2013年-FSB全球金融稳定委员会_FSB_Chairman039s_Report_on_OTC_Derivatives_Reforms_53页_653kb

Switzerland's Implementation of G20/FSB Recommendations (2013 IMN Survey)

Core Content Overview

The 2013 IMN Survey of National Progress in the Implementation of G20/FSB Recommendations outlines Switzerland's progress in various financial regulatory and supervisory areas. The document is structured into twelve sections, each addressing specific recommendations related to financial system stability, consumer protection, and market integrity.

Key Regulatory Areas and Progress

I. Refining the Regulatory Perimeter

Switzerland has taken steps to refine its regulatory perimeter by extending oversight to previously unregulated entities, such as non-bank financial institutions and conduits/SIVs. The Collective Investment Schemes Act (CISA), revised in 2013, is central to this effort. It includes:

• Expanded supervisory scope to foreign collective investment schemes.
• Constant supervision of prime brokerage activities by Swiss banks.
• No constant net asset value money market funds (CNAV-MMF) are offered in Switzerland.
• FINMA actively participates in international discussions on shadow banking oversight.

Planned actions include the development of a cross-sector regulation of financial products and services, expected to cover a wide range of providers.

II. Hedge Funds

Switzerland has implemented a dual supervisory approach for hedge funds:

• Direct supervision: All domestic hedge funds and foreign funds distributed in public in or from Switzerland are directly supervised after receiving FINMA approval. Managers must be authorized, and distribution representatives are also under scrutiny.
• Indirect supervision: Through their interfaces with banks, and via investment restrictions for insurers.

FINMA has also participated in the IOSCO task force on unregulated entities and is reviewing the regulatory and supervisory framework for hedge funds. The Basel III standards on counterparty credit risk have been fully implemented as of January 2013.

Planned actions include a consultation draft of a new Financial Services Act (FSA) to be submitted by autumn 2013, aimed at improving client protection and product documentation.

III. Securitisation

Switzerland has made progress in improving risk management for securitisation:

• Implemented Basel 2.5 standards on exposures to securitisations as of January 2011.
• Conducted a review of the financial crisis's lessons, leading to adjustments in capital requirements for proprietary trading and risk diversification.

However, no action has been taken on strengthening the regulatory and capital framework for monoline insurers, as Switzerland has no monoline insurers.

Planned actions include enhancing disclosure for asset-backed securities (ABS) as part of the new Financial Services Act, which is under development.

IV. Enhancing Supervision

Switzerland has focused on consolidated supervision of systemically important financial institutions (SIFIs):

• Two designated Global Systemically Important Banks (G-SIBs) are subject to additional requirements, including capital, risk diversification, and emergency planning.
• Supervisory colleges have been established for all four large cross-border groups, with arrangements in place since 2000 for the two banks and since 2008 for the two insurance firms.
• Crisis Management Groups have been set up for the two G-SIBs.

Planned actions include completing information exchange and coordination efforts through bilateral or multilateral cooperation agreements.

V. Building and Implementing Macroprudential Frameworks

While not detailed in the document, Switzerland has been working on macroprudential frameworks and tools to address systemic risks, in line with FSB recommendations.

VI. Improving Oversight of Credit Rating Agencies (CRAs)

Switzerland has been involved in improving CRA oversight, though specific actions are not outlined in the provided text.

VII. Enhancing and Aligning Accounting Standards

Switzerland has aligned its accounting standards with international practices, particularly through the implementation of Basel III and CISA.

VIII. Enhancing Risk Management

Switzerland has enhanced risk management practices, including:

• Ongoing supervision of prime brokerage activities.
• Regular stress testing and risk assessments.
• Review of leverage indicators and margin requirements.

IX. Strengthening Deposit Insurance

The document does not provide specific details on deposit insurance reforms, but Switzerland has been working on related financial stability measures.

X. Safeguarding the Integrity and Efficiency of Financial Markets

Switzerland has participated in international discussions and is planning to implement new regulations to improve the integrity and efficiency of financial markets.

XI. Enhancing Financial Consumer Protection

Switzerland has taken steps to enhance consumer protection, including:

• Better product documentation.
• Clear rules of business conduct for financial services providers.
• Ongoing reviews following the Lehman Brothers and Madoff cases.

XII. Reference to Source of Recommendations

The recommendations are based on:

• G20/FSB agreements and reports.
• IOSCO reports on hedge fund oversight and securitisation.
• BCBS guidelines on securitisation and counterparty risk.
• IAIS principles on capital adequacy and risk management.

XIII. List of Abbreviations

• FSB: Financial Stability Board
• IOSCO: International Organization of Securities Commissions
• BCBS: Basel Committee on Banking Supervision
• IAIS: International Association of Insurance Supervisors
• CISA: Collective Investment Schemes Act
• FSA: Financial Services Act
• SNB: Swiss National Bank
• FINMA: Financial Market Supervisory Authority
• G-SIBs: Globally Systemically Important Banks
• SIFIs: Systemically Important Financial Institutions
• TBTF: Too Big To Fail
• ABS: Asset-Backed Securities
• CRAs: Credit Rating Agencies

Summary of Implementation Status

Conclusion

Switzerland has made significant progress in implementing G20/FSB recommendations, particularly in refining the regulatory perimeter, enhancing supervision, and improving risk management practices. The country is actively involved in international discussions and is working on new legislation to further strengthen its financial regulatory framework. The Financial Services Act is a key future initiative aimed at addressing gaps in consumer protection and product disclosure.