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Financial Regulation Compliance in Switzerland: A Guide to FINMA’s Enforcing Supervisory Law
The Swiss Financial Market Supervisory Authority (FINMA) plays a crucial role in ensuring a stable and secure financial sector in Switzerland. As an independent regulator, FINMA exercises its powers under administrative law where necessary, taking coercive measures against violators of the law.
Enforcement Approach and Measures
According to FINMA, its enforcement activities are guided by a clear approach and set of measures designed to deal with violations of the law. These include:
- Licensing holders who operate without proper authorization
- Unauthorized activities in the market
- Supervisory failures that compromise financial stability
FINMA’s enforcement tools are multifaceted and range from:
- Database assessments of fitness and propriety requirements
- Recovery and resolution mechanisms
- National and international cooperation to tackle cross-border issues and ensure effective enforcement
Enforcement Report and Warning List
In its enforcement report, FINMA provides anonymized case studies offering insights into its enforcement activities. The report is a valuable resource for understanding the regulator’s approach to enforcing supervisory law.
FINMA also publishes a warning list that alerts the public to companies and individuals operating without proper authorization. This list serves as a crucial tool in preventing unauthorized activities that could compromise financial stability.
Independence and Objectives
As an independent supervisor of Switzerland’s financial market, FINMA is institutionally, functionally, and financially independent. Its supervisory objectives are guided by its mandate to ensure the stability and integrity of the financial system.
FINMA’s organizational structure is designed to facilitate effective supervision, with a strong emphasis on auditing and transparency. The authority is also committed to national and international cooperation, working closely with other regulatory bodies to address global challenges.
Annual Report
In its annual report, FINMA accounts for its supervisory activities, providing stakeholders with a comprehensive overview of its work. The report includes details on the regulator’s enforcement actions, as well as its efforts to promote financial stability and integrity.
Additional Resources
For more information on FINMA’s role in enforcing supervisory law, readers are encouraged to access the authority’s website or download its annual report.