Finma Defends Its Approach to the CS Crisis and Demands More Powers
Published: Wednesday, Jul 5th 2023, 06:41
Actualizado el: Viernes, Oct 13th 2023, 14:12
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The Swiss Financial Market Supervisory Authority (FINMA) is calling for more power. The case of Credit Suisse has shown that the current powers of the authority are limited in extreme cases. FINMA wants the ability to issue fines, which is a common practice in other financial centres and strengthens the preventive effect of supervision. In addition, FINMA wants to be able to hold the management of supervised banks accountable for their actions, which would strengthen corporate culture and risk awareness. FINMA also wants to be able to communicate more actively about its supervision in order to strengthen confidence in the financial centre. However, FINMA will not become a criminal authority and its fundamental objectives will remain unchanged. FINMA is open to the investigations of the Parliament and the Federal Council and will analyse its own actions and possibilities. FINMA has taken measures, conducted proceedings and issued orders because the responsible parties at Credit Suisse did not react sufficiently. In general, FINMA's instruments are sufficient to ensure that supervised parties fulfil their responsibilities and restore the proper state. However, in extreme cases, FINMA's powers are limited, as the events around Credit Suisse have shown. Ultimately, it is up to the political authorities to decide which tools FINMA can use for its work.
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