Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 61 para. 2 and 62 Fin­IA)

¹The su­per­vis­ory or­gan­isa­tion shall veri­fy on an on­go­ing basis wheth­er the en­tit­ies un­der its su­per­vi­sion spe­cific­ally:

a.

sat­is­fy the re­quire­ments of the Fin­IA;

b.

ob­serve the du­ties pur­su­ant to the Anti-Money Laun­der­ing Act of 10 Oc­to­ber 1997³⁹ (AMLA);

c.

ob­serve the du­ties pur­su­ant to the FinSA⁴⁰ if they provide fin­an­cial ser­vices in ac­cord­ance with Art­icle 3 let­ter c FinSA;

d.

ob­serve the du­ties pur­su­ant to the CISA⁴¹ if they per­form activ­it­ies fall­ing un­der the CISA.

²FINMA shall provide the su­per­vis­ory or­gan­isa­tions with guidelines for audit­ing and su­per­vi­sion. In par­tic­u­lar, it shall set down for the su­per­vis­ory or­gan­isa­tions a sys­tem of risk as­sess­ment as well as min­im­um re­quire­ments to be met by the su­per­vi­sion concept. It shall con­sult with the su­per­vis­ory or­gan­isa­tions be­fore­hand.

³Audit ac­tions and their find­ings shall be re­cor­ded in audit re­ports. Audit re­ports shall be pub­lished in an of­fi­cial lan­guage. Ex­emp­tions through audit firms in ac­cord­ance with Art­icle 43k FIN­MASA⁴² re­quire the con­sent of the su­per­vis­ory or­gan­isa­tion.

⁴If the su­per­vis­ory or­gan­isa­tion su­per­vises a fin­an­cial in­sti­tu­tion whose activ­ity re­quires a high­er au­thor­isa­tion level on ex­ceed­ing thresholds, the su­per­vis­ory or­gan­isa­tion will mon­it­or com­pli­ance with these thresholds and no­ti­fy FINMA and the fin­an­cial if they are ex­ceeded.

⁵The is­su­ance of rul­ings is re­served to FINMA. FINMA shall in­ter­vene in the on­go­ing su­per­vi­sion by the su­per­vis­ory or­gan­isa­tion if this is ne­ces­sary to en­force the fin­an­cial mar­ket acts in ac­cord­ance with Art­icle 1 para­graph 1 FIN­MASA.