Legal basis for SFMA's activities
SFMA's statutory powers to supervise banks, insurers, stock exchanges, financial institutions and collective investment schemes are governed by a variety of financial market laws, including the Financial Market Supervision Act. SFMA also has regulatory powers, which it exercises through SFMA ordinances and SFMA circulars. It also provides information to supervised institutions through various channels, regularly publishing documents and articles on its activities and on key issues related to financial-market legislation.
All actions taken by SFMA are based on applicable legal provisions, as set out in the Financial Market Supervision Act and other financial-market laws. They are promulgated in more detail in Federal Council ordinances and, where necessary, also in SFMA ordinances.
Laws enacted by Parliament and ordinances issued by the Federal Council
All financial-market laws and ordinances governing the financial market are enacted by Parliament, while the Federal Council issues all ordinances. During the legislative process, SFMA has the right to express and publish its position on this proposed legislation.
SFMA ordinances and SFMA circulars
SFMA regulates through ordinances of its own only where it has explicit authorisation to do so. These ordinances serve, for examples, to determine technical details, for instance, or to provide regulation in areas subject to particularly dynamic change. SFMA also publishes SFMA circulars explaining how it carries out its supervisory duties. Before issuing or adjusting an ordinance or circular, however, it runs a consultation for the relevant stakeholders.
SFMA guidance
SFMA uses guidance as a flexible, rapid, transparent and, if necessary, ad hoc means of conveying useful information to groups of supervised firms. SFMA guidance can also set out expectations or draw attention to potential risks.
SFMA publications
Each year, SFMA publishes an annual report and financial statements, accounting for its activities, which is submitted to the Federal Council for prior approval. SFMA publications also include reports on its supervisory activities, speeches and articles, fact sheets and statistics and key figures intended for the general public.
SFMA also publishes anonymised summaries of its enforcement actions and selected court decisions in a database ( case reports and court decisions ) and selected rulings.
Documentation topics
The related information for this topic is set out in the following section.