Switzerland: Financial Sector Assessment Program: Detailed Assessment of Observance of Financial Sector Standards and Codes
IMF Staff Country Reports, August 5, 2009
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- Switzerland: Financial Sector Assessment Program: Detailed Assessment of Observance of Financial Sector Standards and Codes
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Bibliographic details
- Published: August 5, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451807431.002
Summary
- This paper discusses key findings of the detailed assessment of observance of financial sector standards and codes in Switzerland.
- Switzerland has a relatively unique banking sector, with a high market concentration by the two largest domestic banks.
- The overall assessment of the peer-review team is that Switzerland is generally in compliance with the Basel Core Principles with two exceptions where the Swiss Federal Banking Commission (SFBC) is deemed largely compliant.
- The two exception areas are budgetary independence and banking activities not subject to SFBC supervision.
Major findings and observations
- Switzerland is generally in compliance with the Basel Core Principles.
- Exceptions identified by the peer-review team:
- Budgetary independence (SFBC deemed largely compliant).
- Banking activities not subject to SFBC supervision (SFBC deemed largely compliant).
- Structural characteristic:
- High market concentration by the two largest domestic banks.
Subject coverage and keywords
- Subject: Auditing, Banking, External audit, Financial institutions, Financial statements, Insurance, Public financial management (PFM), Securities
- Keywords: Auditing, central bank, CR, Europe, External audit, external auditor, financial market, Financial statements, Global, independent auditor, Insurance, internal audit, ISCR, monetary policy, parent company, Securities