SWITZERLAND
34
INTERNATIONAL MONETARY FUND
Figure 13. Switzerland: Simplified Legal Structure SIX Group AG, June 2013
Source: SIX Group AG.
68. FMIs in Switzerland are subject to appropriate and effective oversight and
supervision by the SNB and FINMA respectively. Oversight and supervision are based on
statutory law. The SNB oversees all payment, clearing,
and settlement systems, and subjects
systemically important FMIs to minimum requirements. FINMA supervises SIX x-clear AG and SIX
SIS AG, which are licensed as banks.
69. Important progress has been realized in adopting the new principles for FMIs, but
implementation is at an early stage. A major reform was implemented by the SNB in July 2013,
through a revision of its National Bank Ordinance, translating the new international principles
into national legislation and regulation.
Parallel to this, the FDF developed legislation
establishing a regulatory framework for over-the-counter (OTC) derivatives,
including a revised
regulatory framework for FMIs, to enter into force in 2015. Implementation of the new principles
by the
FMIs has only recently started, and the reform agenda is substantive. Implementation
should include public disclosure of information according to the CPSS-IOSCO disclosure
framework for FMIs.
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