The case
At yesterday’s the Finance Forum in Zurich FINMA CEO Stefan Walter emphasized the need for advancing financial market supervision, particularly concerning ongoing transformation within the sector.
Source: FINMA (German)
The commentary
While there have been calls for increased competences in financial oversight, no substantive changes have been made so far. Walter stressed the fact that the supervisory framework needs further development, especially by empowering FINMA with more flexibility to intervene early, which includes removing restrictions on preventive actions, i.e. allowing for greater regulatory scrutiny of both banks and non-banks. He advocated for legal provisions enabling FINMA to conduct more proactive, on-site inspections to enhance market stability.
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