National Bank Act (NBA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Section 1 Statistics
Art. 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 collecting statistical data, it shall cooperate with the competent federal offices, in particular with the Swiss Federal Statistical Office and the Swiss Financial Market Supervisory Authority (FINMA), the competent authorities of foreign countries and with international organisations. 3 In order for the Bank to fulfil its statistical tasks, the Federal Tax Administration shall provide the National Bank with the principles and results of its statistical activities in the area of value added tax and, if necessary, with value added tax data from its databases and surveys. Notwithstanding Articles 16 paragraphs 4 and 4bis, 50a and 50b of this Act and Article 39 of the Data Protection Act of 25 September 2020 (FADP), the National Bank may not disclose these data.
Para. 2 — Amended by Annex No 13 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829). Para. 3 — SR 235.1 Para. 3 — Inserted by Annex 1 No II 94 of the Data Protection Act of 25 Sept. 2020, in force since 1 Sept. 2023 (AS 2022 491; BBl 2017 6941).
Art. 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 2018, and authorised parties in accordance with Article 13 paragraph 2 of the Collective Investment Schemes Act of 23 June 2006 must provide the National Bank with statistical data relating to their activities. 2 To the extent necessary for an analysis of financial market developments, for an overview of payment transactions, for drawing up the balance of payments or for statistics on foreign assets, the National Bank may collect statistical data on the business activities from other natural persons or legal entities, including entities for the issuing of payment instruments or for the processing, clearing and settlement of payment transactions, insurance companies, occupational pension institutions and investment and holding companies. 3 The National Bank shall lay down in an ordinance what data are to be provided and with what frequency; f
Para. 1 — SR 954.1 Para. 1 — SR 951.31 Para. 1 — Amended by Annex No II 12 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 2 — 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).
Art. 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 shall be aggregated. 3 The National Bank may communicate the data collected in aggregated form to the authorities and organisations listed in Article 14 paragraph 2. 4 The National Bank may exchange the data collected with the competent supervisory authorities of the Swiss financial market. 4bis The National Bank may disclose the data collected to the Federal Statistical Office in a non-aggregated form for statistical purposes. Notwithstanding Article 39 FADP, the Federal Statistical Office shall disclose data received from the National Bank without the Bank’s consent. 5 In other respects, the provisions of the FADP apply to data relating to natural persons.
Para. 4bis — SR 235.1 Para. 4bis — Inserted by Annex 1 No II 94 of the Data Protection Act of 25 Sept. 2020, in force since 1 Sept. 2023 (AS 2022 491; BBl 2017 6941). Para. 5 — Amended by Annex 1 No II 94 of the Data Protection Act of 25 Sept. 2020, in force since 1 Sept. 2023 (AS 2022 491; BBl 2017 6941).
Section 1a Stability of the Financial System
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).
Art. 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 Article 5 paragraph 2 letter e. In particular, they must provide information on their: a. assessment of market developments and identification of relevant risk factors; b. exposure to risk factors to be determined by the National Bank; c. resilience to disruptions affecting the stability of the financial system. 2 The National Bank shall inform FINMA about its intention to request information and documents. It shall refrain from procuring information and documents if the information is already available elsewhere or can easily be obtained, namely from FINMA. 3 It shall inform the affected financial market participants about: a. the purpose of the procurement of the information; b. the type and scope of the information and documents requested; c. the envisaged use of the informatio
Section 2 Minimum Reserves
Art. 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 electronic money and other issuers of payment instruments to the minimum reserve requirement if their activities threaten to substantially interfere with the implementation of monetary policy.
Art. 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 and sight deposit accounts which the banks hold with the National Bank. 2 The rate for minimum reserves shall not exceed four percent of the banks’ short-term liabilities denominated in Swiss francs. Short-term liabilities are deemed to be sight liabilities and liabilities with a residual maturity not exceeding three months as well as liabilities arising from customer deposits that are repayable on demand (excluding tied-up pension fund monies). To the extent permitted by the purpose of this Act, individual categories of liabilities can be partially or fully exempt from the reserve requirement. 3 The National Bank shall apply the provisions on minimum reserves mutatis mutandis to banking groups with collective liquidity management. It may request groups of banks to hold minimum reserves
Para. 2 — 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).
Section 3 Oversight of Systemically Important Fina
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).
Art. 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 trading facilities in accordance with Article 22 (systemically important financial market infrastructures) of the Financial Market Infrastructure Act of 19 June 2015 (FinMIA). 2 The oversight shall also extend to systemically important financial market infrastructures domiciled abroad if these: a. have substantial parts of their operation or leading participants in Switzerland; or b. clear or settle significant transaction volumes in Swiss francs.
Para. 1 — SR 958.1 Para. 1 — Amended by No I 5 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 33, 399; BBl 2020 233).
Art. 20 Modalities and instruments
1 Central counterparties, central securities depositories, payment systems and DLT trading facilities in accordance with Article 73a FinMIA shall provide the National Bank, upon request, with all of the information and documents it requires to identify risks for the stability of the financial system at an early stage and to assess systemic importance. 2 Systemically important financial market infrastructures and their audit firms must give the National Bank all of the information and documents it requires to fulfil its tasks. Moreover, they must immediately notify the National Bank of all incidents that are of substantial importance for oversight. 3 In the case of systemically important financial market infrastructures, the National Bank may carry out audits directly or have them conducted by audit firms mandated by financial market infrastructures in accordance with Article 84 FinMIA. 4 If an audit firm is appointed, the financial market infrastructure must provide it with all of the
Para. 1 — SR 958.1 Para. 1 — Amended by No I 5 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 33, 399; BBl 2020 233). Para. 3 — SR 958.1
Art. 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 and request information from them; b. transmit non-public information regarding systemically important financial market infrastructures to foreign supervisory or oversight authorities, provided that these authorities: 1. use such information exclusively for directly supervising or overseeing such financial market infrastructures or their participants, and 2. are bound by official or professional secrecy.
Section 4 Review and Sanctions
Art. 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 the duty to provide information and, in the case of banks, the duty to hold minimum reserves and shall report their findings to the National Bank. If the audit firms and the competent supervisory organisations ascertain any violation, in particular if incorrect information has been provided or if the duty to hold minimum reserves has been breached, they shall notify the National Bank and the competent supervisory authority. 2 The National Bank may itself review, or may have audit firms or supervisory organisations review, whether the duty to provide information and the duty to hold minimum reserves have been duly observed. Should any violation of these provisions be ascertained, the party required to provide information or to hold minimum reserves shall bear the costs of the review. 3 The National Bank shall file a complaint with the Federal Department of Finance (th
Para. 1 — Amended by Annex No II 12 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 2 — Amended by Annex No II 12 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).
Art. 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 has not been observed. The National Bank shall set the relevant interest rate, which may be up to five percentage points above the money market rate for interbank credits for the same period. 2 If the National Bank notices that a systemically important financial market infrastructure does not comply with the special requirements in accordance with Article 23 FinMIA, it shall bring this to the attention of FINMA as well as the other competent Swiss or foreign supervisory or oversight authorities. It shall observe the conditions set out in Article 21 letter b of this Act in doing so. 3 Furthermore, the National Bank may: a. refuse to open a sight deposit account for the financial market infrastructure, or terminate an existing sight deposit account; b. in the event of a refusal to comply with an enforceab
Para. 2 — SR 958.1 Para. 2 — 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). Para. 3 let. b — 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).
Art. 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 provides incomplete or inaccurate information or evidence; b. prevents a review ordered or carried out by the National Bank; shall be liable to a fine not exceeding 200,000 Swiss francs. 2 If the offending party acts through negligence, the penalty shall be a fine not exceeding 100,000 Swiss francs. 3 The Department shall prosecute and adjudicate such offences in accordance with the provisions of the Federal Act of 22 March 1974 on Administrative Criminal Law. 3bis The ascertainment of the criminally liable persons may be dispensed with and instead the business operation may be ordered to pay the fine (Art. 7 of the Administrative Criminal Law Act of 22 March 1974) where: a. the ascertainment of the persons who are criminally liable under Article 6 of the Administrative Criminal Law Act of 22 March 19
Para. 1 — 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). Para. 3 — SR 313.0 Para. 3bis let. b — SR 956.1 Para. 3bis let. b — 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). Para. 4 — 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 201