Art. 6 – Independence

2Section 1 Statistics

Read: Art. 14 – Collection of statistical data Art. 14 – Collection of statistical dataArt. 14 Collection of statistical data 1 For the purpose of fulfilling its statutory tasks and observing developments in the financial markets, the National Bank shall collect the necessary statistical data. 2 In collec… Read Direct link

Read: Art. 15 – Duty to provide information Art. 15 – Duty to provide informationArt. 15 Duty to provide information 1 Banks, financial market infrastructures, financial institutions as defined in Article 2 paragraph 1 of the Financial Institutions Act of 15 June 2018SR 954.1, and authorised parties… Read Direct link

Read: Art. 16 – Confidentiality Art. 16 – ConfidentialityArt. 16 Confidentiality 1 The National Bank must maintain confidentiality with respect to the data collected. 2 It shall publish the data collected in the form of statistics. For purposes of confidentiality, the data sh… Read Direct link

2Section 1a Stability of the Financial System

Read: Art. 16a – Stability of the Financial System Art. 16aArt. 16a 1 Financial market participants are obliged, upon request, to provide all necessary information and surrender any documents to the National Bank which the latter requires to fulfil its task in accordance with A… Read Direct link

2Section 2 Minimum Reserves

Read: Art. 17 – Purpose and scope of application Art. 17 – Purpose and scope of applicationArt. 17 Purpose and scope of application 1 In order to facilitate the smooth functioning of the money market, the banks shall hold minimum reserves. 2 The National Bank may issue an ordinance to subject issuers of elect… Read Direct link

Read: Art. 18 – Features Art. 18 – FeaturesArt. 18 Features 1 The National Bank shall fix the rate for minimum reserves which the banks must hold on average for a specific period of time. Minimum reserves shall consist of Swiss franc denominated coins, banknotes… Read Direct link

2Section 3 Oversight of Systemically Important Financial Market Infrastructures

Read: Art. 19 – Principle Art. 19 – PrincipleArt. 19 Principle 1 In order to protect the stability of the financial system, the National Bank shall oversee systemically important central counterparties, central securities depositories, payment systems and DLT trad… Read Direct link

Read: Art. 20 – Modalities and instruments Art. 20 – Modalities and instrumentsArt. 20 Modalities and instruments 1 Central counterparties, central securities depositories, payment systems and DLT trading facilities in accordance with Article 73a FinMIASR 958.1 shall provide the National Bank, upo… Read Direct link

Read: Art. 21 – Cooperation with foreign authorities Art. 21 – Cooperation with foreign authoritiesArt. 21 Cooperation with foreign authorities For the purpose of overseeing systemically important financial market infrastructures, the National Bank may: a. cooperate with foreign supervisory or oversight authorities a… Read Direct link

2Section 4 Review and Sanctions

Read: Art. 22 – Review of compliance with the duties to provide information and to hold minimum reserves Art. 22 – Review of compliance with the duties to provide information and to hold minimum reservesArt. 22 Review of compliance with the duties to provide information and to hold minimum reserves 1 The National Bank shall require the audit firms and the competent supervisory organisations to examine compliance with t… Read Direct link

Read: Art. 23 – Administrative sanctions Art. 23 – Administrative sanctionsArt. 23 Administrative sanctions 1 Any bank that fails to hold the required amount of minimum reserves must pay the National Bank interest on the shortfall for the period during which the required minimum reserve ratio… Read Direct link

Read: Art. 24 – Criminal provisions Art. 24 – Criminal provisionsArt. 24 Criminal provisions 1 Any person who wilfully: a. fails to provide the National Bank with the information or the evidence required under Chapter 3 of this Act, or fails to comply with formal requirements, or pro… Read Direct link

2Section 1 Structure of the Joint-Stock Company

Read: Art. 25 – Share capital, shares Art. 25 – Share capital, sharesArt. 25 Share capital, shares 1 The share capital of the National Bank amounts to 25 million Swiss francs. It is divided into 100,000 registered shares with a nominal value of 250 Swiss francs each. The shares are fully… Read Direct link

Read: Art. 26 – Share register, limitation of transferability Art. 26 – Share register, limitation of transferabilityArt. 26 Share register, limitation of transferability 1 The National Bank shall recognise as shareholders only persons who are listed in the share register. The Bank Council shall regulate the details of the registratio… Read Direct link

Read: Art. 27 – Listing rules Art. 27 – Listing rulesArt. 27 Amended by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Amended by Annex No 8 of the Financial Market Infrastructure Act of 19… Read Direct link

Read: Art. 28 – Notifications Art. 28 – NotificationsArt. 28 Notifications The invitation to the General Meeting of Shareholders and notifications to shareholders shall be communicated by letter to the addresses listed in the share register and by a one-off publication in… Read Direct link

2Section 2 Determination and Distribution of Profits

Read: Art. 29 – Annual accounts Art. 29 – Annual accountsArt. 29 Amended by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Amended by Annex No 8 of the Financial Market Infrastructure Act of 19… Read Direct link

Read: Art. 30 – Determination of profits Art. 30 – Determination of profitsArt. 30 Determination of profits 1 The National Bank shall set up provisions permitting it to maintain the currency reserves at a level necessary for monetary policy. In so doing, it shall take into account the developm… Read Direct link

Read: Art. 31 – Distribution of profits Art. 31 – Distribution of profitsArt. 31 Distribution of profits 1 A dividend not exceeding six percent of the share capital shall be paid from the net profit. 2 One-third of any net profit remaining after the distribution of a dividend shall accrue to… Read Direct link

Read: Art. 32 – Liquidation Art. 32 – LiquidationArt. 32 Liquidation 1 The Swiss National Bank as a joint-stock company may be liquidated by means of a federal act. This act shall also regulate the liquidation procedure. 2 In the event of the liquidation of the Nation… Read Direct link

2Section 1 Corporate Bodies

Read: Art. 33 – Corporate Bodies Art. 33Art. 33 The corporate bodies of the National Bank shall be the General Meeting of Shareholders, the Bank Council, the Governing Board and the Audit Board. Read Direct link

2Section 2 General Meeting of Shareholders

Read: Art. 34 – Schedule Art. 34 – ScheduleArt. 34 Schedule 1 The ordinary Shareholders’ Meeting shall take place every year no later than at the end of June. 2 Extraordinary Shareholders’ Meetings shall be held whenever the Bank Council so decides or at the req… Read Direct link

Read: Art. 35 – Invitation, agenda Art. 35 – Invitation, agendaArt. 35 Invitation, agenda 1 The President of the Bank Council shall convene the Shareholders’ Meeting in writing no later than 20 days before the day of assembly. 2 The invitation shall state the items on the agenda as… Read Direct link

Read: Art. 36 – Powers Art. 36 – PowersArt. 36 Powers The Shareholders’ Meeting shall have the following powers: a. It shall elect five members of the Bank Council. b. It shall elect the Audit Board. c. It shall approve the annual report and the annual accou… Read Direct link

Read: Art. 37 – Participation Art. 37 – ParticipationArt. 37 Participation 1 Any shareholder listed in the share register shall be eligible to attend the Shareholders’ Meeting. 2 Any shareholder may authorise another shareholder in writing to represent him or her at the S… Read Direct link

Read: Art. 38 – Resolutions Art. 38 – ResolutionsArt. 38 Resolutions 1 The Shareholders’ Meeting shall pass its resolutions and perform elections by an absolute majority of the voting stock present. In case of a tie, the chairperson shall have the casting vote. 2 Ball… Read Direct link

2Section 3 Bank Council

Read: Art. 39 – Election and term of office Art. 39 – Election and term of officeArt. 39 Election and term of office 1 The Bank Council shall consist of eleven members. The Federal Council shall elect six members, the Shareholders’ Meeting five. 2 The Federal Council shall appoint the President and… Read Direct link

Read: Art. 40 – Requirements Art. 40 – RequirementsArt. 40 Requirements 1 To be eligible for election as members of the Bank Council, persons must have Swiss citizenship, an impeccable reputation and a recognised knowledge of the fields of banking and financial services… Read Direct link

Read: Art. 41 – Resignation, removal from office and election of a substitute Art. 41 – Resignation, removal from office and election of a substituteArt. 41 Resignation, removal from office and election of a substitute 1 Members of the Bank Council may resign at any time by giving three months’ notice. The resignation shall be submitted to the President of the Bank… Read Direct link

Read: Art. 42 – Tasks Art. 42 – TasksArt. 42 Tasks 1 The Bank Council shall oversee and control the conduct of business by the National Bank, notably regarding compliance with the Act, regulations and directives. 2 In particular, it shall perform the follo… Read Direct link

2Section 4 Governing Board

Read: Art. 43 – Election and term of office Art. 43 – Election and term of officeArt. 43 Election and term of office 1 The Governing Board shall consist of three members, to whom deputies shall be assigned. 2 The members of the Governing Board and their deputies shall be appointed by the Federal Cou… Read Direct link

Read: Art. 44 – Requirements Art. 44 – RequirementsArt. 44 Requirements 1 Persons with an impeccable reputation and a recognised knowledge of monetary, banking and financial issues can be elected as members of the Governing Board. They must, moreover, hold Swiss citizen… Read Direct link

Read: Art. 45 – Removal from office and election of a substitute Art. 45 – Removal from office and election of a substituteArt. 45 Removal from office and election of a substitute 1 A member of the Governing Board or a deputy can be removed from office by the Federal Council following a proposal by the Bank Council during his or her term of… Read Direct link

Read: Art. 46 – Tasks Art. 46 – TasksArt. 46 Tasks 1 The Governing Board is the supreme management and executive body. It shall represent the National Bank vis-à-vis the public and fulfil the accountability obligation pursuant to Article 7. 2 In particular… Read Direct link

2Section 5 Audit Board

Read: Art. 47 – Election and requirements Art. 47 – Election and requirementsArt. 47 Election and requirements 1 The Shareholders’ Meeting shall elect the Audit Board. It may consist of one or more natural persons or legal entities. The auditors shall be elected for a term of one year. Re-electi… Read Direct link

Read: Art. 48 – Tasks Art. 48 – TasksArt. 48 Tasks 1 The Audit Board shall examine whether the bookkeeping and the annual accounts as well as the proposal for the allocation of the net profit comply with the statutory requirements. 2 The Audit Board shall… Read Direct link

2Section 6 Secrecy, Processing of Personal Data and Data Relating to Legal Entities, Exchange of Information and Liability

Read: Art. 49 – Secrecy Art. 49 – SecrecyArt. 49 Secrecy 1 The members of the bank bodies, the employees and the agents of the National Bank shall be bound by official and professional secrecy. 2 Official and professional secrecy must be kept even after a pers… Read Direct link

Read: Art. 49a – Processing of personal data and data relating to legal entities Art. 49a – Processing of personal data and data relating to legal entitiesArt. 49a Inserted by Art. 28 No 3 of the COVID-19 Credit Guarantees Act of 18 Dec. 2020 (AS 2020 5831; BBl 2020 8477 8819). Amended by Art. 29 of the COVID-19 Credit Guarantees Act of 18 Dec. 2020, in force from 1 Sept.… Read Direct link

Read: Art. 50 – Cooperation with domestic authorities Art. 50 – Cooperation with domestic authoritiesArt. 50 Amended by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Amended by Annex No 8 of the Financial Market Infrastructure Act of 19… Read Direct link

Read: Art. 50a – Cooperation with foreign central banks Art. 50a – Cooperation with foreign central banksArt. 50a Inserted by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Inserted by Annex No 8 of the Financial Market Infrastructure Act of… Read Direct link

Read: Art. 50b – Cooperation with international organisations and bodies Art. 50b – Cooperation with international organisations and bodiesArt. 50b Inserted by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Inserted by Annex No 8 of the Financial Market Infrastructure Act of… Read Direct link

Read: Art. 51 – Liability Art. 51 – LiabilityArt. 51 Liability 1 Liability of the National Bank, its bodies and employees shall be governed by the Federal Act of 14 March 1958SR 170.32 on the Liability of the Federal Government, the Members of its Authorities and… Read Direct link

2Section 1 Repeal and Amendment of Existing Legislation

Read: Art. 55 – Repeal and Amendment of Existing Legislation Art. 55Art. 55 The existing legislation that is repealed or amended is listed in the Annex. Read Direct link

2Section 2 Transitional Provisions

Read: Art. 56 und 57 – Transitional Provisions Art. 56 und 57Art. 56 and 57 Repealed by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, with effect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Repealed by Annex No 8 of the Financial Market Infrastructure… Read Direct link

Read: Art. 58 – ... Art. 58 – ...Art. 58 ... Repealed by Annex No 8 of the Financial Market Infrastructure Act of 19 June 2015, with effect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Repealed by Annex No 8 of the Financial Market Infrastructure Ac… Read Direct link

2Section 3 Referendum and Commencement

Read: Art. 59 – Referendum and Commencement Art. 59Art. 59 1 This Act is subject to the optional referendum. 2 The Federal Council shall decide on the commencement date. Commencement date: FCD of 24 March 2004. Annex No II 5 Article 4: 1 January 2005All other provisions… Read Direct link