Federal Council wants to further strengthen the stability of the financial system
Published: Wednesday, Jun 19th 2024, 10:30
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The Federal Council wants to strengthen transparency and legal certainty in certain regulatory areas of the Financial Market Infrastructure Act. For example, it envisages stricter capital adequacy requirements, better data exchange with foreign supervisory authorities and more rights for FINMA.
On Wednesday, the national government submitted the corresponding amendments to the Financial Market Infrastructure Act (Finfrag) for consultation. This will last until October 11.
Finfrag, which came into force in 2016, regulates the licensing and obligations of financial market infrastructures as well as the conduct obligations of financial market participants in securities and derivatives trading. According to a general review, it has largely proved its worth. However, according to the Federal Council, the national and international developments that have taken place in the meantime suggest adjustments in individual areas.
Targeted adjustments should, for example, counteract the failure of a systemically important financial market infrastructure. To this end, capital adequacy requirements are to be strengthened, stabilization and resolution planning improved and the requirements for payment systems specified, as the Federal Council wrote.
Furthermore, foreign supervisory authorities are to be given easier access to Swiss trade repositories. This should improve the identification of global stability risks in the derivatives market.
Finally, targeted measures should improve the prevention, detection and sanctioning of insider trading and market manipulation. For example, the Swiss Financial Market Supervisory Authority (FINMA) should be able to monitor market abuse across all trading venues.
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