Statement from the SBA regarding the rejection of Lex USA

  • The SBA regretfully takes note of the rejection of the so-called Lex USA by Swiss Parliament. A federal law would have been the best possibility for creating legal certainty so that the banks in Switzerland can make use of the US’ programme in order to draw a line under the past.
  • The SBA expects the Federal Council to assume its responsibility and do everything in its power to ensure that a legal framework is created that nevertheless renders the implementation of the US programme possible.
  • The banks cannot meet the requirements of the programme without legal certainty. The consequences thereof for the financial centre and the entire Swiss economy are incalculable. Switzerland must not take the risk of a further indictment of a bank lightly.
  • The Swiss banks will of course make every effort to protect the interests of their employees to the greatest extent possible in line with the agreement reached between the SBA and the two social Partners.