FSAP report 2025 by the International Monetary Fund

The Swiss Financial Market Supervisory Authority acknowledges the FSAP report by the International Monetary Fund IMF published on 16 September 2025. It welcomes the IMF’s recommendation regarding greater legal powers for FINMA, which is largely in line with the Federal Council’s TBTF report, the report by the Parliamentary Investigation Committee (PInc) and the Federal Council’s white paper on the TBTF regime.

The FSAP report states that FINMA’s powers remain limited relative to international peers and indicates that legal amendments are needed to enhance the effectiveness of supervision. FINMA welcomes the IMF’s recommendation regarding additional legal powers.

Of particular note here are the expansion and strengthening of FINMA’s legal powers in terms of introducing an accountability regime and the authority to impose fines, transparency on completed enforcement proceedings, FINMA’s own on-site supervisory reviews, Pillar 2 capital add-ons, early interventions and abolition of the suspensive effect in FINMA decisions. Many of these points are already set out in the TBTF report (2024), the report by the Parliamentary Investigation Committee (PInc) and in the Federal Council’s white paper on the TBTF regime. Other recommendations relate to supervision as a whole and include clear expectations regarding additional supervisory resources and the expansion of data-driven supervision.

As part of the Financial Sector Assessment Program (FSAP), the International Monetary Fund IMF assesses the financial markets and institutions and the regulatory and supervisory framework in member countries. The IMF also assesses the extent to which national financial market regulations comply with internationally recognised standards. Jurisdictions with systemically important financial sectors have committed to undergo a FSAP around every five years. It is therefore the most comprehensive international comparison. Read the FSAP report 2025 .