The Swiss Financial Market Supervisory Authority (FINMA) is scrapping bonuses and imposing cooling-off periods on key employees of the financial regulator that are planning to move to the private sector.

FINMA announced on Monday that the variable components in its salary system have been abolished, and that budgeted bonuses will instead be paid out in fixed salaries.

The regulator says that “Experience in recent years has shown that FINMA’s current salary system with its variable salary components is unsuitable for a supervisory authority. They will thus be abolished.”

Instead, the Swiss regulator is raising fixed salaries, and the upper limit for salaries will be increased, too. Bonuses currently account for approximately 4% of the regulator’s payroll, it reports; and, this year they will instead be used to boost salaries; which leaves the shift cost neutral.

At the same time, FINMA is also introducing cooling off periods to prevent conflicts of interest when key personnel leave the regulator to work for a financial firm. It says that certain personnel will have a maximum six-month cooling off period, and that employees responsible for supervising large financial institutions will also have to sit out an unpaid waiting period of up to six months before they can go to work for the firm they previously supervised.