AMLA Interpretation and application
Supervised and recognised institutions
In Switzerland, state supervision of banks, insurance companies and other financial intermediaries is to be merged in the Federal Financial Market Supervisory Authority (FINMA). Together with the Swiss Federal Banking Commission (SFBC) and the Federal Office of Private Insurance (FOPI) also the Anti-Money Laundering Control Authority (AMLCA) will be integrated into this authority.
The legally-defined task, as it results for example from the Federal Act on Banks and Savings Banks, the Federal Act on Stock Exchanges and Securities Trading, the Federal Act on Collective Capital Investment Schemes, the Insurance Supervision Act or the Anti-Money Laundering Act, remains the same and the particularities of the different supervisory sectors have been taken into account.
The new Financial Market Supervision Act (FINMASA) is to contain principles on financial market regulation, rules on liability as well as harmonised supervisory instruments and sanctions. The FINMASA effectively has the function of an umbrella law for the other laws covering financial market supervision.
FINMA will be established as an institution under public law, which has functional, institutional and financial independence and a modern management structure with a governing board, executive management and an auditing body. FINMA's independence on the other hand, calls for accountability and political supervision by the Confederation.
In February 2006 the Federal Council adopted the bill on the FINMASA and the corresponding message.The Parliament passed the new bill on 22 June 2007. On 16 January 2008 the Federal Council has partially put into force the new FINMASA as of 1 February 2008 and has elected seven members of the board of directors of FINMA. The FINMA will be actively operational on 1 January 2009.
Federal Act on the Swiss Financial Market Supervisory Authority (Financial Market Supervision Act, FINMASA) of 22 June 2007
Ordinance of 16 January 2008 about the partially entry into force of organisationally terms of the Financial Market Supervision Act of 22 June 2007 (French, German and Italian)
Press release of the Federal Department of Finance from 1 February 2006
Press release of the Commission for economics and taxes of the National Council from 31 October 2006 (French, German or Italian)
Press release of the Commission for economics and taxes of the National Council from 28 November 2006 (French and German)
Press release of the Commission for economics and taxes of the National Council from 23 January 2007 (French and German)
Press release of the Swiss Federal Banking Commission from 21 May 2008
Report of the expert penal Financial Market Supervision from November 2000 (Report Zufferey, available in French and German)
I. Intermediary Report of the expert panel appointed by the Federal Council under the leadership of Prof. Zimmerli on the creation of an integrated financial market supervisory authority (July 2003, available in French, German and Italian)
II. Intermediary Report of the expert panel appointed by the Federal Council under the leadership of Prof. Zimmerli on the sanctions of an integrated financial market supervisory authority (August 2004, available in French, German and Italian)
III. Intermediary Report of the expert panel appointed by the Federal Council under the leadership of Prof. Zimmerli on the extension of prudential supervision (February 2005, available in German)
Message of 1 February 2006 of the Financial Market Supervision Act (French , German and Italian)
The Federal Department of Finance's Factsheet (French and German)
The Swiss Federal Banking Commission's Info Kit on FINMA
Last update: 22.04.2008