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Financial Regulation Updates in Switzerland: A Guide to Authorisation, Supervision, and Enforcement

Switzerland has been implementing various regulatory updates aimed at strengthening its financial sector and ensuring the stability and integrity of the country’s financial market. At the heart of these efforts is the Swiss Financial Market Supervisory Authority (FINMA), which plays a crucial role in overseeing the financial industry.

Authorisation

FINMA is responsible for authorising banks, insurance companies, securities dealers, and other financial institutions to operate in Switzerland. The authority uses a risk-based approach to assess applications and grants authorisations to entities that meet its strict criteria.

Supervision

Once authorised, financial institutions are subject to ongoing supervision by FINMA. The authority monitors their compliance with regulatory requirements, scrutinises their business practices, and identifies potential risks. This ensures that the sector remains stable and resilient in the face of market volatility.

Enforcement

However, where necessary, FINMA enforces supervisory law using coercive measures under administrative law. In this article, we will delve into its powers, approach, and measures for dealing with violations of the law.

Enforcing Supervisory Law

FINMA’s enforcement activities are designed to promote compliance with regulatory requirements and maintain market confidence. The authority takes a proactive approach in addressing non-compliance, which may include issuing warnings, imposing fines, or even withdrawing authorisations.

Enforcement Topics

  • Licence Holders: Find out what happens when financial institutions fail to meet regulatory requirements.
  • Unauthorised Activities: Learn about the steps FINMA takes to prevent unauthorised activities in the financial sector.
  • Market Supervision: Discover how FINMA monitors market developments and identifies potential risks.
  • Enforcement Tools: Explore the various measures FINMA uses to enforce supervisory law, including warnings, fines, and authorisation withdrawals.
  • Database for Assessing Fitness and Propriety Requirements: Find out how FINMA evaluates the suitability of financial institution officials.
  • Recovery and Resolution: Learn about FINMA’s role in resolving financial crises and restoring market stability.
  • National and International Cooperation: Discover how FINMA collaborates with other regulatory authorities to combat financial crime and ensure cross-border compliance.
  • Rights and Obligations: Understand your rights as a consumer and the obligations of financial institutions under FINMA’s supervision.
  • Case Reports and Court Decisions: Access anonymised case studies and court decisions that illustrate FINMA’s enforcement activities.

Enforcement Report

FINMA publishes an annual enforcement report, which provides in-depth insights into its enforcement activities. The report includes anonymised case studies that demonstrate the authority’s effectiveness in promoting compliance and maintaining market confidence.

Warning List

For your protection, FINMA maintains a list of companies and individuals that may be operating without the requisite authorisation. Check this list regularly to avoid dealing with unauthorised financial institutions.

FINMA: An Overview

As an independent supervisor of Switzerland’s financial market, FINMA is institutionally, functionally, and financially independent. This article provides an overview of the authority’s objectives, organisation, working methods, activities, auditing practices, and international cooperation.

FINMA: A Portrait

This brochure illustrates how FINMA meets the criteria for a strong, competent, and independent regulator. It showcases the authority’s expertise in supervising the financial sector and promoting market stability.

Annual Report

FINMA accounts for its supervisory activities in its annual report and annual financial statements. The report provides insights into the authority’s achievements and challenges, as well as its plans for future development.

Stay Informed

By staying informed about FINMA’s regulatory updates, you can better navigate Switzerland’s financial sector and make more informed decisions. Visit our website regularly for news, information, and resources on financial regulation in Switzerland.