2024-01-20 13:54:23
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Asked whether this is enough for a bank with tens of thousands of employees and an international business, Marlene Amstad replied that Finma also has an international network. It actively collaborates with foreign supervisory authorities. Furthermore, Finma is not there to replace the management bodies of a bank.
If we manage to convince the political world of the usefulness of new instruments for Finma, this will then allow it to also supervise a bank as large as UBS, she added.
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Senior Executive Plan
For some time now, Finma has been saying that it needs new instruments, such as the power to impose fines. In addition, she wants a clearer distribution of responsibilities within banks, the so-called senior manager regime.
In such an organization, a bank must define in writing who is responsible for what. Marlene Amstad declared in this regard that this regime concerns 2 to 5% of the managers of a financial establishment. Managers are thus encouraged to take a closer look, because they know in advance who is responsible for what. This would also simplify the monitoring task.
Finma also considers it appropriate to regularly publish completed enforcement procedures, i.e. procedures aimed at enforcing supervisory law. Currently, these are often not made public.
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Only the results of completed procedures would be published, assured Marlene Amstad. A publication would be very delicate for the current procedures.
A “stronger legal mandate” is also needed for effective interventions in remuneration systems, representatives of the supervisory authority said in December.
“No” from the States in December
Stricter instruments for Finma have already been discussed at political level, but they are controversial. In December, the Council of States thus rejected a motion from its Committee on the Economy and Royalties along these lines. A majority of the Chamber argued that it did not want to anticipate the work underway in connection with the Credit Suisse crisis.
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