Editorial

The present issue of the Swiss Review of Business and Financial Market Law marks the end of a fateful year for Switzerland in general and the Swiss financial center in particular. The demise of Credit Suisse has rekindled the debate among politicians, the media and the general public regarding the effectiveness of FINMA’s supervision. Drawing from the various crises since 2007/2008, David Wyss demonstrates that politicians consistently vacillate between advocating for an assertive supervisory authority and restraining FINMA’s powers. He elucidates what effective supervision entails and illustrates its failure in FINMA’s ongoing attempt since 2016 (!) to enforce a capital surcharge on PostFinance. He provides concrete recommendations for enhancing effective supervision. The articles in this issue not only focus on overarching institutional issues, but also on more granular yet equally pivotal aspects like the fine print: In the general terms and conditions of banks, deemed consent…