The legislator gave FINMA powerful tools to enforce its interpretation of the financial market acts against regulated companies and individuals. Practitioners noticed that FINMA has been intensifying the use of such tools recently. At the same time FINMA’s willingness to settle disputes diminished. This article discusses from a practitioner’s viewpoint the rules FINMA has to follow during enforcement procedures and the appeal stages available to entities and individuals confronted with an adverse order by FINMA.