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Federal Act
on the Swiss Financial Market Supervisory Authority
(Financial Market Supervision Act, FINMASA)

Art. 32 Declaratory ruling and substitute performance 65

1 Where 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.

2 If 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.66

65 Amended by An­nex No II 16 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

66 In­ser­ted by An­nex No II 16 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).