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After the CS crisis, the financial market supervisory authority (Finma) continues to demand stronger legal foundations and additional competences for its activities. UBS strengthened its control over major banks after taking over Credit Suisse.
Finma achieved its legal duty to protect the functionality of financial markets and financial market customers last year, the supervisory authority said at its annual media conference in Bern on Wednesday. He analyzed the CS crisis in detail and drew lessons from it. He now makes “targeted” adjustments to his supervision.
Demand for buses
The authority would like to see new tools, such as a clear delegation of responsibilities for individual transactions to specific bank managers (“Senior Manager Regime”). But he also wants the power to hand out punishment. Finma also wants to be able to communicate more actively about its activities. Chairman of the Board of Directors Marlene Amstad said that Switzerland is now in the hands of shaping the financial center of the future.
Following the takeover of CS by UBS, Finma is said to be merging existing teams overseeing major banks and expanding supervision. According to Thomas Hirschi, head of the banking department, a total of 40 on-site audits are planned to be carried out at UBS domestically and internationally. Two “comprehensive stress tests” will also be carried out this year. (nim/SDA)
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Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
