金融市场监管法.docVIP

标题: Financial Market Supervision Act. 作者: Brunner, Sonja, Stoll, Daniel, International Financial Law Review, May2009, 册 28, 发行 5数据库: Business Source Premier Financial Market Supervision Act After reorganisations that took several years, Switzerland, in the midst of the worldwide financial crisis, reorganised the supervision of its financial markets. On January 1 2009, the Federal Act on the Swiss Financial Market Supervisory Authority (Finmasa) became effective. With its implementation the Swiss Federal Banking Commission (SFBC), the Federal Office of Private Insurance and the Anti-Money Laundering Control Authority (AML Control Authority) have been merged into one single authority, the Swiss Financial Market Supervisory Authority (Finma). As of that date Finma has become the legal successor of these three merged authorities, whereby existing agreements and pending business was taken over by Finma. Finmasa is an up-to-date organisation (in the legal form of a public institute) and aims at strengthening confidence in the smooth functioning, competitiveness and integrity of Switzerlands financial industry, a branch of the economy that provides 12% of GDP and 200,000 jobs. Finmasa functions as an umbrella law for the existing acts that regulate the Swiss financial market: the Banking Act, Stock Exchange Act, Collective Investment Schemes Act, Insurance Supervision Act, Federal Insurance Contract Act, Anti-Money Laundering Act and Mortgage Bond Act (Financial Market Acts). Finma is an independent authority whose main task is to protect any participants in the financial market, namely creditors, investors and insured persons. It is designed to ensure the proper functioning of the financial market (article five of Finmasa) by setting out principles governing financial market regulation, liability rules, harmonised supervisory instruments and sanctions. Finmasa formally introduced supervisory instruments, which previously existed in practice only, for example th