National cooperation in recovery and resolution
FINMA regularly liaises with the Swiss National Bank (SNB) and the Federal Department of Finance (FDF), and not just on the topic of crisis prevention. FINMA is also involved in the regulatory process by way of cross-authority working groups.
The most important national partners in the area of recovery and resolution are the SNB and the FDF. The cooperation with both authorities is also formalised in two Memoranda of Understanding (MoUs):
- The Memorandum of Understanding between the FDF, FINMA and the SNB on the exchange of information and opinions and on cooperation in the area of financial stability and financial market regulation.
- The Memorandum of Understanding between FINMA and the SNB on financial stability. It defines the tasks of the two institutions, describes their common areas of interest and governs their collaboration.
As an independent supervisory authority for the Swiss financial market, FINMA is also involved in national political and legislative processes relating to its areas of responsibility. In the area of recovery and resolution, for example, this includes the legislative work on the “too big to fail” rules (see ‘Switzerland’s “too big to fail” regime’), where FINMA contributes its expertise and concerns to working groups and consultation procedures.
