Federal Act on the Swiss Financial Market Supervisory Authority

¹The Con­fed­er­a­tion shall cre­ate an au­thor­ity for the su­per­vi­sion of the fin­an­cial mar­kets in ac­cord­ance with the fol­low­ing acts (the fin­an­cial mar­ket acts):

a.

Mort­gage Bond Act of 25 June 1930¹;

b.

Fed­er­al Act on Con­tracts of In­sur­ance of 2 April 1908²;

c.

Col­lect­ive In­vest­ment Schemes Act of 23 June 2006³;

d.

Bank­ing Act of 8 Novem­ber 1934⁴;

e.⁵

Fin­an­cial In­sti­tu­tions Act of 15 June 2018⁶;

f.

Anti-Money Laun­der­ing Act of 10 Oc­to­ber 1997⁷;

g.

In­sur­ance Su­per­vi­sion Act of 17 Decem­ber 2004⁸;

h.⁹

Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 2015¹⁰;

i.¹¹

Fin­an­cial Ser­vices Act of 15 June 2018¹².

²This Act es­tab­lishes the or­gan­isa­tion and the su­per­vis­ory in­stru­ments of this au­thor­ity.

¹ This Act ap­plies un­less the fin­an­cial mar­ket acts provide oth­er­wise.

²In­ter­na­tion­al treat­ies con­cluded with­in the con­text of in­ter­na­tion­al with­hold­ing tax and their as­so­ci­ated in­ter­na­tion­al agree­ments, spe­cific­ally in re­la­tion to transna­tion­al audits and mar­ket ac­cess, take pre­ced­ence over this Act and fin­an­cial mar­ket le­gis­la­tion.¹

The fol­low­ing are sub­ject to fin­an­cial mar­ket su­per­vi­sion:

a.

per­sons and en­tit­ies that un­der the fin­an­cial mar­ket acts re­quire to be li­censed re­cog­nised, or re­gistered by the Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity; and

b.

col­lect­ive cap­it­al in­vest­ments;

c.¹

...

In ac­cord­ance with the fin­an­cial mar­ket acts, fin­an­cial mar­ket su­per­vi­sion has the ob­ject­ives of pro­tect­ing cred­it­ors, in­vestors, and in­sured per­sons as well as en­sur­ing the prop­er func­tion­ing of the fin­an­cial mar­ket. It thus con­trib­utes to sus­tain­ing the repu­ta­tion, com­pet­it­ive­ness and sus­tain­ab­il­ity of Switzer­land’s fin­an­cial centre.

¹The au­thor­ity that su­per­vises the fin­an­cial mar­ket is a pub­lic law in­sti­tu­tion with its own leg­al per­son­al­ity and of­fi­cial seat in Bern.

²Its name is the «Swiss Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity (FINMA)».

³It or­gan­ises it­self ac­cord­ing to the prin­ciples of good cor­por­ate gov­ernance and eco­nom­ic man­age­ment. It keeps its own ac­counts.

¹FINMA car­ries out its su­per­vi­sion ac­cord­ing to the fin­an­cial mar­ket acts and this Act.

²It ful­fils the in­ter­na­tion­al tasks that are re­lated to its su­per­vis­ory activ­ity.

¹FINMA ex­er­cises its reg­u­lat­ory powers by is­su­ing:

a.

or­din­ances, where so provided in the fin­an­cial mar­ket le­gis­la­tion; and

b.

cir­cu­lars on the ap­plic­a­tion of the fin­an­cial mar­ket le­gis­la­tion.

²It is­sues or­din­ances and cir­cu­lars only to the ex­tent re­quired for the pur­poses of su­per­vi­sion, lim­it­ing it­self as far as pos­sible to the defin­i­tion of prin­ciples. In do­ing so, it takes ac­count of over­rid­ing fed­er­al law and in par­tic­u­lar of:¹

a.

the costs that the su­per­vised per­sons and en­tit­ies in­cur due to reg­u­la­tion;

b.

the ef­fect that reg­u­la­tion has on com­pet­i­tion, in­nov­at­ive abil­ity and the in­ter­na­tion­al com­pet­it­ive­ness of Switzer­land’s fin­an­cial centre;

c.²

the dif­fer­ent sizes, com­plex­it­ies, struc­tures, busi­ness activ­it­ies and risks of the su­per­vised per­sons and en­tit­ies; and

d.

the in­ter­na­tion­al min­im­um stand­ards.

³It sup­ports self-reg­u­la­tion and may re­cog­nise and im­ple­ment the same as a min­im­um stand­ard with­in terms of its su­per­vis­ory powers.

⁴It provides for a trans­par­ent reg­u­lat­ory pro­cess and the ap­pro­pri­ate par­ti­cip­a­tion of the parties con­cerned.

⁵It is­sues guidelines on the im­ple­ment­a­tion of these prin­ciples. In do­ing so, it acts in agree­ment with the Fed­er­al De­part­ment of Fin­ance (FDF)³.

The man­age­ment bod­ies of FINMA are:

a.

the Board of Dir­ect­ors;

b.

the Man­age­ment Board;

c.

the Aud­it­or.

¹The Board of Dir­ect­ors is the stra­tegic man­age­ment body of FINMA. It has the fol­low­ing tasks:

a.

It de­term­ines the stra­tegic ob­ject­ives of FINMA and sub­mits them to the Fed­er­al Coun­cil for ap­prov­al.

b.

It de­cides on mat­ters of sub­stan­tial im­port­ance.

c.

It is­sues the or­din­ances del­eg­ated to FINMA and de­cides on the cir­cu­lars.

d.

It su­per­vises the Man­age­ment Board.

e.

It es­tab­lishes an in­tern­al audit unit and provides for in­tern­al con­trols.

f.

It draws up the an­nu­al re­port and sub­mits it to the Fed­er­al Coun­cil for ap­prov­al pri­or to pub­lic­a­tion.

g.

It ap­points the Chief Ex­ec­ut­ive Of­ficer, sub­ject to ap­prov­al by the Fed­er­al Coun­cil.

h.

It ap­points the mem­bers of the Man­age­ment Board.

i.

It is­sues the or­gan­isa­tion­al reg­u­la­tions and the guidelines on in­form­a­tion activ­it­ies.

j.

It ap­proves the budget.

²It com­prises sev­en to nine ex­pert mem­bers, who are in­de­pend­ent of the su­per­vised per­sons and en­tit­ies. The Board of Dir­ect­ors is ap­poin­ted for a term of of­fice of four years; each mem­ber may be re­appoin­ted twice.

³The Fed­er­al Coun­cil ap­points the Board of Dir­ect­ors. In do­ing so, it must en­sure the ap­pro­pri­ate rep­res­ent­a­tion of both genders. It ap­points the Chair and the Vice-Chair. It de­term­ines the level of re­mu­ner­a­tion. Art­icle 6a of the Fed­er­al Per­son­nel Act of 24 March 2000¹ ap­plies by ana­logy.

⁴The Chair may not carry out any oth­er eco­nom­ic activ­ity nor hold any fed­er­al or can­ton­al of­fice un­less this is in the in­terest of the ful­fil­ment of the tasks of FINMA.

⁵The Fed­er­al Coun­cil re­moves mem­bers of the Board of Dir­ect­ors and ap­proves the de­cision of the Board of Dir­ect­ors to ter­min­ate the em­ploy­ment of the Chief Ex­ec­ut­ive Of­ficer if the re­quire­ments for hold­ing of­fice are no longer ful­filled.

¹The Man­age­ment Board is the op­er­a­tion­al man­age­ment body. It is headed by a Chief Ex­ec­ut­ive Of­ficer.

²It has the fol­low­ing tasks in par­tic­u­lar:

a.

It is­sues rul­ings in ac­cord­ance with the or­gan­isa­tion­al reg­u­la­tions.

b.

It pre­pares the files and ma­ter­i­als on which the Board of Dir­ect­ors bases its de­cisions and re­ports to it reg­u­larly, and in the case of spe­cial events im­me­di­ately.

c.

It car­ries out all the tasks that are not as­signed to an­oth­er man­age­ment body.

³The or­gan­isa­tion­al reg­u­la­tions reg­u­late the de­tails.

¹FINMA is di­vided in­to su­per­vi­sion areas. The or­gan­isa­tion­al reg­u­la­tions reg­u­late the de­tails.

²The Fed­er­al Coun­cil and the Board of Dir­ect­ors en­sure the ap­pro­pri­ate rep­res­ent­a­tion of the vari­ous su­per­vi­sion areas on the Board of Dir­ect­ors and the Man­age­ment Board.

The Fed­er­al Audit Of­fice is the ex­tern­al aud­it­or and provides the Board of Dir­ect­ors and the Fed­er­al Coun­cil with a re­port on the res­ult of its audit.

¹The em­ploy­ment of FINMA staff is gov­erned by pub­lic law.

²Art­icle 6a of the Fed­er­al Per­son­nel Act of 24 March 2000² ap­plies by ana­logy.

³The oc­cu­pa­tion­al pen­sion scheme for the staff is gov­erned by the le­gis­la­tion on the Fed­er­al Pen­sion Fund.

⁴The Board of Dir­ect­ors reg­u­lates in an or­din­ance:

a.

the em­ploy­ment of per­son­nel and in par­tic­u­lar salar­ies, ad­di­tion­al be­ne­fits, work­ing hours, duty of loy­alty and ter­min­a­tion of em­ploy­ment;

b.

the com­pos­i­tion, elec­tion and or­gan­isa­tion of the Joint Com­mit­tee for the FINMA Pen­sion Fund.

⁵The Board of Dir­ect­ors shall sub­mit the or­din­ance to the Fed­er­al Coun­cil for ap­prov­al.

Art. 13a³ Data pro­cessing

¹FINMA shall pro­cess, in hard copy or in one or more in­form­a­tion sys­tems, the data on its em­ploy­ees ne­ces­sary for per­form­ing the tasks in ac­cord­ance with this Act, par­tic­u­larly for:

a.

cre­at­ing, ex­ecut­ing and ter­min­at­ing an em­ploy­ment re­la­tion­ship;

b.

per­son­nel and wage man­age­ment;

c.

per­son­nel de­vel­op­ment;

d.

per­form­ance ap­prais­al;

e.

re­in­teg­ra­tion meas­ures in the event of ill­ness and ac­ci­dent.

²It may pro­cess the fol­low­ing data per­tain­ing to its em­ploy­ees ne­ces­sary for per­form­ing the tasks set out in para­graph 1, in­clud­ing sens­it­ive per­son­al data and per­son­al­ity pro­files:

a.

per­son­al de­tails;

b.

state of health de­tails with re­gard to work­ing abil­ity;

c.

per­form­ance and po­ten­tial in­form­a­tion, as well as data on per­son­al and pro­fes­sion­al de­vel­op­ment;

d.

data re­quired with­in the frame­work of par­ti­cip­a­tion in the im­ple­ment­a­tion of so­cial se­cur­ity law;

e.

case files and au­thor­it­ies' de­cisions as­so­ci­ated with work.

³It shall is­sue im­ple­ment­ing reg­u­la­tions with re­gard to:

a.

the ar­chi­tec­ture, or­gan­isa­tion and op­er­a­tion of the in­form­a­tion sys­tem(s);

b.

the pro­cessing of data, par­tic­u­larly gath­er­ing, stor­age, archiv­ing and de­struc­tion;

c.

data pro­cessing au­thor­isa­tions;

d.

the data cat­egor­ies un­der para­graph 2;

e.

data pro­tec­tion and se­cur­ity.

¹The staff and the man­age­ment bod­ies must ob­serve secrecy on of­fi­cial mat­ters.

²The duty of secrecy con­tin­ues to ap­ply after ter­min­a­tion of em­ploy­ment or mem­ber­ship of a man­age­ment body of FINMA.

³The staff and the in­di­vidu­al mem­bers of the man­age­ment bod­ies of FINMA may not without au­thor­isa­tion from FINMA dis­close in evid­en­tiary hear­ings and in court pro­ceed­ings as parties, wit­nesses or ex­pert wit­nesses mat­ters that have come to their know­ledge in the course of their du­ties and that re­late to their of­fi­cial tasks.

⁴Of­fi­cial secrecy ap­plies to all FINMA agents (audit agents, in­vest­ig­at­ing agents, re­struc­tur­ing agents, li­quid­at­ors, ad­min­is­trat­ors in bank­ruptcy).¹

¹FINMA levies fees for su­per­vis­ory pro­ceed­ings in in­di­vidu­al cases and for ser­vices. In ad­di­tion, it levies an an­nu­al su­per­vi­sion charge on the su­per­vised per­sons and en­tit­ies for each su­per­vi­sion area to cov­er the costs in­curred by FINMA that are not covered by the fees.

²The su­per­vi­sion charge is as­sessed ac­cord­ing to the fol­low­ing cri­ter­ia:

a.¹

...

a^bis.²

For su­per­vised per­sons and en­tit­ies un­der Art­icle 1a of the Bank­ing Act of 8 Novem­ber 1934³, Art­icle 2 para­graph 1 let­ter e of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018⁴ and the Mort­gage Bond Act of 25 June 1930⁵, on the basis of the bal­ance sheet total and se­cur­it­ies turnover; for su­per­vised per­sons and en­tit­ies un­der Art­icle 2 para­graph 1 let­ters c and d of the Fin­an­cial In­sti­tu­tions Act on the basis of the amount of as­sets man­aged, the gross earn­ings and the size of the un­der­tak­ing; for su­per­vised per­sons and en­tit­ies un­der Art­icle 1b of the Bank­ing Act, on the basis of the bal­ance sheet total and the gross earn­ings.

a^ter.⁶

For su­per­vised per­sons and en­tit­ies un­der the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 2015⁷, on the basis of the bal­ance sheet total and se­cur­it­ies turnover, or gross earn­ings if no se­cur­it­ies are trans­acted.

b.

For su­per­vised per­sons and en­tit­ies un­der the Col­lect­ive In­vest­ment Schemes Act of 23 June 2006⁸, on the basis of the amount of as­sets man­aged, the gross earn­ings and the size of the un­der­tak­ing.

c.

For in­sur­ance in­sti­tu­tions un­der the In­sur­ance Su­per­vi­sion Act of 17 Decem­ber 2004⁹, on the basis of their share of the total premi­um in­come for all in­sur­ance in­sti­tu­tions; for in­sur­ance agents un­der Art­icle 43 para­graph 1 of the In­sur­ance Su­per­vi­sion Act of 17 Decem­ber 2004, on the basis of their num­ber and the size of the un­der­tak­ing.

d.¹⁰

For self-reg­u­lat­ory or­gan­isa­tions un­der the Anti-Money Laun­der­ing Act of 10 Oc­to­ber 1997¹¹ (AMLA), on the basis of the gross earn­ings and num­ber of mem­bers;

e.¹²

For a su­per­vis­ory or­gan­isa­tion in ac­cord­ance with Title 3, the share ac­coun­ted for by its su­per­vised per­sons and en­tit­ies with re­gard to the total num­ber of su­per­vised per­sons and en­tit­ies of all su­per­vis­ory or­gan­isa­tions is de­cis­ive; the su­per­vi­sion fee also cov­ers the costs that FINMA in­curs that are caused by su­per­vised per­sons and en­tit­ies and which are not covered by oth­er charges.

³The Fed­er­al Coun­cil may provide for the ap­por­tion­ment of the su­per­vi­sion fee in­to a fixed ba­sic fee and a vari­able sup­ple­ment­ary fee.

⁴It reg­u­lates the de­tails, and in par­tic­u­lar:

a.

the as­sess­ment prin­ciples;

b.

the su­per­vi­sion areas un­der para­graph 1; and

c.

the ap­por­tion­ment of the costs to be fin­anced by the su­per­vi­sion charge among the su­per­vi­sion areas.

FINMA shall with­in a reas­on­able time form re­serves for the ex­er­cise of its su­per­vis­ory activ­ity in an amount equi­val­ent to one an­nu­al budget.

¹The Fed­er­al Fin­ance Ad­min­is­tra­tion man­ages the li­quid as­sets of FINMA as part of its cent­ral Treas­ury.

²It grants FINMA loans on mar­ket terms in or­der to guar­an­tee its li­quid­ity.

³The Fed­er­al Fin­ance Ad­min­is­tra­tion and FINMA de­term­ines the de­tails of their co­oper­a­tion by mu­tu­al agree­ment.

¹The fin­an­cial state­ments of FINMA dis­close in full its as­sets and li­ab­il­it­ies, earn­ings and costs.

²They fol­low the gen­er­al prin­ciples of ma­ter­i­al­ity, in­tel­li­gib­il­ity, con­sist­ency and gross present­a­tion and com­ply with the gen­er­ally re­cog­nised stand­ards.

³The ac­count­ing and valu­ation rules de­rived from the ac­count­ing stand­ards must be dis­closed.

¹The li­ab­il­ity of FINMA, its man­age­ment bod­ies, its staff and FINMA agents is gov­erned by the Gov­ern­ment Li­ab­il­ity Act of 14 March 1958¹, sub­ject to para­graph 2 be­low.²

²FINMA and its agents are li­able only if:

a.

they have com­mit­ted a breach of fun­da­ment­al du­ties; and

b.

loss or dam­age is not due to a breach of duty by a su­per­vised per­son or en­tity.

¹FINMA is ex­empt from any tax­a­tion by the Con­fed­er­a­tion, the can­tons or the com­munes.

²The fed­er­al le­gis­la­tion on:

a.

value ad­ded tax;

b.

with­hold­ing tax;

c.

stamp du­ties,

is re­served.

¹FINMA car­ries out its su­per­vis­ory activ­ity autonom­ously and in­de­pend­ently.

²At least once each year, it re­views the strategy for its su­per­vis­ory activ­ity and cur­rent is­sues of fin­an­cial centre policy with the Fed­er­al Coun­cil.

³It deals with the Fed­er­al Coun­cil via the FDF.

⁴The Na­tion­al Coun­cil and the Coun­cil of States are re­spons­ible for its su­per­in­tend­ence.

¹FINMA in­forms the gen­er­al pub­lic at least once each year about its su­per­vis­ory activ­ity and su­per­vis­ory prac­tices.

²It does not provide in­form­a­tion on in­di­vidu­al pro­ceed­ings, un­less there is a par­tic­u­lar need to do so from a su­per­vis­ory point of view and in par­tic­u­lar if the in­form­a­tion is ne­ces­sary:

a.

for the pro­tec­tion of mar­ket par­ti­cipants or the su­per­vised per­sons and en­tit­ies;

b.

to cor­rect false or mis­lead­ing in­form­a­tion; or

c.

to safe­guard the repu­ta­tion of Switzer­land’s fin­an­cial centre.

³Where FINMA has provided in­form­a­tion on in­di­vidu­al pro­ceed­ings, it must also provide im­me­di­ate no­tice of the clos­ure of the pro­ceed­ings. This may be dis­pensed with at the re­quest of the party con­cerned.

⁴FINMA takes ac­count of the per­son­al­ity rights of those con­cerned in all its in­form­a­tion activ­it­ies. Per­son­al data may be pub­lished in elec­tron­ic or prin­ted form.

¹As part of its su­per­vis­ory activ­ity un­der this Act and the fin­an­cial mar­ket acts, FINMA pro­cesses per­son­al data, in­clud­ing par­tic­u­larly sens­it­ive per­son­al data and per­son­al­ity pro­files. It reg­u­lates the de­tails.

²It main­tains a dir­ect­ory of the su­per­vised per­sons and en­tit­ies. This dir­ect­ory is ac­cess­ible to the pub­lic in elec­tron­ic form.

¹In ac­cord­ance with the fin­an­cial mar­ket acts (Art. 1 para. 1), FINMA car­ries out the audit either it­self or ar­ranges for it to be car­ried out:

a.

by li­censed audit com­pan­ies ap­poin­ted by the su­per­vised per­sons and en­tit­ies and der Fed­er­al Audit Over­sight Au­thor­ity un­der Art­icle 9a des Aud­it­or Over­sight Act of 16 Decem­ber 2005²; or

b.

audit agents in ac­cord­ance with Art­icle 24a.

²The audit relates in par­tic­u­lar to the risks that su­per­vised per­sons and en­tit­ies may pass on to cred­it­ors, in­vestors, in­sured per­sons or to the prop­er func­tion of the fin­an­cial mar­kets. Du­plic­a­tion of audit­ing work must be avoided as far as pos­sible.

³Art­icle 730b para­graph 2 of the Code of Ob­lig­a­tions³ ap­plies by ana­logy to the pre­ser­va­tion of con­fid­en­ti­al­ity by audit com­pan­ies.

⁴In re­la­tion to audits un­der para­graph 1 let­ter a, the Fed­er­al Coun­cil reg­u­lates the main as­pects of the con­tent and con­duct of the audit and the form of the re­port. It may au­thor­ise FINMA to is­sue im­ple­ment­ing pro­vi­sions on tech­nic­al mat­ters.

⁵The su­per­vised per­sons and en­tit­ies bear the costs of the audit.

¹FINMA may in­struct an in­de­pend­ent and suit­ably qual­i­fied per­son to con­duct audits of su­per­vised per­sons and en­tit­ies.

²It spe­cifies the du­ties of the audit agent in the ap­point­ment or­der.

³The su­per­vised per­sons and en­tit­ies bear the agent’s costs.

¹Where an audit com­pany is ap­poin­ted or if FINMA ap­points an audit agent, the su­per­vised per­sons and en­tit­ies must provide them with all in­form­a­tion and doc­u­ments that are re­quired to carry out their tasks.

²The su­per­vised per­son or en­tity must no­ti­fy FINMA of its choice of audit com­pany.

¹The audit com­pany provides FINMA with a re­port on its audits. The audit com­pany provides the su­preme man­age­ment body of the audited su­per­vised per­son or en­tity with a copy of the re­port.¹

²If it iden­ti­fies vi­ol­a­tions of su­per­vis­ory pro­vi­sions or oth­er ir­reg­u­lar­it­ies, it shall give the audited su­per­vised per­son or en­tity an ap­pro­pri­ate peri­od to re­store com­pli­ance with the law. If the peri­od is not com­plied with, it in­forms FINMA.

³In the case of ser­i­ous vi­ol­a­tions of su­per­vis­ory pro­vi­sions or ser­i­ous ir­reg­u­lar­it­ies, the audit com­pany no­ti­fies FINMA im­me­di­ately.

¹...¹

²FINMA and the Fed­er­al Audit Over­sight Au­thor­ity provide each oth­er with all the in­form­a­tion and doc­u­ments that each need to en­force the rel­ev­ant le­gis­la­tion.²

¹Two dif­fer­ent audit com­pan­ies must be in­struc­ted for the audit un­der the li­cens­ing pro­ced­ure and the oth­er audits.

²In jus­ti­fied cases, FINMA may re­quire the su­per­vised per­son or en­tity to change audit com­pany.

³FINMA shall no­ti­fy the Fed­er­al Audit Over­sight Au­thor­ity be­fore or­der­ing a change un­der para­graph 2.

¹The su­per­vised per­sons and en­tit­ies, their audit com­pan­ies and aud­it­ors as well as per­sons or com­pan­ies that are qual­i­fied in­vestors or that have a sub­stan­tial par­ti­cip­a­tion in the su­per­vised per­sons and en­tit­ies must provide FINMA with all in­form­a­tion and doc­u­ments that it re­quires to carry out its tasks.

²The su­per­vised per­sons and en­tit­ies and the audit com­pan­ies that con­duct audits of them must also im­me­di­ately re­port to FINMA any in­cid­ent that is of sub­stan­tial im­port­ance to the su­per­vi­sion.¹

Where there are in­dic­a­tions of vi­ol­a­tions of su­per­vis­ory pro­vi­sions and if FINMA opens pro­ceed­ings, it no­ti­fies the parties of this.

¹Where a su­per­vised per­son or en­tity vi­ol­ates the pro­vi­sions of this Act or of a fin­an­cial mar­ket act or if there are any oth­er ir­reg­u­lar­it­ies, FINMA shall en­sure the res­tor­a­tion of com­pli­ance with the law.

²Where the rights of cli­ents ap­pear to be jeop­ard­ised, FINMA may re­quire the su­per­vised per­sons or en­tit­ies to provide col­lat­er­al.¹

¹Where the pro­ceed­ings re­veal that the su­per­vised per­son or en­tity has ser­i­ously vi­ol­ated su­per­vis­ory pro­vi­sions, but there is no longer a need to or­der meas­ures to re­store com­pli­ance with the law, FINMA may is­sue a de­clar­at­ory rul­ing.

²If an en­force­able rul­ing from FINMA is not ob­served with­in the set dead­line after a pri­or warn­ing, FINMA may per­form the re­quired act it­self or have it per­formed at the ex­pense of the de­fault­ing party.²

¹If FINMA de­tects a ser­i­ous vi­ol­a­tion of su­per­vis­ory pro­vi­sions, it may pro­hib­it the per­son re­spons­ible from act­ing in a man­age­ment ca­pa­city at any per­son or en­tity sub­ject to its su­per­vi­sion.

²The pro­hib­i­tion from prac­tising a pro­fes­sion may be im­posed for a peri­od of up to five years.

Art. 33a¹ Pro­hib­i­tion from per­form­ing an activ­ity

¹Where the fol­low­ing per­sons ser­i­ously vi­ol­ate the pro­vi­sions of the fin­an­cial mar­ket acts, the im­ple­ment­ing pro­vi­sions or in-house dir­ect­ives, FINMA may pro­hib­it such per­sons from trad­ing in fin­an­cial in­stru­ments or act­ing as a cli­ent ad­viser for a fixed peri­od, or per­man­ently in the case of re­peated of­fences:

a.

em­ploy­ees of a su­per­vised en­tity re­spons­ible for trad­ing in fin­an­cial in­stru­ments;

b.

em­ploy­ees of a su­per­vised en­tity act­ing as cli­ent ad­visers.

²If the pro­hib­ited activ­ity also cov­ers an activ­ity in an area un­der the su­per­vi­sion of an­oth­er su­per­vis­ory au­thor­ity, this au­thor­ity is to be con­sul­ted and in­formed of the de­cision.

¹Where there is a ser­i­ous vi­ol­a­tion of su­per­vis­ory pro­vi­sions, FINMA may pub­lish in elec­tron­ic or prin­ted form its fi­nal rul­ing once it takes full leg­al ef­fect, and dis­close the rel­ev­ant per­son­al data.

²No­tice of pub­lic­a­tion must be con­tained in the rul­ing it­self.

¹FINMA may con­fis­cate any profit that a su­per­vised per­son or en­tity or a re­spons­ible per­son in a man­age­ment po­s­i­tion has made through a ser­i­ous vi­ol­a­tion of the su­per­vis­ory pro­vi­sions.

²The fore­go­ing pro­vi­sion ap­plies by ana­logy if a su­per­vised per­son or en­tity or a re­spons­ible per­son in a man­age­ment po­s­i­tion has pre­ven­ted a loss through a ser­i­ous vi­ol­a­tion of su­per­vis­ory pro­vi­sions.

³Where the ex­tent of the as­sets to be con­fis­cated can­not be as­cer­tained or re­quires a dis­pro­por­tion­ate ef­fort to be as­cer­tained, FINMA may make an es­tim­ate.

⁴The right to con­fis­cate pre­scribes after sev­en years.

⁵Crim­in­al law con­fis­ca­tion un­der Art­icles 70–72 of the Crim­in­al Code¹ takes pre­ced­ence over con­fis­ca­tion un­der this pro­vi­sion.

⁶The con­fis­cated as­sets go to the Con­fed­er­a­tion un­less they are paid to the parties suf­fer­ing loss.

¹FINMA may ap­point an in­de­pend­ent and suit­ably-qual­i­fied per­son to in­vest­ig­ate cir­cum­stances rel­ev­ant for su­per­vis­ory pur­poses at a su­per­vised per­son or en­tity or to im­ple­ment su­per­vis­ory meas­ures that it has ordered (an in­vest­ig­at­ing agent).

²It spe­cifies the du­ties of the in­vest­ig­at­ing agent in the ap­point­ment or­der. It de­term­ines the ex­tent to which the in­vest­ig­at­ing agent may act in the place of the man­age­ment bod­ies of the su­per­vised per­son or en­tity.

³The su­per­vised per­son or en­tity must al­low the in­vest­ig­at­ing agent ac­cess to its premises and provide him or her with all the in­form­a­tion and doc­u­ments that the in­vest­ig­at­ing agent re­quires to ful­fil his or her du­ties.

⁴The costs of the in­vest­ig­at­ing agent are borne by the su­per­vised per­son or en­tity. It must if so in­struc­ted by FINMA make an ad­vance pay­ment to cov­er costs.

¹FINMA shall re­voke the li­cence of a su­per­vised per­son or en­tity, or with­draw its re­cog­ni­tion if it no longer ful­fils the re­quire­ments for its activ­ity or ser­i­ously vi­ol­ates the su­per­vis­ory pro­vi­sions.²

²On re­voc­a­tion, with­draw­al or can­cel­la­tion, the su­per­vised per­son or en­tity loses its right to carry out its activ­ity. The oth­er con­sequences of re­voc­a­tion, with­draw­al or can­cel­la­tion are gov­erned by the ap­plic­able fin­an­cial mar­ket acts.

³These con­sequences ap­ply by ana­logy if a su­per­vised per­son or en­tity car­ries out its activ­ity without a li­cence, re­cog­ni­tion, or re­gis­tra­tion.

¹FINMA and the com­pet­ent pro­sec­u­tion au­thor­ity shall ex­change the in­form­a­tion that they re­quire in the con­text of their col­lab­or­a­tion and in or­der to ful­fil their tasks. They shall use the in­form­a­tion re­ceived ex­clus­ively to ful­fil their re­spect­ive tasks.¹

²They co­ordin­ate their in­vest­ig­a­tions, as far as is prac­tic­able and re­quired.

³Where FINMA ob­tains know­ledge of com­mon law felon­ies and mis­de­mean­ours or of of­fences against this Act or the fin­an­cial mar­ket acts, it shall no­ti­fy the com­pet­ent pro­sec­u­tion au­thor­it­ies.

¹FINMA is au­thor­ised to provide oth­er do­mest­ic su­per­vis­ory au­thor­it­ies and the Swiss Na­tion­al Bank with non-pub­lic in­form­a­tion that they need to ful­fil their tasks.

^1bisFINMA and the su­per­vis­ory au­thor­ity un­der the Health In­sur­ance Over­sight Act of 26 Septem­ber 2014² shall co­ordin­ate their su­per­vis­ory activ­it­ies. They shall in­form each oth­er as soon as they be­come aware of events that are of sig­ni­fic­ance to the oth­er su­per­vis­ory au­thor­ity.³

²FINMA may also ex­change non-pub­lic in­form­a­tion on cer­tain fin­an­cial mar­ket par­ti­cipants with the FDF where this helps main­tain the sta­bil­ity of the fin­an­cial sys­tem.⁴

FINMA may re­fuse to dis­close in­form­a­tion that is not pub­licly ac­cess­ible or to hand over files to pro­sec­u­tion au­thor­it­ies and oth­er do­mest­ic au­thor­it­ies where:

a.

the in­form­a­tion and the files solely serve the pur­pose of form­ing in­tern­al opin­ions;

b.

their dis­clos­ure or han­dover would pre­ju­dice on­go­ing pro­ceed­ings or the ful­fil­ment of its su­per­vis­ory activ­ity;

c.

it is not com­pat­ible with the aims of fin­an­cial mar­ket su­per­vi­sion or with its pur­pose.

At the re­quest of any of the au­thor­it­ies con­cerned, the Fed­er­al Ad­min­is­trat­ive Court rules on dis­putes re­lat­ing to the co­oper­a­tion between FINMA on the one hand and pro­sec­u­tion au­thor­it­ies or oth­er do­mest­ic au­thor­it­ies on the oth­er.

Art. 41a¹ Com­mu­nic­a­tion of judg­ments

¹The can­ton­al civil courts and the Fed­er­al Su­preme Court shall provide FINMA free of charge with a full copy of their judg­ment in re­la­tion to dis­putes between a su­per­vised per­son or en­tity and cred­it­ors, in­vestors or in­sured parties.

²FINMA shall for­ward to the su­per­vis­ory or­gan­isa­tion the judg­ments con­cern­ing the su­per­vis­ory or­gan­isa­tion's su­per­vised per­sons and en­tit­ies.

¹In or­der to im­ple­ment the fin­an­cial mar­ket acts, FINMA may ask for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­it­ies to provide in­form­a­tion.

²It may trans­mit non-pub­lic in­form­a­tion to for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­it­ies only if:

a.

this in­form­a­tion is used ex­clus­ively to im­ple­ment fin­an­cial mar­ket law, or is for­war­ded to oth­er au­thor­it­ies, courts or bod­ies for this pur­pose;

b.

the re­quest­ing au­thor­it­ies are bound by of­fi­cial or pro­fes­sion­al secrecy, not­with­stand­ing pro­vi­sions on the pub­lic nature of pro­ceed­ings and the no­ti­fic­a­tion of the gen­er­al pub­lic about such pro­ceed­ings.

³Para­graphs 1 and 2 ap­ply by ana­logy to the ex­change of in­form­a­tion between FINMA and for­eign au­thor­it­ies, courts and bod­ies in­volved in the re­struc­tur­ing and res­ol­u­tion of au­thor­ised parties.

⁴The ad­min­is­trat­ive as­sist­ance shall be car­ried out swiftly. FINMA shall ob­serve the prin­ciple of pro­por­tion­al­ity. The trans­mis­sion of in­form­a­tion con­cern­ing per­sons who are mani­festly un­in­volved in the mat­ter be­ing in­vest­ig­ated is not per­mit­ted.

⁵FINMA may, in agree­ment with the Fed­er­al Of­fice of Justice, au­thor­ise the for­ward­ing of in­form­a­tion to pro­sec­u­tion au­thor­it­ies for pur­poses oth­er than those men­tioned in para­graph 2 let­ter a, provided that mu­tu­al leg­al as­sist­ance in crim­in­al mat­ters is not ex­cluded.

¹If FINMA does not yet have the in­form­a­tion to be trans­mit­ted, it may re­quest it from the in­form­a­tion hold­ers. The per­sons called on to provide in­form­a­tion may re­fuse to an­swer ques­tions by vir­tue of Art­icle 16 of the Ad­min­is­trat­ive Pro­ced­ure Act of 20 Decem­ber 1968².

²Sub­ject to para­graphs 3 to 6, the Ad­min­is­trat­ive Pro­ced­ure Act ap­plies to in­form­a­tion re­gard­ing in­di­vidu­al cli­ents which is to be trans­mit­ted by FINMA.

³FINMA may re­fuse the right of ac­cess to the cor­res­pond­ence with for­eign au­thor­it­ies. Art­icle 28 of the Ad­min­is­trat­ive Pro­ced­ure Act re­mains re­served.

⁴FINMA may ex­cep­tion­ally re­frain from in­form­ing the cli­ents con­cerned be­fore trans­mit­ting the in­form­a­tion if the pur­pose of the ad­min­is­trat­ive as­sist­ance and the ef­fect­ive ful­fil­ment of the re­quest­ing au­thor­ity's tasks would be com­prom­ised by pri­or no­ti­fic­a­tion. In such cases, the cli­ents con­cerned shall be in­formed af­ter­wards.

⁵In the cases de­tailed in para­graph 4, FINMA shall in­form the in­form­a­tion hold­ers and the au­thor­it­ies no­ti­fied of the re­quest about the post­pone­ment of no­ti­fic­a­tion. These may not provide in­form­a­tion about the re­quest un­til the cli­ents in ques­tion have been in­formed.

⁶The de­cision of FINMA on the trans­mis­sion of in­form­a­tion to the for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity may be chal­lenged by the cli­ent be­fore the Fed­er­al Ad­min­is­trat­ive Court with­in ten days. Art­icle 22a of the Ad­min­is­trat­ive Pro­ced­ure Act does not ap­ply. In the cases de­tailed in para­graph 4, the re­quest may only cite a de­clar­a­tion of un­law­ful­ness.

¹In or­der to ful­fil its tasks in ac­cord­ance with Art­icle 6, FINMA may par­ti­cip­ate in mul­ti­lat­er­al ini­ti­at­ives of in­ter­na­tion­al or­gan­isa­tions and bod­ies which give rise to the ex­change of in­form­a­tion.

²In the case of mul­ti­lat­er­al ini­ti­at­ives which have far-reach­ing im­plic­a­tions for the Swiss fin­an­cial centre, par­ti­cip­a­tion in the ex­change of in­form­a­tion shall take place in agree­ment with the FDF.

³When par­ti­cip­at­ing, FINMA may trans­mit non-pub­lic in­form­a­tion to in­ter­na­tion­al or­gan­isa­tions and bod­ies only if:

a.

this in­form­a­tion is used ex­clus­ively to ful­fil tasks as­so­ci­ated with the de­vel­op­ment of and com­pli­ance with reg­u­lat­ory stand­ards or to ana­lyse sys­tem­ic risks;

b.

con­fid­en­ti­al­ity is en­sured.

⁴FINMA shall agree the pre­cise in­ten­ded use and any for­ward­ing of the in­form­a­tion trans­mit­ted with the in­ter­na­tion­al or­gan­isa­tions and bod­ies. Para­graph 3 re­mains re­served.

¹Su­per­vised parties may trans­mit non-pub­lic in­form­a­tion to the for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­it­ies re­spons­ible for them and to oth­er for­eign en­tit­ies re­spons­ible for su­per­vi­sion provided:

a.

the con­di­tions set out in Art­icle 42 para­graph 2 are ful­filled;

b.

the rights of cli­ents and third parties are pre­served.

²Fur­ther­more, they may trans­mit non-pub­lic in­form­a­tion re­lated to the trans­ac­tions of cli­ents and su­per­vised parties to for­eign au­thor­it­ies and to en­tit­ies act­ing on the au­thor­it­ies' be­half if the rights of cli­ents and third parties are pre­served.

³The trans­mis­sion of in­form­a­tion that is of sub­stan­tial im­port­ance in ac­cord­ance with Art­icle 29 para­graph 2 must be re­por­ted to FINMA be­fore­hand.

⁴FINMA may re­serve ad­min­is­trat­ive as­sist­ance chan­nels.

⁵It may make the trans­mis­sion, pub­lic­a­tion or for­ward­ing of files in the con­text of su­per­vi­sion sub­ject to its ap­prov­al if this is in the in­terest of its task ful­fil­ment and is not in con­flict with over­rid­ing private or pub­lic in­terests.

¹In or­der to im­ple­ment the fin­an­cial mar­ket acts, FINMA may it­self carry out dir­ect audits of su­per­vised per­sons and en­tit­ies abroad or have such audits car­ried out by audit agents.¹

²It may per­mit for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­it­ies to carry out dir­ect audits of su­per­vised parties provided:

a.

these au­thor­it­ies are re­spons­ible for the su­per­vi­sion of the audited su­per­vised party as part of home coun­try su­per­vi­sion or are re­spons­ible for su­per­vising the activ­ity of the audited su­per­vised party in their ter­rit­ory; and

b.

the con­di­tions for ad­min­is­trat­ive as­sist­ance set out in Art­icle 42 para­graph 2 are ful­filled.²

³In­form­a­tion may be col­lec­ted through cross-bor­der dir­ect audits only if it is re­quired for the su­per­vis­ory activ­ity of the for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity. This in­cludes in par­tic­u­lar in­form­a­tion on wheth­er an in­sti­tu­tion throughout its group struc­ture:

a.

is ap­pro­pri­ately or­gan­ised;

b.

re­cords, lim­its and mon­it­ors in an ap­pro­pri­ate man­ner the risks in­her­ent in its busi­ness op­er­a­tions;

c.

is man­aged by per­sons who guar­an­tee prop­er busi­ness con­duct;

d.

ful­fils the own funds and risk di­ver­si­fic­a­tion reg­u­la­tions on a con­sol­id­ated basis; and

e.

prop­erly com­plies with its re­port­ing du­ties vis-à-vis the su­per­vis­ory au­thor­it­ies.³

^3bisIf dur­ing dir­ect audits in Switzer­land for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­it­ies wish to con­sult in­form­a­tion linked dir­ectly or in­dir­ectly to the as­set man­age­ment, se­cur­it­ies trad­ing or de­pos­it busi­ness for in­di­vidu­al cli­ents, FINMA shall col­lect this in­form­a­tion it­self and trans­mit it to the re­quest­ing au­thor­it­ies. The same ap­plies to in­form­a­tion which dir­ectly or in­dir­ectly relates to in­di­vidu­al in­vestors in col­lect­ive in­vest­ment schemes. Art­icle 42a ap­plies.⁴

^3terFINMA may, for the pur­poses de­tailed in para­graph 3, al­low the for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity which is re­spons­ible for the con­sol­id­ated su­per­vi­sion of the audited su­per­vised party to con­sult a lim­ited num­ber of in­di­vidu­al cli­ent dossiers. The dossiers must be se­lec­ted ran­domly on the basis of pre­defined cri­ter­ia.⁵

⁴FINMA may ac­com­pany the for­eign au­thor­it­ies re­spons­ible for fin­an­cial mar­ket su­per­vi­sion on their dir­ect audits in Switzer­land or ar­range for them to be ac­com­pan­ied by an audit com­pany or an audit agent. The su­per­vised per­sons and en­tit­ies con­cerned may re­quest such ac­com­pani­ment.⁶

⁵Es­tab­lish­ments or­gan­ised un­der Swiss law must provide the for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­it­ies and FINMA with the in­form­a­tion re­quired to carry out the dir­ect audits or the in­form­a­tion that FINMA re­quires to provide the ad­min­is­trat­ive as­sist­ance, and must per­mit the in­spec­tion of their books.

⁶Es­tab­lish­ments are defined as:

a.

sub­si­di­ar­ies, branch of­fices and rep­res­ent­at­ive of­fices of su­per­vised per­sons and en­tit­ies or of for­eign in­sti­tu­tions; and

b.

oth­er com­pan­ies, provided their activ­ity is in­cluded by a fin­an­cial mar­ket su­per­vis­ory au­thor­ity in the con­sol­id­ated su­per­vi­sion.

¹The su­per­vis­ory or­gan­isa­tion shall con­tinu­ously mon­it­or wheth­er port­fo­lio man­agers and trust­ees un­der Art­icle 16 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018¹ and of trade as­say­ers un­der Art­icle 42^bis of the Pre­cious Metals Con­trol Act of 20 June 1933² are in com­pli­ance with the fin­an­cial mar­ket le­gis­la­tion to which they are sub­ject.

²Where the su­per­vis­ory or­gan­isa­tion de­tects vi­ol­a­tions of su­per­vis­ory pro­vi­sions or oth­er ir­reg­u­lar­it­ies, it shall give the audited su­per­vised per­son or en­tity an ap­pro­pri­ate peri­od to re­store com­pli­ance with the law. If the peri­od is not com­plied with, it in­forms FINMA.

³The Fed­er­al Coun­cil shall de­term­ine the main as­pects and con­tent of the con­tinu­ous su­per­vi­sion. In do­ing so, it shall take ac­count of the dif­fer­ing size and busi­ness risks of the su­per­vised per­son or en­tity. It may au­thor­ise FINMA to is­sue im­ple­ment­ing pro­vi­sions on tech­nic­al mat­ters.

Art­icle 19 ap­plies by ana­logy to the su­per­vis­ory or­gan­isa­tion.

¹The su­per­vised per­sons and en­tit­ies, their audit com­pan­ies and aud­it­ors as well as per­sons or com­pan­ies that are qual­i­fied in­vestors or that have a sub­stan­tial par­ti­cip­a­tion in the su­per­vised per­sons and en­tit­ies must provide FINMA with all in­form­a­tion and doc­u­ments that it re­quires to carry out its tasks.

²The su­per­vised per­sons and en­tit­ies and the audit com­pan­ies that con­duct audits of them must also im­me­di­ately re­port to FINMA any in­cid­ent that is of sub­stan­tial im­port­ance to the su­per­vi­sion.

¹Any per­son who wil­fully without au­thor­isa­tion, re­cog­ni­tion, a li­cence, re­gis­tra­tion or af­fil­i­ation with a self-reg­u­lat­ory or­gan­isa­tion in ac­cord­ance with Art­icle 24 para­graph 1 of the AMLA² car­ries out an activ­ity that re­quires au­thor­isa­tion, re­cog­ni­tion, a li­cence, re­gis­tra­tion or af­fil­i­ation with a self-reg­u­lat­ory or­gan­isa­tion un­der the fin­an­cial mar­ket acts is li­able to a cus­todi­al sen­tence of up to three years or to a mon­et­ary pen­alty.³

²Where the of­fend­er acts through neg­li­gence, he or she is li­able to a fine of up to 250 000 francs.

³...⁴

¹Any per­son who wil­fully provides FINMA, an audit com­pany, a su­per­vis­ory or­gan­isa­tion a self-reg­u­lat­ory or­gan­isa­tion, or an agent with false in­form­a­tion is li­able to a cus­todi­al sen­tence of up to three years or to a mon­et­ary pen­alty.¹

²Where the of­fend­er acts through neg­li­gence, he or she is li­able to a fine of up to 250 000 francs.

³...²

¹Any per­son who as an agent wil­fully and ser­i­ously vi­ol­ates the su­per­vis­ory pro­vi­sions by:²

a.³

falsely stat­ing es­sen­tial in­form­a­tion in the re­port or with­hold­ing es­sen­tial in­form­a­tion;

b.

fail­ing to make a man­dat­ory re­port to FINMA; or

c.

fail­ing to make an or­der un­der Art­icle 27 to the audited su­per­vised per­son or en­tity,

is li­able to a cus­todi­al sen­tence of up to three years or to a mon­et­ary pen­alty.

²Where the of­fend­er acts through neg­li­gence, he or she is li­able to a fine of up to 250 000 francs.

³...⁴

¹Any per­son who wil­fully:

a.¹

fails to have the an­nu­al fin­an­cial state­ments re­quired by the fin­an­cial mar­ket acts audited by a li­censed audit com­pany or to have an audit car­ried out that has been ordered by FINMA or a su­per­vis­ory or­gan­isa­tion;

b.

fails to ful­fil his or her ob­lig­a­tions vis-à-vis the audit com­pany or the agent,

is li­able to a cus­todi­al sen­tence of up to three years or to a mon­et­ary pen­alty.

²Where the of­fend­er acts through neg­li­gence, he or she is li­able to a fine of up to 250 000 francs.

³...²

Any per­son who wil­fully fails to com­ply with a leg­ally en­force­able rul­ing is­sued by FINMA con­tain­ing no­tice of the pen­al­ties un­der this Art­icle or with a de­cision of the ap­peal courts is li­able to a fine of up to 100 000 francs.

The as­cer­tain­ment of the crim­in­ally li­able per­sons may be dis­pensed with and in­stead the busi­ness op­er­a­tion may be ordered to pay the fine (Art. 7 of the FA of 22 March 1974¹ on Ad­min­is­trat­ive Crim­in­al Law) where:

a.

the as­cer­tain­ment of the per­sons who are crim­in­ally li­able un­der Art­icle 6 of the Fed­er­al Act of 22 March 1974 on Ad­min­is­trat­ive Crim­in­al Law re­quires in­vest­ig­at­ive meas­ures that are dis­pro­por­tion­ate in com­par­is­on with the pen­alty in­curred; and

b.

a fine of a max­im­um of 50 000 francs is un­der con­sid­er­a­tion for the vi­ol­a­tions of the crim­in­al pro­vi­sions of this Act or the fin­an­cial mar­ket acts.

¹For vi­ol­a­tions of the crim­in­al pro­vi­sions of this Act or the fin­an­cial mar­ket acts, the Fed­er­al Act of 22 March 1974¹ on Ad­min­is­trat­ive Crim­in­al Law ap­plies, un­less this Act or the fin­an­cial mar­ket acts provides oth­er­wise. The au­thor­ity re­spons­ible for pro­sec­u­tion and judge­ment is the FDF.

²Where pro­ceed­ings be­fore the courts are re­ques­ted or if the FDF is of the view that the re­quire­ments for a cus­todi­al sen­tence or a cus­todi­al meas­ure are met, the of­fence is sub­ject to fed­er­al jur­is­dic­tion. In such a case, the FDF shall refer the files to the Of­fice of the At­tor­ney Gen­er­al of Switzer­land for pro­ceed­ings be­fore the Fed­er­al Crim­in­al Court. The re­fer­ral is deemed to be the bring­ing of charges Art­icles 73–83 of the Fed­er­al Act of 22 March 1974 on Ad­min­is­trat­ive Crim­in­al Law ap­ply by ana­logy.

³The rep­res­ent­at­ives of the Of­fice of the At­tor­ney Gen­er­al of Switzer­land and of the FDF are not re­quired to ap­pear in per­son at the tri­al.

¹In a crim­in­al case, if both the jur­is­dic­tion of the FDF and fed­er­al or can­ton­al jur­is­dic­tion ap­ply, the FDF may or­der that the pro­sec­u­tion be uni­fied un­der the pro­sec­u­tion au­thor­ity already deal­ing with the case, provided there is a close fac­tu­al re­la­tion, the case is not yet pending be­fore the com­pet­ent court and uni­fic­a­tion will not un­reas­on­ably delay the on­go­ing pro­ceed­ings.

²The Ap­peals Cham­ber of the Fed­er­al Crim­in­al Court de­cides on any dis­putes between the FDF and the Of­fice of the At­tor­ney Gen­er­al of Switzer­land or the can­ton­al au­thor­it­ies.

The pro­sec­u­tion of of­fences un­der this Act and un­der the fin­an­cial mar­ket acts be­come time barred after sev­en years.

The pro­ced­ure is gov­erned by the pro­vi­sions of the Fed­er­al Act of 20 Decem­ber 1968¹ on Ad­min­is­trat­ive Pro­ced­ure.

¹The con­test­ing of FINMA rul­ings is gov­erned by the pro­vi­sions on the ad­min­is­tra­tion of fed­er­al justice.

²FINMA is en­titled to ap­peal to the Fed­er­al Su­preme Court.

¹The Fed­er­al Coun­cil shall is­sue the im­ple­ment­ing pro­vi­sions. In do­ing so, it shall ob­serve the prin­ciples of reg­u­la­tion in Art­icle 7 para­graph 2 and base its reg­u­la­tion on the ma­jor­ity of the su­per­vised per­sons or en­tit­ies at the time. The fore­go­ing is sub­ject to more strin­gent re­quire­ments, in par­tic­u­lar with re­gard to risks to the sta­bil­ity of the fin­an­cial sys­tem.

²The Fed­er­al Coun­cil may au­thor­ise FINMA in mat­ters of lim­ited im­port­ance, and in par­tic­u­lar in pre­dom­in­antly tech­nic­al mat­ters, to is­sue im­ple­ment­ing pro­vi­sions to this Act and to the fin­an­cial mar­ket acts.

FINMA is re­spons­ible for the im­ple­ment­a­tion of this Act and of the fin­an­cial mar­ket acts.

The amend­ment of cur­rent le­gis­la­tion is reg­u­lated in the An­nex.

Ap­plic­a­tions for au­thor­isa­tion un­der Art­icle 43c para­graph 1 must be sub­mit­ted no later than six months after the Amend­ment of 15 June 2018 comes in­to force. FINMA shall is­sue a de­cision on the ap­plic­a­tion with­in six months of re­ceipt.

¹The em­ploy­ment re­la­tion­ships of the staff of the Fed­er­al Bank­ing Com­mis­sion, of the Fed­er­al Of­fice of Private In­sur­ance and of the Anti-Money Laun­der­ing Con­trol Au­thor­ity shall be trans­ferred in ac­cord­ance with Art­icle 58 para­graph 1 to FINMA and shall be con­tin­ued in ac­cord­ance with this Act.

²There is no right to the con­tinu­ation of any func­tion, field of work or po­s­i­tion with­in the or­gan­isa­tion­al sys­tem; however, staff have a right to their cur­rent salary for a peri­od of one year.

³Job ap­plic­a­tion pro­ced­ures will be car­ried out only if it proves ne­ces­sary as a res­ult of re­or­gan­isa­tion or where there is more than one can­did­ate.

⁴FINMA shall en­deav­our to carry out re­struc­tur­ing activ­it­ies in a so­cially ac­cept­able man­ner.

¹FINMA is the re­spons­ible em­ploy­er for per­sons in re­ceipt of a pen­sion:

a.

who are al­loc­ated to the Fed­er­al Bank­ing Com­mis­sion, the Fed­er­al Of­fice of Private In­sur­ance or the Anti-Money Laun­der­ing Con­trol Au­thor­ity; and

b.

who have be­gun to draw an old age, in­valid­ity or sur­viv­or’s pen­sion from the oc­cu­pa­tion­al pen­sion scheme with the Fed­er­al Pen­sion Fund be­fore the com­mence­ment of this Act.

²Where any in­ca­pa­city to work, the cause of which sub­sequently leads to in­valid­ity, be­gins be­fore the com­mence­ment of this Act and the re­lated pen­sion be­gins to be drawn after its com­mence­ment, FINMA is also the re­spons­ible em­ploy­er.

¹This Act is sub­ject to an op­tion­al ref­er­en­dum.

²The Fed­er­al Coun­cil de­term­ines the date on which this Act comes in­to force.