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Swiss Fin Watchdog Sees Revamp Need For Certain Fincl Firms

The Swiss financial watchdog said Tuesday that banks, wealth managers and investment advisers need to improve their informational processes to better shield clients from excessive risk taking.

The Swiss Financial Market Supervisory Authority, or FINMA, said two investigations that were undertaken in the wake of the demise of Lehman Brothers Holdings Inc. and Bernard Madoff's Ponzi scheme unveiled several weaknesses in country's regulatory framework for financial intermediaries.

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