Swiss Government Appoints Super Regulator's Executive Board
The Swiss Federal Council on Wednesday approved the appointment of Patrick Raaflaub
as Director of the Federal Financial Market Supervisory Authority (FINMA), which
will take over responsibility for regulating the banking, insurance and other
financial intermediaries in Switzerland from next year. The appointment completes
the appointments to FINMA’s Executive Board, which will begin operating
on 1st January 2009. Raaflaub has been Head of Group Capital Management at Swiss Re Group since
2006, following various other roles within Swiss Re, including Chief Financial
Officer for Europe and Asia, Head of Finance Zurich and Controller for the Americas
division. Before joining Swiss Re in 1994, Mr Raaflaub was a partner at EBDI Consulting
AG and an economic advisor at Credit Suisse, both in Switzerland. FINMA’s Board of Directors also appointed the members of the organisation’s
Executive Board at its most recent meeting. The Executive Board is made up of
proven experts in their fields, each of whom will take charge of a division.
It will begin operating on 1st January 2009. Until FINMA’s launch date,
all operational supervisory functions will remain with the three authorities
that are being merged. On 21st May, the Federal Council also elected Dr Monica Machler, Director
of the Federal Office of Private Insurance (FOPI), and Daniel Zuberbuhler, Director
of the Swiss Federal Banking Commission, as Vice-Chairs of the Board of Directors
of FINMA with effect from 1st January 2009. This dual Vice-Chairmanship, for
a limited period to the end of 2011, is designed to create the best-possible
conditions for a smooth transition from the existing authorities to FINMA. The two Vice-Chairs will concentrate on technical insurance and banking matters
respectively within the Board of Directors. They will also represent the supervisory
authority on international committees. The current Vice- Chairman of the Board
of Directors of FINMA, Peter V. Eckert, will step down from this position at
the end of 2008, becoming an ordinary member of the Board of Directors from
1st January 2009. The Swiss Federal Assembly passed the Federal Act on Financial Market Supervision
(FINMAG) on 22nd June, 2007. The purpose of this act is to combine state supervision
of banks, insurers and other financial intermediaries in Switzerland under the
auspices of a single authority. This will entail the merger of the Swiss Federal
Banking Commission (SFBC), the Federal Office of Private Insurance (FOPI) and
the Anti-Money Laundering Control Authority. .
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