Short answers, pulled from the story.
The Swiss Financial Market Supervisory Authority officially came into existence on the 22nd of June 2007 through the passing of the Federal Act on the Swiss Financial Market Supervisory Authority. This new entity merged three separate agencies including the Federal Banking Commission, the Federal Office of Private Insurance, and the Anti Money Laundering Control Authority.
The Swiss Financial Market Supervisory Authority operates as an independent institution based in Bern. It holds its own legal personality and reports directly to the Swiss parliament rather than the central federal administration or the Federal Department of Finance.
In February 2009, the Federal Administrative Court of Switzerland ordered FINMA to halt transmission of data to US tax authorities after the United States government filed suit against UBS demanding names of all fifty-two thousand American customers. Eventually, UBS agreed to provide details for two hundred fifty to three hundred clients while paying seventy-eight million dollars in fines to settle the dispute.
Since May 2025, four fintech companies hold special banking licenses: Bivial AG, Relio AG, SR Saphirstein AG, and Yapeal AG. These organizations operate under supervision from the Swiss Financial Market Supervisory Authority which grants operating licenses to eligible entities subject to regulation.
Anne Héritier Lachat served as Chairwoman of the Swiss Financial Market Supervisory Authority from 2011 until the 1st of January 2016 before Thomas Bauer took over. The seven-to-nine-member Board of Directors includes independent experts appointed by parliament who decide on substantial matters and manage budgets.