Finma boss expects cooperation and transparency from banks
Published: Tuesday, Jun 4th 2024, 01:00
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The new head of FINMA, Stefan Walter, has made clear his position on the tighter supervisory powers that have already been called for. One principle is "no surprises", said the top bank supervisor in an interview with the "Neue Zürcher Zeitung".
He expects financial institutions to inform him proactively about developments relevant to stability. "I demand complete and unfiltered access to all information," said the Director of the Swiss Financial Market Supervisory Authority (FINMA) in the interview published on Tuesday.
Walter wants to see an institution as it is. His focus is on protecting taxpayers from having to bail out an institution in the event of a crisis.
More staff
If a bank does not cooperate, on-site inspections would be carried out, for example. Supervision should not be restricted by law in the case of such checks, said Walter. More inspections would also require more staff, as the interview also revealed. It is still too early for exact figures, said Walter. However, he believes that a system change would have a "very substantial effect on the number of staff".
If controls are not sufficient, Finma wants to take tougher supervisory methods in future. "In extreme cases, it must be possible to hold individuals responsible and, if necessary, remove them," he said, reiterating Finma's call for a senior manager regime. The hurdle for this is very high under the current legal situation, said the Finma boss.
Information for the public
Finma is also generally prohibited from providing information about its enforcement proceedings. "In future, non-communication should be the exception," said Walter. This would have a disciplinary effect. It also shows what the supervisory authority achieves.
In Walter's opinion, preventative measures are more effective than clawback clauses for bonuses that have already been paid out, for example. "The earlier you recognize a problem, the more effective you are," the bank supervisor was convinced.
Federal Council outlines measures
The Federal Council wants to extend Finma's powers. To this end, the government formulated possible measures in April. On the one hand, the supervisory authority should be able to intervene more easily in various areas. On the other hand, it should be able to assert itself more effectively by expanding its range of instruments.
The Federal Council's aim was to present two packages for implementation in the first half of 2025: one with amendments at ordinance level, which can be adopted by the Federal Council, and one with the key parameters for the amendments at legislative level, which will be submitted to Parliament.
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