Colleges offer a permanent platform for cooperation between various authorities which supervise a financial group or conglomerate. The aim of this regular exchange of information and experience is to step up cooperation between supervisory authorities and improve supervision of internationally active groups and conglomerates. Colleges often prompt the conclusion of agreements between the participating authorities.
Colleges are generally led by the authority responsible for the consolidated supervision of a financial institution. As such, FINMA organises supervisory and crisis management colleges for various groups based in Switzerland and participates in colleges run by foreign supervisory authorities, provided these foreign groups engage in supervisory activities in Switzerland.
As a college has no legal personality it cannot take any decisions. Cooperation within the college must always take into account the applicable local legal systems of the participating authorities.