The ancient Roman legal tradition posed the enduring question: Quis custodiet ipsos custodes? – Who watches the watchmen?
In Switzerland, Parliament exercises oversight over the Swiss Financial Market Supervisory Authority (Finma).
With the introduction of the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA) in 2020, lawmakers significantly expanded Finma's supervisory responsibilities, particularly with regard to independent asset managers.
Now, Parliament wants to determine whether this framework has proven effective. Last Tuesday, the influential Economic Affairs and Taxation Committee (WAK) of the National Council unanimously adopted a motion calling for a comprehensive evaluation.
Specifically, the review will examine how efficiently and proportionately supervision is carried out across various sectors of the non-bank financial industry, including «independent asset managers, insurance companies, insurance intermediaries and other financial intermediaries,» according to the motion.
