- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-01-26T11:52:00
Bonus clawbacks, more power to fine banks, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority (FINMA) in response to the collapse of Credit Suisse last year.
In its report on the crisis, published in December, the regulator pointed out the Credit Suisse collapse was not unpredictable.
“FINMA increasingly intensified its supervisory and enforcement activities at Credit Suisse over the past few years and instituted more and more incisive measures,” it said. Despite the regulator reaching the limits of its current powers, these measures proved inadequate.
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2023-11-10T15:16:00Z By Kyle Brasseur
A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.
2023-08-31T14:05:00Z By Neil Hodge
Switzerland’s Financial Market Supervisory Authority published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.
2023-03-20T18:14:00Z By Aaron Nicodemus
Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.
2025-03-28T18:45:00Z By Aaron Nicodemus
The Securities and Exchange Commission’s Republican leadership is abandoning the climate-related disclosure rule package passed last year by Democrats, hoping that the courts will kill regulations already on life support.
2025-03-24T15:47:00Z By Aaron Nicodemus
The U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final interim rule that eliminates beneficial ownership information reporting obligations for U.S.-based companies and persons.
2025-03-19T13:00:00Z By Aaron Nicodemus
Federal Reserve Board member Michelle Bowman has been nominated as the board’s vice chair for supervision, a position that oversees regulation of the nation’s largest banks.
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