Swiss Federal Council opens consultation on a new ordinance on the Financial Market Supervision Act

On 1st of Mai 2019 the Swiss Federal Council opened consultation on a new ordinance on the Financial Market Supervision Act

The draft regulation specifies the competences of FINMA in international tasks and in regulation. FINMA's current regulatory instruments remain unchanged and the independence of FINMA is not called into question. With the new regulation, the Federal Council wants to ensure that FINMA can continue to fulfill its important role successfully.

The new ordinance specifies the requirements, principles and process for FINMA regulation. In particular, it notes how proportionality, differentiation and international standards should be taken into account in regulatory activities.

More details concerning the draft can be found on the website of here - unfortunately only in German.