Who is the FINMA?
FINMA - an independent supervisory authority
Headquartered in Berne, the supervisory authority FINMA is responsible for supervising the Swiss financial market. Its activities are based on the Financial Market Supervision Act.
In Switzerland FINMA oversees banks, insurance companies, stock exchanges, securities dealers, collective investment schemes, their asset managers and fund management companies, as well as distributors and insurance intermediaries.
FINMA promotes the protection of creditors, investors and insured persons and ensures the general functioning of the financial markets.
What means to be regulated by FINMA?
Being regulated by FINMA means:
obligation to document the decisional procedures
separation of tasks
duplication of functions (back-up person)
external audit entrusted to an audit society qualified on the FINMA standard
The audit ensures that:
the accounting rules and the anti-laundering good practices have to be respected
the guidelines imposed by the FINMA regarding the company structure have to be respected and a documented work flow has to be constantly applied.
The auditor is obliged to inform immediately FINMA of any deficiency.