Switzerland: Financial Sector Stability Assessment; imf country Report 14/143; April 16, 2014

Principles 8–10
Enforcement of Securities 
Regulation
Enforcement powers of the SFBC could be 
strengthened. In particular, it would be 
desirable to increase direct supervision, 
formalize the examination process and quality 
assurance for external auditors, and increase 
the range of available sanctions. 
Some improvements have been made in all these 
areas. Increase in the direct supervision in the 
securities sector is limited, but quality control 
requirements apply to auditors of public 
companies. Some additional sanctions have been 
introduced, but there is still room for 
improvement.
Principles 11–13
Cooperation in Regulation
Efforts by the SFBC to strengthen cooperation 
with foreign regulators are recommended. 
As a result of legislative changes, FINMA has 
been accepted as full signatory to the IOSCO 
Multilateral MOU, thus complying with the 
minimum requirements for international 
cooperation and exchange of information.

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SWITZERLAND
INTERNATIONAL MONETARY FUND
41 
Table 7. Switzerland: Previous FSAP Findings and Key Recommendations—IOSCO (Concluded)
 
Reference Principle 
Recommended Action 
Status 
Principles 14–16
Issuers
There is room to improve protection for 
minority shareholders and strengthen 
accounting and auditing regulations to ensure 
comparability of financial information. It would 
also be advisable to introduce proper 
supervision and sanctioning of auditors of 
listed companies. 
Improvements have been made to the protection 
of minority shareholders, although some gaps 
may remain. Auditing regulations have been 
strengthened and auditors of listed companies 
have become subject to statutory supervision and 
enforcement. No notable changes have been 
made in accounting regulations.