Supervision: FINMA, the Banking Act, FinSA and FinIA — conclusion

Conclusion

The Swiss financial market is supervised by FINMA, an integrated authority created in 2009, which relies on audit firms for a large part of its supervision and, for portfolio managers and trustees, on supervisory organisations. The Banking Act requires a licence for banks and makes it subject to conditions, among them the guarantee of irreproachable business conduct. The Capital Adequacy Ordinance and the Liquidity Ordinance implement the standards of the Basel Committee, whose final Basel III standards Switzerland implemented in 2025. The too-big-to-fail regime of 2012, which imposes higher capital requirements and recovery and resolution planning on systemically important banks, was not applied in the collapse of Credit Suisse, which has led to proposals to strengthen the regime and the powers of FINMA.

The Financial Services Act and the Financial Institutions Act of 2020 created a new architecture of conduct and prudential regulation, with client segmentation, duties of information and suitability, a prospectus regime with liability for incorrect information, ombudsman offices and a register of foreign client advisers. Switzerland developed an early framework for crypto-assets and digital assets through FINMA's guidelines and the DLT Act. Because the access of Swiss providers to foreign markets remains constrained, Switzerland seeks bilateral solutions such as the agreement with the United Kingdom. FINMA enforces the law with declaratory rulings, industry bans, the confiscation of profits and publication, although it still lacks the power to fine institutions. The reforms that followed the collapse of Credit Suisse, among them a senior managers regime and a public liquidity backstop, together with the reformed deposit protection, the macroprudential role of the National Bank, the rules on operational resilience and the cooperation with foreign supervisors, show a system that continues to adapt after the crisis. The next chapter examines the fight against money laundering.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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Supervision: FINMA, the Banking Act, FinSA and FinIA — conclusion

Conclusion

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