«Eine Megabehörde mit grossem Potenzial für Willkür»: Die Kantonalbanken proben den Aufstand gegen die Finma

The cantonal banks are bracing for a potential uprising against the Finma, the financial market watchdog, as the federal government intends to expand its authority with new competencies. The cantonal banks fear that they will soon face an overbearing authority. The Finma has been advocating for additional powers, such as a supervisory mandate, a ban on bonuses, enhanced early intervention, and more transparent assignment of responsibility in management.

The proposal has drawn resistance from the banking sector, with the Finma's plans seemingly mirroring a wish list for the supervisory body. The Kantonalbanken, normally cautious, are particularly vocal in their opposition. They argue that the current supervisory body lacks the necessary tools and that it should first apply the existing ones effectively.

They also emphasize the need for proportional regulation that protects smaller financial institutions with less risky business models. The discussion around the Senior Managers Regime, which requires full documentation of responsibilities in a bank, is another point of contention. While the Finma already has wide-ranging capabilities, as demonstrated during the Credit Suisse crisis, the cantonal banks fear increased costs and bureaucratic burdens.

They estimate the costs for the Senior Managers Regime between 1.1 and 8 million francs per year, with the Zürcher Kantonalbank potentially facing higher expenses. Overall, the cantonal banks are concerned that the planned changes could lead to a "megabehörde with a significant potential for arbitrariness," potentially creating a situation where the Finma is simultaneously supervising, regulating, and imposing sanctions.