Financial Market Supervision Act (FINMASA)
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).
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Chapter 1 Implementation
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).
Art. 55 Implementing provisions
1 The Federal Council shall issue the implementing provisions. In doing so, it shall observe the principles of regulation in Article 7 paragraph 2 and base its regulation on the majority of the supervised persons or entities at the time. The foregoing is subject to more stringent requirements, in particular with regard to risks to the stability of the financial system. 2 The Federal Council may authorise FINMA in matters of limited importance, and in particular in predominantly technical matters, to issue implementing provisions to this Act and to the financial market acts.
Art. 55 — 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).
Art. 56 Implementation
FINMA is responsible for the implementation of this Act and of the financial market acts.
Chapter 2 Amendment of Other Legislative Instrumen
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).
Art. 57
The amendment of current legislation is regulated in the Annex.
Chapter 3 Transitional Provisions
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).
Art. 58 Transitional Provision to the Amendment of 15 June 2018
Applications for authorisation under Article 43c paragraph 1 must be submitted no later than six months after the Amendment of 15 June 2018 comes into force. FINMA shall issue a decision on the application within six months of receipt.
Art. 58 — 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).
Art. 59 Transfer of employment relationships
1 The employment relationships of the staff of the Federal Banking Commission, of the Federal Office of Private Insurance and of the Anti-Money Laundering Control Authority shall be transferred in accordance with Article 58 paragraph 1 to FINMA and shall be continued in accordance with this Act. 2 There is no right to the continuation of any function, field of work or position within the organisational system; however, staff have a right to their current salary for a period of one year. 3 Job application procedures will be carried out only if it proves necessary as a result of reorganisation or where there is more than one candidate. 4 FINMA shall endeavour to carry out restructuring activities in a socially acceptable manner.
Art. 60 Responsible employer
1 FINMA is the responsible employer for persons in receipt of a pension: a. who are allocated to the Federal Banking Commission, the Federal Office of Private Insurance or the Anti-Money Laundering Control Authority; and b. who have begun to draw an old age, invalidity or survivor’s pension from the occupational pension scheme with the Federal Pension Fund before the commencement of this Act. 2 Where any incapacity to work, the cause of which subsequently leads to invalidity, begins before the commencement of this Act and the related pension begins to be drawn after its commencement, FINMA is also the responsible employer.
Chapter 4 Referendum and Commencement
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).
Art. 61
1 This Act is subject to an optional referendum. 2 The Federal Council determines the date on which this Act comes into force. Commencement Date: Articles 4, 7, 8, 9 paragraph 1 letters a–e and g–j as well as paragraphs 2–5, Articles 10–14, 17–20, 21 paragraphs 3 and 4, 53–55, 58 paragraph 2 second sentence, 59 paragraphs 2–4; Annex Number 4 (Federal Administrative Court Act), Heading before Article 31 and 33 letter b: 1 February 2008 Other provisions: 1 January 2009
Para. 2 — AS 2008 5205