News

31 May 2010
Press release

FINMA welcomes the Control Committees' review

FINMA welcomes the Control Committees' comprehensive review on how the federal authorities coped before and during the financial crisis. The supervisory authority had placed all the documents and information requested at the disposal of the Control Committees. FINMA will carefully examine the report's conclusions and will, in line with the response deadline set by the Control Committees, comment on the report before the end of 2010.

FINMA acknowledges the report issued by the Control Committees (CC) of the National Council and the Council of States on how the authorities dealt with the pressure of the financial crisis and the handing over of UBS client data to the US authorities. The report evaluates the expediency and effectiveness of the federal authorities' reaction before and during the financial crisis and their handing over of UBS client data to the US authorities.

FINMA welcomes the Control Committees' thorough analysis of the events and of how they were handled by the federal authorities. The Control Committees have drawn up a well-supported and detailed overview of the facts in regard of the highly complex events for all parties involved. FINMA supported the Control Committees with its work by disclosing all the records and documents they requested. In addition, FINMA assisted further by conducting numerous formal hearings, providing written statements and organising meetings to assess the findings.

FINMA will examine critically the conclusions drawn in this report and will state its position on the findings and recommendations made within the deadline set for the end of 2010. FINMA has drawn important lessons from its own analysis of the crisis and published these in its strategic goals in autumn 2009. FINMA is now in the process of implementing these strategic objectives.

Links
FINMA Press release: “Federal Council report“ (12 May 2010)
Strategic goals of FINMA (30 September 2009)
FINMA report “Financial market crisis and financial market supervision” (14 September 2009)

Contact
Alain Bichsel, Head of Communications, Phone +41 (0)31 327 91 70, alain.bichsel@finma.ch