Press releases

14.05.2012FINMA provides information on the ASE Investment caseThe Swiss Financial Market Supervisory Authority FINMA is currently examining the circumstances surrounding ASE Investment AG from the supervisory law perspective. FINMA has appointed an investigating agent and is clarifying the facts. It is investigating whether the company dealt in securities without holding a licence. It is also investigating whether ASE illegally accepted deposits from the public. Based on the findings at this stage of the investigations, the financial impact is high. +++
08.05.2012FINMA opens consultation on Insurance Bankruptcy OrdinanceThe Swiss Financial Market Supervisory Authority FINMA has opened the consultation on the new Insurance Bankruptcy Ordinance. This Ordinance is needed because the Insurance Supervision Act only provides a rudimentary framework for bankruptcy proceedings and because FINMA is responsible for overseeing the bankruptcy of insurance companies since 1 September 2011. The consultation period ends on 30 June 2012. +++
25.04.2012FINMA issues reprimand to Valiant over violation of market conduct rulesWith a decision dated 20 April 2012, the Swiss Financial Market Supervisory Authority FINMA has concluded administrative proceedings commenced in early 2011 against Valiant Holding AG and the former Valiant Privatbank AG (now Valiant Bank AG). Prior to a sharp fall in October 2010, Valiant propped up the price of its own registered shares against the general market trend and kept it artificially high. In doing so, it committed a serious violation of the supervisory provisions on market conduct, and infringed both its duty to ensure proper business conduct and its organisational requirements. FINMA therefore imposed special conditions on Valiant. +++
27.03.2012FINMA's independence essential to effective supervisionKey topics for the Swiss Financial Market Supervisory Authority FINMA in 2011 were improving client protection, the new rules for systemically important institutions and the further development of its own supervisory activities. With financial market stability under threat and interest rates low, FINMA significantly intensified its supervisory activities at supervised institutions in the areas concerned. FINMA's management stressed at today's Annual Media Conference the importance of the supervisory authority's independence as well as the need for a concerted quality strategy for wealth management in Switzerland. +++
19.03.2012Monica Mächler announces her resignation as vice-chair and member of the FINMA Board of DirectorsMonica Mächler will step down as vice-chair and member of the Swiss Financial Market Supervisory Authority FINMA Board of Directors at the end of September 2012. As the then director of the Federal Office of Private Insurance, Ms Mächler assisted in its incorporation into FINMA; as a member of the FINMA Board of Directors and of important international committees for insurance supervision, she has since made a significant contribution to developing and establishing the supervisory authority. The Federal Council will decide at a later stage about the appointment of a new vice-chair. +++
24.02.2012FINMA proposes package of measures to strengthen client protectionThe Swiss Financial Market Supervisory Authority FINMA takes the view that Swiss financial market legislation needs to be improved as regards client protection. To reduce the asymmetrical power relationship between financial services providers and clients and strengthening the market, FINMA has written a position paper proposing as key measures clear rules of business conduct for financial services providers and better product documentation. It also sees the strategic extension of supervisory powers as necessary. These measures are to be implemented through legislation. +++
03.02.2012UBS unauthorised trading: FINMA initiates enforcement proceedingsIn September 2011, the Swiss Financial Market Supervisory Authority (FINMA) announced that, along with the UK Financial Services Authority (FSA), it was jointly launching an independent investigation into the events surrounding trading losses incurred by UBS AG (UBS) in the London operations of its Investment Bank. +++
27.01.2012FINMA authorises takeover of Wegelin's non-US business by RaiffeisenThe Swiss Financial Market Supervisory Authority FINMA has authorised the split of Wegelin & Co. (Bank Wegelin) and the takeover of Wegelin's non-US business by Raiffeisen Switzerland. Bank Wegelin will in future only manage its remaining US clients. Bank Wegelin and its remaining managing partners with unlimited liability are responsible for settling any possible legal or financial consequences arising from the US business. +++
16.01.2012FINMA opens consultation on Banking Insolvency OrdinanceThe Swiss Financial Market Supervisory Authority FINMA has opened the consultation on the complete revision of the Banking Insolvency Ordinance. This revision was deemed necessary as a result of the foreseen amendments to the Swiss Banking Act: on 1 September 2011, the deposit protection scheme bill entered into force, while the new provisions of the "too-big-to-fail" bill should come into effect during this year. The new Banking Insolvency Ordinance shall specify the statutory rules on restructuring banks and applies to all banks and securities dealers. The consultation will end on 2 March 2012. +++
11.01.2012Sanctions in the KPT caseIn a ruling dated 6 January 2012, FINMA has concluded administrative proceedings against KPT Versicherungen AG (KPT) and three of its managers. It ruled that serious breaches of duty had taken place. These related in particular to the setting of the price for shares that were to be bought back as part of a planned merger in 2010, and to payments to directors under mandate agreements. In both cases, inadequate regard was paid to the rules on handling conflicts of interest. Based on these breaches of duty, FINMA has banned two former members of the board of directors from exercising a senior management function within the financial sector for four years and has ordered the confiscation of their unjustified payments. FINMA has appointed Peter Eckert to take over the interim management of KPT at director level and to ensure for an orderly completion or new appointments to the board of directors. These measures do not threaten KPT's operational activities and the solvency provisions are met. +++