CS-PUK: Finma was not able to assert itself enough against CS
Published: Friday, Dec 20th 2024, 14:30
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In the judgment of the CS PUK, the Financial Market Supervisory Authority Finma "did not do everything wrong", as PUK President Isabelle Chassot told the media. The supervisory authority had been very active and had dealt intensively with CS, but had not been able to assert itself sufficiently against the big bank.
Accordingly, she could not recognize any "blatant failure" on the part of Finma, said Chassot in response to a corresponding question from journalists. However, Finma's enforcement proceedings were not effective enough. According to Chassot, the authority could have taken a more forceful approach, not least with regard to the issue of guarantees.
The PUK is therefore also calling on the Federal Council to create framework conditions under which it can better enforce its rulings. In addition, Finma is rather understaffed in international comparison.
For PUK member Roger Nordmann (SP/VD), FINMA was in an "impossible situation" vis-à-vis CS. According to Nordmann, the authority was "pressured" into introducing the controversial "regulatory filter", which massively glossed over the big bank's capital situation: "It would be unfair to criticize only FINMA."
For the Swiss National Bank (SNB), however, which is responsible for macroprudential supervision, the PUK is not calling for a different role in banking regulation, said Chassot. Above all, it is important that the SNB and FINMA work better together with regard to systemically important banks and keep each other informed.
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