Switzerland’s Federal Council adopted a dispatch proposing amendments to the Financial Market Supervision Act (FINMASA) and other legislation to update the legal framework for international cooperation in financial market supervision in light of current requirements in cross-border financial business. The FINMASA package would, among other changes, introduce a targeted restriction of the client procedure in Swiss Financial Market Supervisory Authority (FINMA) administrative assistance proceedings in market abuse cases, add a new provision on international cooperation in foreign authorities’ recognition and audit procedures, clarify rules on supervised firms’ direct transmission of information to foreign authorities, create a basis for cross-border service of documents for supervisory purposes, and extend the provisions on cross-border audits. Related changes would establish a clear framework in the Auditor Oversight Act for remote audits by foreign audit oversight authorities and expressly anchor the Swiss National Bank’s participation in international audit and recognition procedures in the National Bank Act; the proposal was reworked following a consultation that ran from September 2024 to January 2025, with adjustments intended to increase legal certainty.
Federal Department of Finance (Switzerland) 2025-09-12
Switzerland's Federal Council adopts dispatch to amend FINMASA and related laws for cross-border supervisory cooperation
Switzerland’s Federal Council proposed amendments to enhance international cooperation in financial market supervision. Key changes include restrictions on client procedures in FINMA's administrative assistance, provisions for international cooperation in foreign recognition and audit procedures, and rules for cross-border document service and audits. The revised proposal aims to increase legal certainty and updates the Auditor Oversight Act and National Bank Act.