The Swiss Financial Market Supervisory Authority FINMA and the Swiss Banks' and Securities Dealers' Depositor Protection Association (esisuisse) have reached an agreement to formalise and institutionalise their working relationship and information exchange.
FINMA and esisuisse have defined general principles for formalising their working relationship in a Memorandum of Understanding (MoU). The MoU states in particular that FINMA and esisuisse will inform each other in advance about any public communications relating to depositor protection. In addition, esisuisse will advise FINMA in advance of any changes to its organisational structure or mode of operation. It will also advise FINMA of any other relevant issues at the same time as it informs its members. For its part, FINMA will alert esisuisse to any potential application of depositor protection measures so that esisuisse has sufficient time to take appropriate precautions.
The MoU effectively documents current practice between the two organisations and comes into force with immediate effect. It is based on the principle in banking law under which esisuisse and FINMA provide each other with the information required to meet their respective responsibilities. Furthermore, this approach is in line with the international standards relating to depositor protection.
