Depositor Protection Association and FINMA Formalise Cooperation

11 March - 11 March 2014

Depositor Protection Association and FINMA Formalise Cooperation

The Deposit Protection of Swiss Banks and Securities Dealers (esisuisse) and the Swiss Financial Market Supervisory Authority FINMA have entered into an agreement to coordinate their efforts and share information. The agreement will provide the framework for their future cooperation.

The memorandum of understanding between esisuisse and FINMA provides for the exchange of all necessary information and places the future cooperation between the two parties on a formal, institutional footing. Patrick Loeb, CEO of esisuisse, called the agreement "a sign that the two partners are stepping up their joint efforts towards a stable financial system", adding: "Together we are thus ensuring an improved institutional framework for the depositor protection scheme. We are proud that our cooperation with FINMA has now been formalised in a contract."

Based on the fundamental principle under banking law that esisuisse and FINMA should provide each other with the information necessary for the two parties to perform their respective tasks, the agreement describes the approach taken to date but also specifies additional elements of the cooperation. The agreement enters into force immediately. The formalisation of the general principles governing the specific aspects of the cooperation between esisuisse and FINMA also conforms to international standards in the area of depositor protection.

Contact Details:
Isabelle Rösch, Head of Communications
T +41 61 295 9292
www.esisuisse.ch
info@esisuisse.ch

 

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