CS crisis – Finma strengthens UBS supervision and demands more competencies – News




CS crisis – Finma strengthens UBS supervision and demands more competencies – News – SRF























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  • After the CS crisis, the financial market supervisory authority Finma continues to call for stronger legal foundations and additional competencies for its activities.
  • After UBS took over Credit Suisse, it strengthened its supervision of major banks.

Finma achieved its legal mandate to protect the functionality of the financial markets and financial market customers last year, the supervisory authority said in a statement on Wednesday at its annual media conference in Bern. She analyzed the CS crisis in detail and learned lessons from it. She is now making “targeted” adjustments to her supervision.

The authority would like to see new instruments such as the clear allocation of responsibilities for individual transactions to specific bank managers (“Senior Managers Regime”). But she also wants the authority to distribute fines. Finma also wants to be able to communicate more actively about its activities. Switzerland now has it in its hands to shape its financial center of the future, said Board Chairman Marlene Amstad.

Legend:

Finma Board President Marlene Amstad

Keystone/PETER SCHNEIDER

It is said that after the CS takeover by UBS, Finma merged the existing teams in the supervision of large banks and expanded supervision. A total of forty on-site inspections at home and abroad are planned at UBS, according to Thomas Hirschi, head of the banking division. Two “extensive stress tests” are also to be carried out this year.


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