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27 October 1999
Even if the informal discussions between a foreign authority and a Swiss subsidiary of a foreign bank were already tolerated by the Swiss Federal Banking Commission, there was no legal provision to authorize a foreign authority to officially collect directly information in Switzerland in order to supervise a foreign bank.
According to the new modification of the Federal Banking Statute of April 22 1999, the SFBC may now authorize foreign supervisory authorities to collect information directly from foreign banks' subsidiaries in Switzerland if these authorities comply with the following conditions :
For further information on this topic please contact Guy-Philippe Rubeli, Thomas Keller or Robert Furter at Pestalozzi Lachenal Patry by telephone (+41 22 809 45 00 ) or by fax (+41 22 809 45 01 ) or by e-mail (firstname.lastname@example.org , email@example.com, or firstname.lastname@example.org).
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