Switzerland: Financial Market Supervision Act
Thouvenin Rechtsanwälte, Zurich |
May 01, 2009
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Thouvenin Rechtsanwälte
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Zurich
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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...
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