Swiss regulator FINMA on Tuesday published a new ordinance on liquidity for banks and securities firms. The ordinance, called LiqV-FINMA, replaces FINMA Circular 2015/2 and enters into force on 1 January 2027.
The change lifts key material from the existing circular to ordinance level, giving the rules a firmer position in Swiss legal hierarchy. LiqV-FINMA also introduces two areas not covered by the circular: a liquidity and funding plan requirement, and crisis-time information obligations that define the quality, form, and frequency of data banks must deliver when liquidity shortfalls are emerging or have already occurred.
The ordinance forms part of the Federal Council’s wider too-big-to-fail (TBTF) package. Explanatory material published by the Federal Department of Finance in April 2026 said the Credit Suisse crisis showed that data-quality uncertainty and delays in liquidity reporting can materially complicate crisis management. FINMA’s rules are designed to close that gap.
FINMA also confirmed that LiqV-FINMA includes reliefs for small banks and account-keeping securities firms. The regulator first opened consultation on the ordinance on 3 July 2025. Switzerland’s existing liquidity framework dates from 2013, with subsequent revisions implementing the LCR and NSFR.
