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From the magazine SZW-RSDA 6/2023 | p. 623-643 The following page is 623

Finanzmarktaufsicht zwischen Macht und Ohnmacht

Die Gerichtspraxis zu Postfinance wirft ein Schlaglicht auf die Herausforderung, wirksame Aufsicht zu produzieren

FINMA has been under constant criticism since its inception; the disappearance of Credit Suisse has only added fuel to the fire. The case of FINMA’s attempted enforcement of a capital surcharge – from 2016 until today! –, which is well documented by court rulings, drastically highlights the difficulties of delivering effective supervision in individual cases in accordance with the mandate. «Postfinance» and also «Credit Suisse» point to a few levers that could – if readjusted courageously and in a synchronized manner – make supervision more effective. The prerequisite, however, is that the legislator, the executive and the courts really allow for effective supervision to be carried out independently. The proof of the pudding is still to come.

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