FINMA reviews fines, accountability and enforcement transparency after three years

The Swiss Financial Market Authority (FINMA) has published a specialist article examining the state of its fines, accountability regime and enforcement transparency three years after the measures were introduced. The document evaluates how the regulatory framework has been applied, the effectiveness of monetary penalties and the degree to which enforcement actions are disclosed to market participants.

FINMA notes that the accountability regime was designed to ensure proportionality and consistency in sanctioning violations across banking, insurance and securities sectors. The report reviews the criteria used to determine fine amounts, the procedural safeguards for entities under investigation and the mechanisms for appeal.

Transparency of enforcement is highlighted as a key pillar of market confidence. The authority outlines the information it makes publicly available about investigations, outcomes and the rationale behind decisions, while balancing confidentiality requirements.

The article concludes with a set of recommendations aimed at refining the fine structure, enhancing procedural clarity and improving the communication of enforcement outcomes. FINMA intends to incorporate the findings into future regulatory updates to strengthen market integrity.

The publication is available on FINMA’s website and is intended for market participants, compliance officers and other stakeholders interested in the regulator’s enforcement approach.