The Federal Council has adopted the dispatch on the amendment of the Financial Market Supervision Act as well as other ordinances. The aim, according to a statement issued on Friday, is to adapt the Swiss legal framework for international cooperation in the financial market sector to current requirements in cross-border financial business.

Amendments are proposed to the Financial Market Supervision Act (FINMAG), the Audit Oversight Act (AOA) and the National Bank Act (NBA).

Planned Changes

The proposed changes include, for example, the targeted restriction of client procedures in FINMA’s administrative assistance cases involving market abuse, as well as the introduction of a new article on international cooperation in recognition and review procedures of foreign authorities.

International Cooperation

The rules governing the direct transmission of information by supervised institutions to foreign authorities are to be clarified. In addition, new provisions are planned for the cross-border service of documents for supervisory purposes, and the rules on cross-border audits will be expanded.

Furthermore, in the AOA, a clear legal framework is to be established for remote audits conducted by foreign audit oversight authorities. In the NBA, the participation of the Swiss National Bank in international audit and recognition procedures is to be explicitly anchored in law.

The consultation process on the proposal lasted from September 2024 to January 2025. It was generally well received, the statement adds. Based on the feedback, the proposal was revised in certain respects, particularly to increase legal certainty for all parties involved.