The report published today by the Federal Council on the role of the supervisory authority during the financial crisis largely concurs with the analysis which FINMA itself conducted in summer 2009. The report does not find any fundamental weaknesses in the organisation, governance or the legal bases of FINMA. The findings of the Federal Council's report support FINMA's past and current efforts to put the lessons learnt from the financial crisis into practice.
FINMA acknowledges the Federal Council's report on the conduct of the financial market supervisory authority in the financial crisis and the lessons drawn for the future. The report examines critically the decisions and the conduct of the former Swiss Federal Banking Commission and its successor institution, FINMA, during the financial crisis.
The Federal Council’s report confirms the findings that FINMA had published in its own analysis in September 2009. The report states clearly that the authorities concerned, including FINMA, acted circumspectly and decisively in the crisis. It does not find that there were any considerable weaknesses in the organisation or governance of FINMA. Weaknesses were detected in the early recognition of the emerging crisis and the design of various financial market laws. The report sees a possible need for action with regard to capital adequacy, liquidity regulations and remuneration systems.
FINMA has drawn important lessons from its analysis of the crisis and published these in its strategic goals in autumn 2009. FINMA is now in the process of implementing these objectives.
Links
FINMA report “Financial market crisis and financial market supervision” (14 September 2009)
Strategic goals of FINMA (30 September 2009)
Contact
Alain Bichsel, Head of Communications, Phone +41 (0)31 327 91 70, alain.bichsel@finma.ch
