Swiss bankers open to talks on some of measures demanded by country's regulator
Reuters
Published Dec 19, 2023 13:35
ZURICH (Reuters) - The Swiss Bankers Association (SBA) on Tuesday said it is open to discussions on a possible senior management regime for the country's lenders, one of the new measures demanded by Swiss regulator FINMA following the crash of Credit Suisse (SIX:CSGN).
But the body, which represents Switzerland's large banking sector, was unconvinced about FINMA's demand to be able to issue fines to banks who break its regulations.
"The SBA wants to contribute to the targeted and effective improvement of regulation and supervision," the SBA said after FINMA's report into the Credit Suisse crisis.
It said it is open to a dialogue on a senior management regime and the anchoring of remuneration principles at the legislative level, provided that proportionality is maintained.
"With regard to FINMA's authority to impose fines, the problem will need to be analysed further."
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Written By: Reuters
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