ZURICH (Reuters) -Swiss financial market supervisor FINMA welcomed proposals announced by the government on Friday to give it stronger powers to regulate the financial industry. Among the proposals
Swiss Regulator Embraces Enhanced Powers for Financial Oversight
ZURICH (Reuters) -Swiss financial market supervisor FINMA welcomed proposals announced by the government on Friday to give it stronger powers to regulate the financial industry.
Among the proposals was a senior managers regime, to hold executives to account for their actions and claw back bonuses in the case of misconduct, as well as giving FINMA the ability to fine offending institutions.
"FINMA welcomes the planned introduction of several preventive and disciplinary instruments that will set the right incentives for supervised institutions," it said.
The proposals would "make a decisive contribution to reducing the likelihood of crises and resolution occurring in the Swiss banking centre," it added.
FINMA, which has come under fire for its handling of Credit Suisse in the run up to the bank's collapse, has been calling for stronger powers since the crisis in 2023.
The body also said it was pleased with the government's proposal for banks to increase their plans for recovery and resolution in future.
"The range of crisis instruments will be expanded, giving FINMA the power to order measures to remedy deficiencies in recovery planning," it said.
(Reporting by John Revill, Editing by Miranda Murray)
