A bank's supreme governing body (usually its board of directors) is subject to very stringent requirements. FINMA has published a new set of FAQs explaining what it expects from supervised institutions.
The supreme governing body is responsible for the overall direction, oversight and control of a bank or securities dealer and plays a key role in providing assurance of proper business conduct. Accordingly, FINMA has high expectations of this body and its members.
Questions often arise in the course of FINMA's supervisory activities regarding the composition and tasks of the supreme governing body as well as how it functions. A new document published by FINMA, entitled "FAQs – Board of directors: banks and securities dealers", provides the answers to the most frequently asked questions on this subject and is intended for supervised banks, securities dealers, financial groups and financial conglomerates.