2023-07-05 07:11:32
In addition, the banks supervised by the institution must clearly assign the responsibilities of the people in the management bodies. This strengthens the corporate culture, awareness of risks and makes it easier for the authority to intervene with managers, underlines the manager. Finma also wants to inform more strongly regarding its supervisory activity, in order to strengthen confidence in the financial centre.
The fall of Credit Suisse: our main articles
Finma awaits clarification
At the same time, the fundamentals do not change, Finma does not replace the boards of directors and the management of companies. It is not a criminal authority. Even with new instruments, it “cannot monitor every crisis and provide all-hazards surveillance.” The institution is eagerly awaiting clarifications from Parliament and the Federal Council regarding Credit Suisse. “Naturally, we will analyze our actions and our possibilities for action in detail,” added Urban Angehrn.
He defends the measures, procedures and decisions taken by Finma, “because Credit Suisse officials have not reacted sufficiently”. Ultimately, it is up to politicians to decide what tools the financial market watchdog has.
Read also: Finma wants to learn the lessons of the crisis at Credit Suisse
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