On 8 July 2015, the Swiss Financial Market Supervisory Authority FINMA put a revised package of circulars out for consultation. Many proposed changes have a direct and indirect impact on the Swiss Solvency Test (SST) and its use by Swiss insurers. The most significant impacts arise from the newly released circulars on public disclosure and ORSA.
The adaption to the recommendations of the FATF required the most comprehensive revision of the Swiss Anti Money Laundering regulation since 1998. Based on the amended Anti-Money Laundering Act (AMLA), FINMA fully revised the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA). AMLA and AMLO-FINMA will enter into effect on 1 January 2016.
On 19 November 2014, the United States Senate Permanent Sub-Committee on Investigations published a nearly 400-page-long report on Wall Street banks and their involvement in physical commodities trading and storage activities. How do such reports affect regulators?