Probe of financial watchdog ordered
Parliament has ordered the cabinet to investigate the behaviour of the country's financial regulator during the global financial crisis.
This content was published on November 10, 2009 - 11:57Two independent experts will investigate what the finance ministry called the deficiencies of the Financial Market Supervisory Authority (Finma). They will also study a September 14 report released by Finma on its own performance, the ministry said in a statement on Tuesday.
Finma said the Swiss Federal Banking Commission, a supervisory body that is now part of Finma, did not recognise "in time the origins of the [financial] crisis or the full extent of the dangers it posed".
Another key area the experts will probe is Finma's handling of bank UBS, which has accumulated billions in losses and was rescued by the Swiss government in October 2008.
The experts are Hans Geiger, a retired Zurich University economics professor and David Green, an advisor to the Financial Reporting Council, Britain's corporate governance regulator.
They are expected to finish their work by March 2010.
swissinfo.ch and agencies
This article was automatically imported from our old content management system. If you see any display errors, please let us know: community-feedback@swissinfo.ch
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.