The Swiss Bankers Association (SBVg) has responded cautiously to the lessons learned from the Credit Suisse crisis, staying true to its previous stance that a thorough analysis is necessary before any potential regulatory changes are made. The analysis and self-assessment by the Swiss Financial Market Supervisory Authority (FINMA) regarding the downfall of Credit Suisse has not exactly been met with enthusiasm by the SBVg.
In a somewhat frosty statement, the SBVg acknowledges the analysis, lessons, and areas for action mentioned by FINMA. However, the association expresses concern that there may now be excessive regulation that goes beyond what was initially proposed. The SBVg urges a focus on the specific areas that led to problems in the case of Credit Suisse, with proposed measures addressing concrete issues related to relevant business models and risks responsible for the bank’s decline and resulting systemic risk.
The SBVg is open to dialogue regarding a senior management regime and the incorporation of compensation principles into legislation, as long as proportionality is maintained. However, when it comes to expanding FINMA’s sanctioning powers, the skepticism of the banking association is evident. The problem-oriented approach to FINMA’s competence in imposing fines will need further analysis.
The SBVg also emphasizes the need to include the Swiss National Bank’s (SNB) instruments in the analysis. Ensuring sufficient liquidity and efficient liquidity provision in a world where disruptions can lead to much faster liquidity flows is essential for the financial center and Switzerland as a whole.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Finma, Schweizerische Bankiersvereinigung, SBVg, Credit Suisse, SNB |
| Currencies | None |
| Securities | None |
