Protection of Client Funds
Are my deposits protected under the deposit insurance esisuisse?
Yes, like any bank and any securities firm in Switzerland, Saxo Bank (Switzerland) Ltd. is required to sign the Self-regulation “Agreement between esisuisse and its members”. This means clients’ deposits (according to art. 42c par. 2 Banking Ordinance financial intermediaries are excluded) are protected up to a maximum of CHF 100,000 per client. Common assets in joint accounts will be added up and will be protected up to a total of CHF 100’000. Medium-term notes held in the name of the bearer at the issuing bank are also considered deposits. Depositor protection in Switzerland is provided by esisuisse, and the depositor protection system is explained in detail at https://www.esisuisse.ch/en.
Bankruptcy of Saxo Bank Switzerland Ltd. or third parties:
- According to art. 16 and 37 d) Swiss Banking Act (BA) as well as art. 17 FISA (Federal Intermediated Securities Act) values, such as securities or other financial instruments kept in a client’s deposit will be fully segregated in favour of the client in case of bankruptcy of the custodian bank. The same will apply if these values are kept by a third party custodian if it should go bankrupt.
- According to art. 40 Financial Institutions Act (FinIA) assets and rights belonging to the investment fund shall be segregated in favour of the investors in the event of the bankruptcy of the fund management company.