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Regulatory process

FINMA regulates through ordinances, when this is provided for in financial market legislation, and through circulars which explain how financial market legislation is to be applied. It does this to the extent that is necessary to fulfil the goals of supervision. In accordance with Art. 7 of the Financial Market Supervision Act, FINMA therefore concentrates in particular on:

  • the costs that supervised institutions would incur as a result of a regulatory measure;
  • the impact a regulatory measure would have on the competitive environment, capacity for innovation and international competitiveness of the Swiss financial sector;
  • the differing business activities and risks of the supervised institutions;
  • minimum international standards.

FINMA ensures that the regulatory process is transparent and that all those affected have a say in it.

FINMA has issued guidelines on financial market regulation (available in German, French and Italian). These guidelines, dated July 2013, replace the previous guidelines published in April 2010.