Switzerland: Financial Sector Assessment Program-Technical Note on Securities Market-Selected Issues in Regulation and Supervision

International Monetary Fund

No 2025/300, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note focuses on two key areas in Switzerland’s securities market: asset management and trading systems. It evaluates the regulatory and supervisory framework of Switzerland's securities market, focusing on asset management and trading systems. Key updates include the introduction of the Financial Institutions Act and Financial Services Act licensing requirements for portfolio managers and trustees, and the creation of Limited Qualified Investor Funds. The report highlights significant progress in liquidity risk management for open-ended funds and proposes enhancements to FINMA’s organizational structure, data collection, and supervisory framework. It also addresses market abuse, trading systems, and the role of self-regulatory organizations (SROs). Recommendations emphasize improving FINMA’s resources, enhancing market monitoring, strengthening issuer and SRO supervision, and implementing reforms to bolster market resilience, transparency, and enforcement capabilities. The document underscores the importance of aligning Switzerland’s securities market framework with international standards.

Keywords: securities trading; asset management industry; financial market supervision; market resilience; market abuse; Asset management; Securities; Liquidity; Stock markets; Stocks; Liquidity risk; Global (search for similar items in EconPapers)
Pages: 43
Date: 2025-11-13
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