Federal Act on the Swiss Financial Market Supervisory Authority

¹The Board of Dir­ect­ors is the stra­tegic man­age­ment body of FINMA. It has the fol­low­ing tasks:

a.

It de­term­ines the stra­tegic ob­ject­ives of FINMA and sub­mits them to the Fed­er­al Coun­cil for ap­prov­al.

b.

It de­cides on mat­ters of sub­stan­tial im­port­ance.

c.

It is­sues the or­din­ances del­eg­ated to FINMA and de­cides on the cir­cu­lars.

d.

It su­per­vises the Man­age­ment Board.

e.

It es­tab­lishes an in­tern­al audit unit and provides for in­tern­al con­trols.

f.

It draws up the an­nu­al re­port and sub­mits it to the Fed­er­al Coun­cil for ap­prov­al pri­or to pub­lic­a­tion.

g.

It ap­points the Chief Ex­ec­ut­ive Of­ficer, sub­ject to ap­prov­al by the Fed­er­al Coun­cil.

h.

It ap­points the mem­bers of the Man­age­ment Board.

i.

It is­sues the or­gan­isa­tion­al reg­u­la­tions and the guidelines on in­form­a­tion activ­it­ies.

j.

It ap­proves the budget.

²It com­prises sev­en to nine ex­pert mem­bers, who are in­de­pend­ent of the su­per­vised per­sons and en­tit­ies. The Board of Dir­ect­ors is ap­poin­ted for a term of of­fice of four years; each mem­ber may be re­appoin­ted twice.

³The Fed­er­al Coun­cil ap­points the Board of Dir­ect­ors. In do­ing so, it must en­sure the ap­pro­pri­ate rep­res­ent­a­tion of both genders. It ap­points the Chair and the Vice-Chair. It de­term­ines the level of re­mu­ner­a­tion. Art­icle 6a of the Fed­er­al Per­son­nel Act of 24 March 2000¹ ap­plies by ana­logy.

⁴The Chair may not carry out any oth­er eco­nom­ic activ­ity nor hold any fed­er­al or can­ton­al of­fice un­less this is in the in­terest of the ful­fil­ment of the tasks of FINMA.

⁵The Fed­er­al Coun­cil re­moves mem­bers of the Board of Dir­ect­ors and ap­proves the de­cision of the Board of Dir­ect­ors to ter­min­ate the em­ploy­ment of the Chief Ex­ec­ut­ive Of­ficer if the re­quire­ments for hold­ing of­fice are no longer ful­filled.