Capital Contribution Accounts with Fintechs

The EHRA has published a practice note according to which capital contributions pursuant to Art. 633 para. 1 CO can also be deposited with persons pursuant to Art. 1b BankA (so-called "fintechs").

The reason for this clarification is the revision of company law that came into force at the beginning of the year, according to which the wording of Art. 633 para. 1 CO now refers to a bank within the meaning of Art. 1 para. 1 BankA. The EHRA's favourable practice statement confirms that this provision is to be interpreted broadly and that fintechs can (as before) also open so-called capital contribution accounts (KEK).

Lawside (Dr. Hans Kuhn) supported Yapeal AG in its communication with the State Secretariat for International Financial Matters (SIF).

Outlook: According to the communication on the amendment of the Banking Act with regard to the introduction of a public liquidity back-stop (PLB, BBl 2023 2165), the confirmed practice is to be included in the relevant legal provisions (Art. 633 para. 1 and Art. 653e para. 2 CO).