Enforcement > Proper business conduct requirement, Watch list and Letter regarding assurance of proper business conduct > Watch list print

Watch list

If FINMA becomes aware that financial market legislation has been breached, its first priority is to ensure that the law is enforced and compliance re-established. FINMA does not initiate administrative proceedings to investigate the extent to which individuals are responsible for irregularities unless there are specific grounds for doing so (e.g. if the person concerned intends taking up a position subject to the requirement for assurance of proper business conduct). If FINMA sees no specific reason to clarify compliance with this requirement, it will nonetheless collect any evidence of possible malpractice and store it in its Watch List. Such action depends on whether the person involved could apply for an influential management position at institutions under FINMA supervision. If administrative proceedings have to be initiated to determine whether an individual meets the requirement for assurance of proper business conduct, the evidence previously collected will be reviewed as part of the proceedings.

The purpose of the Watch List is therefore to provide information on individuals who hold influential management positions at institutions under FINMA supervision or who are actively involved in supervised institutions that must comply with the requirement for assurance of proper business conduct under financial market legislation. To this end, only data that is relevant in evaluating compliance with the proper business conduct requirement (e.g. personal details; extracts from the commercial, debt enforcement and bankruptcy registers; sentences passed by civil, criminal and administrative courts; reports made by audit firms and by institutions under FINMA supervision) is included in the data collection. Article 23 para. 1 of the Financial Market Supervision Act (FINMASA; SR 956.1) and the Ordinance of the Financial Market Supervision Authority on Data Processing (Ordinance on Data-FINMA; SR 956.124) provide the legal framework for the Watch List data collection.