Benedicte Gravrand, Opalesque Geneva: The Swiss financial regulator has put in place some constraints on its own key personnel wishing to transfer to the private sector.
FINMA, the Swiss Financial Market Supervisory Authority, revised its Personnel Ordinance earlier this month. The revisions, approved by the Federal Council, mainly concern its salary system and measures to avoid conflicts of interest.
The latter states that, while the regulator sometimes recruits specialists from the financial sector, FINMA employees are also sought after on the job market.
To avoid any conflicts of interest for those leaving FINMA to work for a supervised institution, the revisions put forward a notice period, i.e. certain key positions will have a cooling-off period of a maximum of six months. Furthermore, unpaid waiting periods for employees responsible for supervising a particular large financial institution will also be introduced.
"The waiting period is intended for employees changing to such an institution," the announcement says. "Both cooling-off and waiting periods can amount to a total of 12 months and concern about a dozen FINMA employees."
A few FINMA executives have recently hopped to the private financial sector.
FINMA’s CEO Patrick Raaflaub st...................... To view our full article Click here
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