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

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.