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Enforcement Letter

Organisation
Organisation Order of the Financial Supervisory Commission
Issue No.
Issue No. Financial-Supervisory-Securities-Firms 11403649271 CH
Issue Date
Issue Date 2026/01/08
Content
Content     Order of the Financial Supervisory Commission

    Issue date: 8 January 2026
    Issue no.: Financial-Supervisory-Securities-Firms-11403649271

  1. In calculating total liabilities under Article 13 of the Regulations Governing Securities Firms (hereinafter, "the Regulations"), the following may be deducted: transitional liabilities in the nature of collections and payments arising from brokerage trading of securities, underwriting of securities, or shareholder services business; liabilities arising from trading of government bonds; and the balance in the customer ledgers of the securities firm settlement account.
  2. In calculating total assets under Article 16 of the Regulations, the following shall be deducted: bank deposits in the securities firm settlement account and transitional assets in the nature of collections and payments arising from brokerage trading of securities.
  3. In calculating the ratio of total operating property and equipment and total non-operating property under Article 16 of the Regulations, the following may be excluded from the calculation: revaluation surplus and changes in fair value.
  4. This Order is effective from this day forward. The 18 March 2025 Order No. Financial-Supervisory-Securities-Firms-11403333581 of the Financial Supervisory Commission is repealed from this day forward.
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