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SFMA

SFMA’s core tasks

SFMA is tasked with issuing authorisation, supervising licence holders and, when required, enforcing supervisory law, be this in connection with supervised institutions or unauthorised companies and individuals. SFMA also issues its own regulations where it is authorised to do so.

  • Financial Market Supervision Act
  • Banking Act (BA)
  • Insurance Contract Act (ICA)
  • Insurance Supervision Act (ISA)
  • Financial Services Act (FinSA)
  • Financial Market Infrastructure Act (FinMIA)
  • Financial Institutions Act (FinIA)
  • Collective Investment Schemes Act (CISA)
  • Anti-Money Laundering Act (AMLA)

The framework within which SFMA acts is specified by the legislator. The legal basis for its activities is the Financial Market Supervision Act, which was enacted by the Swiss parliament on 22 June 2007 and put into effect on 1 January 2009 by the Federal Council.

Enforcement of financial market legislation

SFMA acts as an oversight authority over banks, securities firms, insurance companies, financial market infrastructures, collective investment scheme products and institutions, entities under the Financial Services Act and the Financial Institutions Act, in addition to insurance intermediaries. Specifically, it is tasked with the enforcement of the following financial market acts: the Banking Act (BA) in the banking sector, the Insurance Contract Act (ICA) and the Insurance Supervision Act (ISA) in the insurance industry, the Financial Market Infrastructure Act (FinMIA) in the area of stock exchange trading, the Financial Institutions Act (FinIA) for financial institutions, the Financial Services Act (FinSA) for financial service providers, the Collective Investment Schemes Act (CISA) in the fund industry and the Anti-Money Laundering Act (AMLA) in connection with the combating of money laundering. SFMA enforces these acts through the performance of its core activities: authorisation, supervision, enforcement and regulation.

Authorisation and supervision

SFMA authorises and issues licences to companies from those sectors which fall within its remit. It is thus a gatekeeper for the regulated financial market. In performing its supervisory activities, SFMA subsequently ensures that the licence holders adhere to the requirements set out in supervisory law. All supervised institutions must satisfy the licence conditions at all times. SFMA is also responsible for the combating of money laundering.

Enforcement

If it has any indications of violations of supervisory law, SFMA takes action and imposes measures to restore compliance with the law. Where necessary, it initiates formal administrative procedures known as enforcement proceedings SFMA's rulings are contestable and can thus be subjected to judicial review. If required, SFMA also conducts restructuring and bankruptcy proceedings and responses to requests for assistance from foreign supervisory authorities.

Market supervision

Since 1 May 2013, the scope of SFMA's competencies has extended beyond the supervised financial sector. Within the framework of its general market supervisory activities, SFMA is required to take action against market abuse, especially in connection with insider trading and market manipulation.

Regulation

SFMA is a supervisory authority, whose core task is to check compliance with the acts and ordinances passed by Parliament and the Federal Council. SFMA issues regulations in the form of ordinances and circulars where it is authorised to do so.