Federal Act on the Swiss Financial Market Supervisory Authority

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.