Direct supervision of CISA licence holders

When supervising CISA licence holders directly, FINMA supplements the indirect supervision provided by audit firms by conducting its own case-related audits.

Direct supervision by FINMA takes place in the form of case-related and additional audits. On-site supervisory reviews and deep dives represent a key supervisory tool.

On-site supervisory reviews are special investigations focusing on a particular topic or topics. They are conducted in the context of stringent and comprehensive supervision and enable FINMA to rapidly assess a business area, activity or function of the licence holder. The range of topics is chosen on a risk-based approach. The legal basis is set out in Article 24 of the Financial Market Supervision Act (FINMASA).

Depending on the situation, on-site supervisory reviews are conducted by FINMA agents or specialists, either at the licence holder's premises or at FINMA's offices. FINMA communicates the findings and any measures resulting from them to licence holders in writing.