Switzerland: Financial Services

The Swiss Financial Market Supervisory Authority FINMA has opened a consultation on revising its Circular 2017/6 regarding direct transmission of non-public information to foreign authorities.

Advestra's legal team, including Prof. Dr. Rashid Bahar, Dr. Sandro Fehlmann, and Dr. Fabian Loretan, provides insights on critical regulatory developments affecting Swiss financial markets. Recent publications examine FINMA's consultation on revised direct transmission rules and the implications of disclosing internal investigation reports under the Federal Act on Data Protection.

Advestra's legal team, including Prof. Dr. Rashid Bahar, Dr. Sandro Fehlmann, Angelika Kremer, and Dr. Fabian Loretan, provides insights on critical regulatory developments affecting Swiss financial institutions. The firm examines disclosure requirements under the Federal Act on Data Protection (FADP) for internal investigation reports and analyzes proposed amendments to Banking Act regulations concerning systemically important banks.

This article examines the administrative confiscation mechanism under Article 35 FINMAG, analyzing its legal nature, material requirements, and practical application after 16 years of Swiss financial market supervision. The authors explore critical questions surrounding profit calculation, the scope of deductible expenses, and whether the current enforcement toolkit adequately deters supervisory law violations.

Advestra's legal team, including Dr. Roger Bischof, Prof. Dr. Rashid Bahar, Andreas Hinsen, and Dr. Thomas U. Reutter, provides insights into recent Swiss regulatory developments. The firm examines the Federal Council's consultation on the Investment Screening Ordinance and FINMA's newly published guidance addressing risks associated with product usage in discretionary portfolio management.

Advestra's legal team, including Dr. Roger Bischof, Prof. Dr. Rashid Bahar, Andreas Hinsen, and Dr. Thomas U. Reutter, provides insights on recent Swiss regulatory developments. The firm covers topics ranging from investment screening ordinances to FINMA guidance on discretionary asset management risks.

As a third country, Switzerland is obliged neither by a bilateral nor by a multilateral agreement to transpose EU secondary law in the field of financial services. The bilateral agreements between Switzerland and the EU do not contain a market access agreement for financial services. PSD3 and PSR will therefore have no direct effect in Switzerland. Swiss payment service providers are primarily governed by Swiss law

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