While FINMA is to concentrate on the reviewing and implementation of regulations on accounting standards it enacts, all other recognised financial reporting standards applied by issuers are to be monitored by SIX Exchange Regulation.
The financial statements of Swiss banks, securities dealers and insurance companies listed on SIX Swiss Exchange are in future to be monitored by either FINMA or SIX Exchange Regulation. This means that SIX Exchange Regulation will be responsible for the IFRS, US GAAP and Swiss GAAP FER accounting standards. For its part, FINMA will focus on the rules on accounting standards provided for under banking legislation.
Both FINMA and SIX Exchange Regulation will act autonomously, with each body independently implementing the accounting standards that lie within their remit, and following the procedures they approve unrestrictedly. To avoid duplication of work, both regulators have agreed to exchange information on any breach of rules on financial reporting.
The enforcement measures of FINMA and SIX Exchange Regulation should ensure high quality financial statements and raise the stakeholders' confidence in financial reporting. SIX Exchange Regulation will expand its current knowledge of IFRS, US GAAP and Swiss GAAP FER accounting standards and apply the specialised knowledge acquired to the financial reporting of banks, securities dealers and insurance companies. The development phase is expected to stretch over a number of years.
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