zufferey Jean-Baptiste/Contratto Franca, FINMA, The Swiss Financial Market Supervisory Authority, Basel 2009

Zulauf Urs, Gewähr im Gericht – Die von den Schweizer Finanzmarktgesetzen geforderte “Gewähr für eine einwandfreie Geschäftstätigkeit” und das “Berufsverbot” im Lichte der jüngeren Rechtsprechung, FINMA-Sonderbulletin 2/2013, 8 (cit.: Zulauf, FINMA Sonderbulletin 2013)

Zulauf Urs/Wyss David (eds.), Finanzmarktenforcement, 3rd edn., Bern 2022 (cit.: Author(s), Finanzmarktenforcement)

5

List of Materials, Regulatory and Further Sources

Materials and regulatory documents are cited in their original languages. Where official English translations exist, references are made to the English versions to enhance clarity. Laws are listed in the List of Abbreviations and are provided in English, regardless of the availability of official translations.

Federal Documentation

Swiss Federal Gazette

Pekuniäre Verwaltungssanktionen, Bericht des Bundesrates in Erfüllung des Postulates 18.4100 SPK-N vom 1. November 2018, 23.2.2022, 776 (cit.: BBl 2022)

Botschaft zum Bundesgesetz über die Totalrevision des Bundesgesetzes über den Datenschutz und die Änderung weiterer Erlasse zum Datenschutz, 15.9.2017, 6941 (cit.: BBl 2017)

Botschaft zum Bundesgesetz über die Eidgenössische Finanzmarktaufsicht (Finanzmarktaufsichtsgesetz; FINMAG), 1.2.2006, 2829 (cit.: BBl 2006)

Botschaft zur Änderung des Bundesgesetzes über die Banken und Sparkassen, 20.11.2002, 8060 (cit.: BBl 2002)

Botschaft des Bundesrates an die Bundesversammlung über die Revision des Bankengesetzes, 13.5.1970, 1144 (cit.: BBl 1970 I)

Botschaft des Bundesrates an die Bundesversammlung betreffend den Entwurf eines Bundesgesetzes über die Banken und Sparkassen, 2.2.1934, 171 (cit.: BBl 1934 I)

Further Reports

Expertengruppe Bankenstabilität, Bericht der Expertengruppe “Bankenstabilität” 2023, Reformbedarf nach dem Untergang der Credit Suisse, 1.9.2023 (cit.: Expertengruppe Bankenstabilität, Report 2023)

Landmann Julius, Entwurf eines Bundesgesetzes betreffend den Betrieb und die Beaufsichtigung von Bankunternehmen nebst Motivenbericht von Prof. Dr. Julius Landmann, 1916 (cit.: Landmann, Entwurf BankA 1916)

Swiss Financial Market Supervisory Authorities

Circulars including Appendixes

FINMA, FINMA-Circular 2013/3, Prüfwesen, 6.12.2012, last amendment 7.12.2022 (cit.: FINMA‑Circ. 13/3)

FINMA, Anhang 2 zum FINMA-RS 13/3, Standardprüfstrategie – Banken / Wertpapierhäuser, version from 4.11.2020; applicable from 1.1.2022 (cit.: FINMA, Standardprüfstrategie Banken)

FINMA, FINMA-Circular 2017/1, Corporate Governance – Banks, 22.9.2016, last amendment 4.11.2020 (cit.: FINMA‑Circ. 17/1)

FINMA, FINMA-Circular 2008/24, Überwachung und interne Kontrolle Banken, 20.11.2008, repealed as of 1.7.2017 (cit.: FINMA‑Circ. 08/24)

FBC, FBC-Circular 95/1, Interne Revision, 27.9.2006, repealed as of 1.1.2007 (cit.: FBC-Circ. 95/1)

FBC, FBC-Circular 06/6, Überwachung und interne Kontrolle, 27.9.2006, repealed as of 1.1.2007 (cit.: FBC-Circ. 06/6)

Guidelines

FINMA, Wegleitung für Prüfgesellschaften von Banken, Wertpapierhäusern und Finanzgruppen zur Durchführung der Aufsichtsprüfung, 13.4.2023 (cit.: FINMA, Wegleitung Prüfgesellschaften)

FINMA, Wegleitung für der FINMA einzureichende Bewilligungsprüfberichte der Prüfgesellschaften zu Gesuchen betreffend die Bewilligung als Bank, Wertpapierhaus, Zweigniederlassung einer ausländischen Bank oder eines ausländischen Wertpapierhauses, Depotbank, Vertreter ausländischer kollektiver Kapitalanlagen, Verwalter von Kollektivvermögen sowie Fondsleitungen (“Institutsbewilligungen”), 3.1.2023 (cit.: FINMA, Wegleitung Bewilligungsprüfbericht)

FINMA, Wegleitung betreffend Änderungen bei den mit der Verwaltung und Geschäftsführung von Banken betrauten Personen (“Organmutationen”), 22.9.2021 (cit.: FINMA, Wegleitung Organmutationen)

FINMA, Guidelines on Financial Market Regulation, 5.12.2019 (cit.: FINMA, Guidelines on Financial Market Regulation)

Policies

FINMA, Communication Policy, 25.9.2014 (cit.: FINMA, Communication Policy)

FINMA, Enforcement Policy, 25.9.2014 (cit.: FINMA, Enforcement Policy)

Reports

FINMA, FINMA Report, Lessons Learned from the CS Crisis, 19.12.2023 (cit.: FINMA, Report CS Crisis 2023)

FINMA, Erläuterungen, Datenverordnung-FINMA – Totalrevision, 4.3.2023 (cit.: FINMA, Erläuterungen DatenVO 2023)

FINMA, Erläuterungsbericht, Datenverordnung-FINMA – Totalrevision, 9.3.2022 (cit.: FINMA, Erläuterungsbericht DatenVO 2022)

FINMA, Annual Report 2022 (cit.: FINMA, Annual Report 2022)

FINMA, Annual Report 2021 (cit.: FINMA, Annual Report 2021)

FINMA, Annual Report 2020 (cit.: FINMA, Annual Report 2020)

FINMA, Annual Report 2018 (cit.: FINMA, Annual Report 2018)

FINMA, Annual Report 2017 (cit.: FINMA, Annual Report 2017)

FINMA, Revision FINMA-Rundschreiben 2013/3 “Prüfwesen”, Erläuterungsbericht zur Teilrevision des FINMA-Rundschreibens 13/3 “Prüfwesen”, 30.11.2017 (cit.: Erläuterungsbericht Prüfwesen 2017)

FINMA, Annual Report 2016 (cit.: FINMA, Annual Report 2016)

FINMA, Bericht der FINMA über die Anhörung vom 1. März 2016 bis 13. April 2016 zu den Entwürfen der Rundschreiben, FINMA-Rundschreiben 2017/1 “Corporate Governance – Banken”, 2008/21 “Operationelle Risiken – Banken” und 2010/1 “Vergütungssysteme”, 22.9.2016 (cit.: FINMA, Anhörungsbericht FINMA‑Circ. 17/1 2016)

FINMA, Rundschreiben 2016/xx “Corporate Governance – Banken”, Erläuterungsbericht (Totalrevision FINMA-RS 08/24 “Überwachung und interne Kontrollen Banken”; Teilrevision FINMA-RS 08/21 “Operationelle Risiken Banken”; Teilrevision FINMA-RS 10/1 “Vergütungssysteme”), 1.3.2016 (cit.: FINMA, Erläuterungsbericht Entwurf FINMA‑Circ. 16/xx 2016)

FINMA, Entwurf, Rundschreiben 2016/xx Corporate Governance – Banken Corporate Governance, Risikomanagement und interne Kontrollen bei Banken, 1.3.2016 (cit.: FINMA, Entwurf FINMA‑Circ. 16/xx)

FINMA, Enforcement Report 2015, 7.4.2016 (cit.: FINMA, Enforcement Report 2015)

FINMA, Annual Report 2014 (cit.: FINMA, Annual Report 2014)

FINMA, Enforcement Report 2014 (cit.: FINMA, Enforcement Report 2014)

FINMA, Annual Report 2013 (cit.: FINMA, Annual Report 2013)

FINMA, Erläuterungsbericht, Rundschreiben Prüfwesen, Rundschreiben Prüfgesellschaften und leitende Prüfer, 7.8.2012 (cit.: FINMA, Erläuterungsbericht Prüfwesen 2012)

FINMA, Bulletin 3/2012 (cit.: FINMA, Bulletin 3/2012)

FBC, Vernehmlassung zum Entwurf des EBK-RS Interne Überwachung und Kontrolle: Kommunikation, 3.5.2003 (cit.: EBK, Vernehmlassung 2005)

FBC, Jahresbericht 2003 (cit.: FBC, Jahresbericht 2003)

Press Releases

FINMA, Press Release, FINMA concludes “Greensill” proceedings against Credit Suisse, 28.2.2023 (cit.: FINMA, Press Release CS Greensill 28.2.2023)

FINMA, Press Release, Archegos: FINMA concludes proceedings against Credit Suisse, 24.7.2023 (cit.: FINMA, Press Release CS Archegos 24.7.2023)

FINMA, Press Release, Ex-post evaluation of the revision of the “Auditing” Circular completed, 31.5.2023 (cit.: FINMA, Press Release, Auditing-Circular 31.5.2023)

FINMA, Press Release, FINMA approves merger of UBS and Credit Suisse, 19.3.2023 (cit.: FINMA, Press Release Merger 19.3.2023)

FINMA, Press Release, Credit Suisse observation activities: FINMA identifies serious breaches of supervisory law, 20.10.2021 (cit.: FINMA, Press Release CS Observation 20.10.2021)

FINMA, Press Release, Credit Suisse: FINMA opens proceedings in “Archegos” case and confirms ongoing proceedings in “Greensill” case, 22.4.2021 (cit.: FINMA, Press Release CS Archegos and Greensill 22.4.2021)

FINMA, Press Release, Violations of anti-money laundering regulations: FINMA investigated responsibility of Julius Baer managers, 21.1.2021 (cit.: FINMA, Press Release Julius Baer Managers, 21.1.2021)

FINMA, Press Release, FINMA reassesses disgorgement of profits in BSI case, 22.10.2020 (cit.: FINMA, Press Release BSI Reassessment 22.10.2020)

FINMA, Press Release, Credit Suisse observation activities: FINMA identifies serious breaches of supervisory law, 20.10.2021 (cit.: FINMA, Press Release CS Observation 20.10.2021)

FINMA, Press Release, Raiffeisen: major corporate governance failings, 14.6.2018 (cit.: FINMA, Press Release Raiffeisen 14.6.2018)

FINMA, Press Release, FINMA discontinues proceedings against Pierin Vincenz, 21.12.2017 (cit.: FINMA, Press Release Pierin Vincenz 21.12.2017)

FINMA, Press Release, FINMA redefines Corporate Governance Guidelines for Banks, 1.11.2016 (cit.: FINMA, Press Release Guidelines 1.11.2016)

FINMA, Press Release, Falcon sanctioned for 1MDB breaches, 11.10.2016, updated 13.10.2016 (cit.: FINMA, Press Release Falcon 13.10.2016)

FINMA, Press Release, BSI in serious breach of money laundering regulations, 24.5.2016 (cit.: FINMA, Press Release BSI Opening 24.5.2016)

FINMA, Press Release, FINMA sanctions foreign exchange manipulation at UBS, 12.11.2014 (cit.: FINMA, Press Release UBS FX 12.11.2014)

FINMA, Press Release, FINMA reprimands Coop Bank for market manipulation, 29.10.2014 (cit.: FINMA, Press Release Bank Coop 29.10.2014)

FINMA, Press Release, FINMA orders Incore Bank to disgorge profits, 19.12.2013 (cit.: FINMA, Press Release Incore 19.12.2013)

FBC, Press Release, FBC puts into force the Circular “Supervision and Internal Control”, 4.10.2006 (cit.: FBC, Press Release Circular 4.10.2006)

Case Reports

FINMA, Case Report 2022-16

FINMA, Case Report 2021-09

FINMA, Case Report 2021-10

FINMA, Case Report 2020-01

FINMA, Case Report 2020-02

FINMA, Case Report 2019-01

FINMA, Case Report 2019-01

FINMA, Case Report 2019-13

FINMA, Case Report 2018-06

FINMA, Case Report 2016-08

FINMA, Case Report 2016-07

FINMA, Case Report 2016-10

Various

FINMA, Strategic Goals 2021-2024 (cit.: FINMA, Strategic Goals)

FINMA, Mindestgliederung für den Prüfbericht betreffend das Bewilligungsgesuch für ein um Bewilligung ersuchendes Institut, undated, accessed 30.9.2023 (cit.: FINMA, Mindestgliederung Prüfbericht)

FINMA, Formular Gewähr, version 01/2023 (cit.: FINMA, Formular Gewähr)

FINMA, Formular Neubewilligung Banken, Wertpapierhäuser, Zweigniederlassungen ausländische Banken/Wertpapierhäuser, version 01/2023 (cit.: FINMA, Formular Neubewilligung Banken)

FINMA, Report Regulatory Audit of Banks 2021, version 1.1.2021 (FINMA, Report Regulatory Audit)

FINMA, Audit Points for Internal Organisation and Internal Control System, version 31.3.2020, applicable since audit period 2020 (cit.: FINMA, Audit points internal organisation)

Other Jurisdictions

United Kingdom

FCA, Code of Conduct (COCON), September 2023 (cit.: FCA, COCON)

FCA, Senior Managers and Certification Regime Banking Stocktake Report, August 2019 (FCA, SM&CR Stocktake Report 2019)

FCA/PRA, Consultation Paper, FCA CP14/13 PRA CP14/14, Strengthening Accountability in Banking: a new Regulatory Framework for Individuals, July 2014 (cit.: FCA/PRA, CP14/13/CP14/14)

PCBS, House of Lords, House of Commons, Parliamentary Commission on Banking Standards, Changing Banking for Good, First Report of Session 2013-2014, Volume I: Summary, and Conclusions and Recommendations June 2013 (cit.: PCBS UK, Changing Banking for Good 2013)

PRA, Rulebook CRR Firms, version of 30.9.2023 (cit.: PRA, Rulebook CRR Firms)

PRA, Discussion Paper, Appendix to DP1/23 Review of the Senior Managers and Certification Regime (SM&CR), March 2023 (cit.: PRA, DP1/23 Appendix)

PRA, Supervisory Statement SS28/15, Strengthening Individual Accountability in Banking, December 2021 (cit.: PRA, SS28/15)

PRA, Report, Evaluation of the Senior Managers and Certification Regime, December 2020 (cit.: PRA, Report Evaluation SM&CR 2020)

PRA, Supervisory Statement SS5/16, Corporate Governance: Board Responsibilities, July 2018 (cit.: PRA, SS5/16)

The Netherlands

AFM/DNB, Handhavingsbeleid van de Autoriteit Financiële Markten en De Nederlandsche Bank (translation: Enforcement Policy of AFM and DNB), October 2020 (cit.: AFM/DNB, Handhavingsbeleid)

FBEE, Disciplinary Code for the Banking Sector, Foundation for Banking Ethics Enforcement (Stichting Tuchtrecht Banken), December 2018 (cit.: FBEE, Disciplinary Code)

NVB, Toekomstgericht Bankieren, Maatschappelijk Statuut, Code Banken, Gedragsregels (translation: Future-oriented Banking, Social Charter, Banking Code, Conduct Rules), version 2021 (cit.: NVB, Toekomstgericht Bankieren)

European Union

ESRB, Report on Misconduct Risk in the Banking Sector, June 2015 (cit.: ESRB Misconduct Report 2015)

EU Commission, Green Paper Corporate Governance in Financial Institutions and Remuneration Policies, 2.6.2010 Brussels (cit.: EU Commission, Green Paper 2010)

International Bodies

Bank for International Settlements including Basel Committee on Banking Supervision

BCBS, Report on the 2023 Banking Turmoil, October 2023 Basel (cit.: BCBS, Report 2023)

BCBS, Guidelines, Corporate Governance Principles for Banks, July 2015 Basel (cit.: BCBS, Guidelines 2015)

BCBS, Principles for Enhancing Corporate Governance, October 2010 Basel (cit.: BCBS, Guidelines 2010)

BCBS, Enhancing Corporate Governance for Banking Organisations, September 1999 Basel (cit.: BCBS, Guidelines 1999)

BIS, Press Release, High-Level Summary: BCBS SIG Industry Workshop on Governance, Culture and Conduct, 7.11.2018 (cit.: BIS, Press Release 7.11.2018)

Financial Stability Board

FSB, Strengthening Governance Frameworks to Mitigate Misconduct Risk: A Toolkit for Firms and Supervisors, 20.4.2018 (cit.: FSB, Toolkit 2018)

FSB, Stocktake of Efforts to Strengthen Governance Frameworks to Mitigate Misconduct Risk, 23.5.2017 (cit.: FSB, Stocktake 2017)

FSB, Thematic Review on Corporate Governance, Peer Review Report, 28.4.2017 (cit.: FSB, Thematic Review 2017)

FSB, Measures to Reduce Misconduct, Progress Report, 6.11.2015 (cit.: FSB, Progress Report 2015)

FSB, Chair’s Letter to G20, Financial Reforms – Progress on the Work Plan for the Antalya Summit, 9.4.2015 (FSB, Chair’s Letter 9.4.2015)

FSB, Chair’s Letter to G20, Financial Reforms – Finishing the Post-Crisis Agenda and Moving Forward, 4.2.2015 (FSB, Chair’s Letter 4.2.2015)

Group of Thirty

G30, Banking Conduct and Culture, A Permanent Mindset Change, November 2018 Washington (cit.: G30, Report Conduct and Culture 2018)

G30, Banking Conduct and Culture, a Call for Sustained and Comprehensive Reform, July 2015 Washington (cit.: G30, Report Conduct and Culture 2015)

G30, Toward Effective Governance of Financial Institutions, February 2012 Washington (cit.: G30, Report Effective Governance 2012)

International Monetary Fund

IMF, United Kingdom, Financial Sector Assessment Program, Financial System Stability Assessment, Country Report no. 22/57, February 2022 Washington (cit.: IMF, UK Country Report 2022 no. 22/57)

IMF, Switzerland, 2021 Article IV Consultation – Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland, the IMF, Country Report no. 21/130, June 2021 Washington (cit.: the IMF, Switzerland Country Report 2021 no. 21/130)

IMF, Switzerland, Financial Sector Assessment Program, Technical Note – Selected Issues on Banking Supervision, Country Report no. 19/184, June 2019 Washington (cit.: IMF, Switzerland Country Report 2019 no. 19/184)

IMF, Kingdom of the Netherlands, Netherlands, Financial Sector Assessment Program, Technical Note – Banking Supervision, Country Report No. 17/96, April 2017 Washington (cit.: IMF, Netherlands Country Report 2017 no. 17/96)

IMF, United Kingdom, Financial Sector Assessment Program, Financial System Stability Assessment, Country Report no. 16/166; June 2016 Washington (cit.: IMF, UK Country Report 2016 no. 16/166)

IMF, Switzerland, Financial Sector Stability Assessment, Country Report no. 14/143, May 2014 Washington (cit.: IMF, Switzerland Country Report 2014 no. 14/143)

Organisation for Economic Cooperation and Development

OECD, G20/OECD Principles of Corporate Governance, September 2023 Paris (cit.: OECD, Corporate Governance Principles 2023)

Various Reports and Documentations

Economiesuisse, Swiss Code of Best Practice for Corporate Governance, English Version 2023 (cit.: Economiesuisse, Code of Best Practice)

Credit Suisse Group, Credit Suisse Group Special Committee of the Board of Directors Report on Archegos Capital Management, 29.7.2021 (cit.: Credit Suisse Group, Report Archegos)

SIX, Directive on Information relating to Corporate Governance, Directive Corporate Governance, 1.10.2021 (cit.: SIX-DCG)

6

List of Abbreviations

Abs.Absatz (section)AERThe American Economic ReviewAFMAutoriteit Financiële Markten (Dutch Authority for the Financial Markets)AJPAktuelle Juristische PraxisAMLAFederal Act on Combating Money Laundering and Terrorist Financing of 10 October 1997 (SR 955.0)Annu. Rev. Financ. Econ.Annual Review of Financial Economics  AOAFederal Act on the Licensing and Oversight of Auditors of 16 December 2005 (SR 221.302)AOMAcademy of Management JournalAPAFederal Act on Administrative Procedure of 20 December 1968 (SR 172.021)art.articleBankAFederal Act on Banks and Savings Banks of 8 November 1934 (SR 952.0)BankG / BkGBankengesetz, see BankABankOOrdinance on Banks and Savings Banks of 30 April 2014 (SR 952.02)BBlBundesblatt (Swiss Federal Gazette)BCBSBasel Committee on Banking SupervisionBCGBoston Consulting GroupBISBank for International SettlementsBoDBoard of DirectorsBoEBank of EnglandBSIBanca della Svizzera ItalianaBSKBasler KommentarCAOOrdinance on the Capital Adequacy and Risk Diversification of Banks and Securities Firms of 1 June 2012 (SR 952.03)CapLawSwiss Capital Markets LawCCSwiss Civil Code of 10 December 1907 (SR 210)CEOChief Executive Officercf.ConferCFOChief Financial OfficerCGIRCorporate Governance: An International Review (Journal)