FINMA will be more active in future, Swiss regulator says

ZURICH, April 8 (Reuters) - Switzerland's financial market regulator FINMA said on Tuesday it had carried out 45 on-site reviews of UBS UBSG.S in 2024 as the bank integrates its old rival Credit Suisse, which collapsed in 2023.

Presenting its annual report for 2024, FINMA said it had maintained a detailed dialogue on integration issues with Switzerland's remaining big bank, noting that "all applicable regulatory requirements were satisfied at all times."

The regulator said it would make even greater use of its discretionary powers in the future.

FINMA said it worked on reducing risks from transactions related to Credit Suisse business that would not be integrated and asked for a review of the client base acquired from Credit Suisse for non-financial risks, such as high-risk client groups or regions.

FINMA also monitored UBS's risk management and supervised migration of clients, specifically in asset management.

In total, FINMA carried out 733 investigations and concluded 38 proceedings against companies and individuals in 2024.

It was in favour of a clear legal basis for early intervention, the power to more actively communicate about supervision and the power to levy fines, FINMA added.

"FINMA is not concerned with more rules in general, but with greater consequences in the event of a breach of the existing rules," director Marlene Amstad said. "Anyone who abides by the rules does not have to fear FINMA's power to levy fines."