Legal basis for SFMA's activities
SFMA's statutory powers to supervise banks, insurers, stock exchanges, securities dealers and collective investment schemes are governed by a variety of financial market laws, including the Financial Market Supervision Act. SFMA also has regulatory powers, which it exercises through SFMA ordinances and SFMA circulars. It also provides information to supervised institutions through various channels, regularly publishing documents and articles on its activities and on key issues related to financial-market legislation.
- State Secretariat for International Finance (SIF)
All actions taken by SFMA are based on applicable legal provisions, as set out in the Financial Market Supervision Act and other financial-market laws. They are promulgated in more detail in Federal Council ordinances and, where necessary, also in SFMA ordinances.
Laws enacted by Parliament and ordinances issued by the Federal Council
All financial-market laws and ordinances governing the financial market are enacted by Parliament, while the Federal Council issues all ordinances. During the legislative process, SFMA has the right to express and publish its position on this proposed legislation.
SFMA ordinances
SFMA regulates through ordinances of its own only where it has explicit authorisation to do so from the legislator or regulator. These ordinances serve, for example, to determine technical details, for instance, or to provide regulation in areas subject to particularly dynamic change.
SFMA circulars
SFMA circulars explain how it carries out its supervisory duties. Before issuing a circular, however, it runs a consultation for the relevant stakeholders.
SFMA guidance
SFMA uses guidance as a flexible, rapid, transparent and, if necessary, ad hoc means of conveying useful information to groups of supervised firms. SFMA guidance can also set out expectations or draw attention to potential risks.
SFMA publications
Each year, SFMA publishes an annual report and financial statements, accounting for its activities, which is submitted to the Federal Council for prior approval. SFMA publications also include reports on specific supervisory issues, speeches and published articles, discussion papers to encourage debate on key topics, selected rulings and fact sheets intended for the general public.