60 people now work for UBS supervision at FINMA
Published: Saturday, Jan 20th 2024, 13:40
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Around 60 people at the Swiss Financial Market Supervisory Authority Finma are now directly or indirectly responsible for the supervision of the major bank UBS. This was announced by Finma President Marlene Amstad on Saturday in the "Samstagsrundschau" program on Swiss Radio SRF.
In August last year, FINMA said that following the takeover of Credit Suisse by UBS, 22 FINMA employees were now directly responsible for supervising UBS. Finma will not only merge the teams that previously supervised the two banks, but also increase them.
When asked whether this was sufficient in view of UBS having tens of thousands of employees and international activities, Amstad said that FINMA was also internationally networked. It cooperates actively with foreign supervisory authorities. Moreover, Finma is not there to replace the management bodies of a bank.
Amstad went on to explain that if politicians could be convinced of new instruments for Finma, its organization could also effectively monitor a bank as large as UBS.
For example, Senior Manager Regime
For some time now, FINMA has been saying that it needs new instruments such as the authority to issue fines. It also wants a clearer allocation of responsibilities at banks - the so-called senior manager regime.
Under the senior management regime, a bank must set out in writing who is responsible for what. Amstad said that two to five percent at the top of a financial institution would be covered by this regulation. This would motivate managers to take a closer look because it would be clear in advance who is responsible. This would also simplify the task of supervision.
Finma also considers the possibility of regularly publishing completed enforcement proceedings, i.e. proceedings to enforce supervisory law, to be expedient. At present, these are often not made public. A "more solid legal mandate" is also necessary for effective intervention in remuneration systems, Finma representatives said in December.
With regard to enforcement proceedings, Amstad emphasized that only the results of completed proceedings would be published, not the results of ongoing proceedings. In the case of ongoing proceedings, publication would be "very sensitive".
Council of States said no in December
Tougher instruments for Finma have already been discussed at a political level, but are controversial. In December, for example, the Council of States rejected a motion from its Committee for Economic Affairs and Taxation (WAK-S) for stricter instruments for Finma. A majority of the small chamber argued that it did not want to pre-empt ongoing work in connection with the CS crisis.
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