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

Principles 17–20
Collective Investment 
Schemes
Improvements are possible in the area of asset 
valuation, where a more direct involvement of 
the regulator could be envisaged.
The CISA includes basic requirements on 
valuation, complemented by the guidelines of the 
Swiss Funds and Asset Management Association 
endorsed by FINMA.
Principles 21–24
Market Intermediaries
Supervision of market intermediaries could be 
strengthened by supervising dealers that trade 
on their own account, but whose business 
volume falls below the official threshold, and 
those that provide services only to qualified 
professional investors.
Rules on disclosure of any conflict of interest 
before conducting the transaction could be 
provided. 
Dealers that only trade for own account below a 
yearly threshold value are not subject to 
supervision; however, supervision of pure own 
account dealers is not required by the IOSCO 
Principles. Securities dealers that provide services 
only to certain professional investors are not 
subject to supervision, but the scope of those 
investors is very limited.
There are some requirements on disclosure of 
conflicts of interest in the standards of the SBA 
recognized as minimum standards by FINMA. 
Principles 25–30
Secondary Market
The supervisory role of the SFBC with regard to 
secondary markets could be strengthened.
Proper supervision of international exchanges 
requires full ability to provide information; see 
recommendation under Principles 11 to 13.
FINMA has slightly increased its supervision of 
the SIX Swiss Exchange and Eurex Zurich from the 
situation in 2002 where no direct supervision was 
conducted.
As noted above, FINMA’s ability to cooperate has 
been improved.