# VSB 20 Art. 61 — Sanctions procedure - **Rubric (DE):** Sanktionsverfahren - **Rubric (EN):** Sanctions - **Chapter:** 8. Kapitel — Prüf- und Verfahrensbestimmungen (1. Abschnitt: Verfahren) - **Scope:** Banks & securities firms (incorporated via [[GwV-FINMA Art. 35 - Identification, controlling person and beneficial|GwV-FINMA Art. 35]]) - **Status:** In force (since 1 January 2020) ## Description Abs. 1: the supervisory commission (*Aufsichtskommission*) is responsible for investigating and sanctioning violations of the code of conduct and conducts the sanctions procedure (*Sanktionsverfahren*). In the case of a violation it determines in that procedure the appropriate contractual penalty (*Konventionalstrafe*) applying Art. 64 and/or closes the proceedings in whole or in part. Abs. 2: if a bank refuses to cooperate in the investigative acts of the Aufsichtskommission or of an investigator (*Untersuchungsbeauftragter*), the Aufsichtskommission may impose a contractual penalty within the meaning of Art. 64. Abs. 3: the Aufsichtskommission informs the FINMA of its decisions. Abs. 4: if the bank in default submits to the decision, the proceedings are concluded; otherwise the arbitration procedure under Art. 68 is to be initiated and conducted. Abs. 5: the Aufsichtskommission sets out its procedure in rules of procedure (*Verfahrensreglement*) and decides on the allocation of costs; it is responsible for collecting the procedural costs and the investigation costs. ## Context & interpretation The SBA commentary on the VSB 20 contains no separate section on Art. 61. ## FATF - [[FATF R.35 - Sanctions|FATF R.35]] — related: the sanctions procedure leads to the contractual penalty under Art. 64 for a bank that violates the code of conduct. ## Swiss counterparts - [[VSB 20 Art. 64 - Violations of the rules|VSB 20 Art. 64]] — contractual penalty applied in the sanctions procedure (Abs. 1, 2). - None in this map for the procedure itself. ## Related VSB articles - [[VSB 20 Art. 68 - Arbitration procedure|VSB 20 Art. 68]] — referred to in the article text ## Part of - [[VSB 20]] ## Sources - VSB 20 (Vereinbarung vom 13. Juni 2018, in force 1.1.2020), Art. 61