FINMA Response to COVID-19 Pandemic

Additionally, the SNB coordinates closely with international partners to ensure financial market stability, including Dollar liquidity operations. 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.

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. To address growing threats, FINMA cyber reporting procedures have been reinforced to ensure quick reaction to cyber incidents.

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. Broader financial strategies like Tax reform Swiss debt initiatives further strengthen Switzerland's fiscal resilience during crises.

The financial regulator transferred, as far as possible, its employees to work from home. Parallel to pandemic measures, FINMA continues structural enhancements such as the FINMA second registration under FinSA regulations. Fortunately, relevant digital capabilities are available. FINMA helps investors by maintaining robust protective measures even during operational disruptions. And controlled institutions can also use digital channels to securely exchange documents with FINMA.