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FINMA Response to COVID-19 Pandemic

March 20, 2020 | News

FINMA response to pandemic

FINMA, the regulator of the Swiss financial market, believes that the country's financial institutions and related infrastructure as a whole have been prepared to work in a pandemic. The regulator carries out activities in close contact with controlled institutions, the SNB (Swiss National Bank) and the federal finance department.

The stability of the financial sector has become possible due to the effective implementation of plans aimed at maintaining the continuity of the provision of vital services to the population.

Reserve capital and liquidity growth

The impact of coronavirus on the economy is very significant. But the current situation was not unexpected for the Swiss financial sector. Banks have been building up capital and liquidity reserves from year to year to withstand extreme situations. Such a policy will be a reliable counter to the crisis. It will provide loans to the real economy.

FINMA pandemic

What FINMA pays attention to?

The regulator understands the difficulties associated with the remote execution of operations with securities. Therefore, the financial institutions will not have just three working days for reporting data, but a longer period.

FINMA is also concerned about the increased cyber risks, the increasing use of malware. It is sent by e-mail using fake addresses.

How will regulatory oversight work in a pandemic?

It is necessary to counter the increased risks, the unfolding of the crisis. Therefore, FINMA allowed controlled entities to increase the time frame for reporting and performing certain standard operations. This will allow financial institutions to respond flexibly to a changing situation.

The financial regulator transferred, as far as possible, its employees to work from home. Fortunately, relevant digital capabilities are available. And controlled institutions can also use digital channels to securely exchange documents with FINMA.

! The updated information about the current situation and governmental measures against COVID-19 in Switzerland you may find at: https://www.bag.admin.ch/bag/en/home/krankheiten/ausbrueche-epidemien-pandemien/aktuelle-ausbrueche-epidemien/novel-cov.html

Source: https://www.finma.ch/en/news/2020/03/20200319-mm-c...
https://www.swissbanking.org/de/themen/coronavirus...

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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