Lessons from the CS crisis – recommendations and demands of the PUK
Published: Friday, Dec 20th 2024, 11:50
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The parliamentary commission of inquiry (PUK) wants to learn lessons from the CS crisis. It is doing this in particular because Switzerland now only has one globally systemically important bank, UBS. It is making recommendations to the Federal Council and has submitted several parliamentary motions. The following is a summary:
- The Financial Market Supervisory Authority Finma should enforce enforcement proceedings effectively and be able to do so. According to the PUK, corresponding amendments to the law should be examined. With a motion, the PUK is demanding, among other things, the authority for FINMA to impose fines.
- The Federal Council should investigate whether the audit supervision of systemically important banks can be placed solely with FINMA.
- The government should examine whether the quality and quantity of the equity capital of systemically important banks is sufficiently protected to ensure their solidity. The PUK is calling for the legal remedies for systemically important banks to be scrutinized. It should also investigate how the role of small shareholders of systemically important companies can be strengthened.
- In addition to protecting the domestic financial system, the "too big to fail" legislation (TBTF) should also include feasibility in an international context. According to a PUK motion, this includes the avoidance of an international financial crisis.
- In a postulate, the PUK is calling for a review of what can be done to ensure that the remuneration systems and distributions of systemically important banks do not create false incentives.
- The Department of Finance and the SNB should inform each other more proactively about important developments in connection with systemically important banks. And the Federal Council should ensure that cooperation and the exchange of information between FINMA and the audit oversight authority are intensified and better coordinated.
- In the case of important business, the Federal Council should be informed to an appropriate extent, if necessary in writing. In doing so, a procedure should be chosen that excludes violations of official secrecy. The Federal Council should also ensure that the authorities concerned keep appropriate minutes of their meetings.
- The regulations governing the handover of departments must be reviewed. The Federal Council is required to develop an institutionalized process for this. This should be more than just a checklist.
- In the event of a crisis, responsibility for transactions involving several authorities should be defined at an early stage and responsibilities clearly defined. A central point of contact should be designated for contact with external stakeholders.
- According to the PUK, the administration's principle of publicity must also be observed when issuing emergency legislation and the Publicity Act must be applied. In addition, the Federal Office of Justice must be involved at an early stage when issuing emergency legislation.
- The Federal Council should examine precautions in the event of a digital bank run, in coordination with other countries.
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