The Swiss Financial Market Supervisory Authority FINMA is publishing further guidance with information for supervised institutions about exemptions and clarifications related to its supervisory practice in the context of the COVID-19 crisis.
It its Guidance 03/2020 FINMA announces further exemptions in the context of the COVID-19 crisis. The exemptions concern certain identification requirements under anti-money laundering regulation and in the insurance area. FINMA is willing to approve requests from insurance companies for a temporary smoothing of the yield curves for various currencies, in order to reduce daily fluctuations of the Swiss Solvency Test (SST). In addition, FINMA is granting the insurance companies more time to submit their supervisory reporting to FINMA.