Commentaries: Art. 7

FINMA exercises its regulatory powers by issuing:
1. ordinances, where so provided in the financial market legislation; and
2. circulars on the application of the financial market legislation.
It issues ordinances and circulars only to the extent required for the purposes of supervision, limiting itself as far as possible to the definition of principles. In doing so, it takes account of overriding federal law and in particular of:¹
1. the costs that the supervised persons and entities incur due to regulation;
2. the effect that regulation has on competition, innovative ability and the international competitiveness of Switzerland’s financial centre;
3. ² the different sizes, complexities, structures, business activities and risks of the supervised persons and entities; and
4. the international minimum standards.
It supports self-regulation and may recognise and implement the same as a minimum standard within terms of its supervisory powers.
It provides for a transparent regulatory process and the appropriate participation of the parties concerned.
It issues guidelines on the implementation of these principles. In doing so, it acts in agreement with the Federal Department of Finance (FDF)³.

Amended by Annex No II 16 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
Amended by Annex No II 16 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
Name in accordance with Annex No 4 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). This amendment has been made throughout the text. ↩

Art. 7