Swiss regulator calls for more powers after Credit Suisse collapse
Publishing timestamp: 2023-12-19 07:26:27
Summary
Switzerland's financial regulator, FINMA, has called for greater legal powers and a change in its approach following the collapse of Credit Suisse. The regulator conducted numerous supervisory reviews and imposed measures to rectify deficiencies in the bank's governance and risk management. FINMA also criticized the bank for not implementing strategic changes consistently and for recurrent scandals that undermined its reputation. The regulator is calling for extended options to have more influence on the governance of supervised institutions.
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Keywords: markets, business news, breaking news: markets, banks, wall street, ubs group ag,