Stakeholder involvement

Before issuing its own ordinances and circulars, FINMA involves stakeholders by opening a consultation and publishing an explanatory report. Those parties then have the opportunity to submit their comments. The outcome of the consultation is made public.

FINMA involves the stakeholders (supervised institutions and clients where possible) in the drafting of its ordinances and circulars. This is done by initiating a public or conference-based (oral) consultation on regulatory projects. It is possible to dispense with a consultation if an amendment to one of FINMA’s regulations is a mandatory requirement from superordinate law, there is little latitude for what can be adopted, only technical adjustments to existing regulations are involved, or the content has no substantial impact.

FINMA publishes its draft regulations and explanatory reports under ongoing consultations. Consultation reports and selected respondent comments are also published at completed consultations, while subsequent reviews of regulations can be found under evaluation of regulations.

For further information on financial market regulatory projects, visit the website of the State Secretariat for International Finance (SIF).