Regulatory Alerts2024-10-31
FINMA Circular 2025/1 Audit
The Swiss Financial Market Supervisory Authority (FINMA) issued Circular 2025/1 to update supervisory practices regarding the selection and replacement of audit firms, additional audits, and reporting obligations for reduced audit cadences. The circular strictly defines incompatible activities, prohibiting audit firms from providing specific regulatory consulting services to supervised entities while maintaining independence requirements. Additionally, it mandates the involvement of the Swiss National Bank (SNB) in the audit processes of systemically important financial market infrastructures.
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