The Swiss Financial Market Supervisory Authority has revised its long-standing circular on the subject of the direct transmission by firms of sensitive information to foreign regulators. It has broadened the list of foreign authorities eligible for 'administrative assistance' and made the reporting process clearer.
Article 42c para 1 Financial Market Supervision Act (FINMASA) 2007 allows for the transmission of non-public information by Swiss firms to competent foreign financial market supervisory authorities and other foreign entities that supervise firms.
The “Direct transmission” Circular came into force on 1 January 2017. Its aim is to facilitate the direct exchange of information between supervised institutions and foreign authorities. FINMA consulted interested parties about revising it last year. Swiss regulated firms themselves had asked FINMA for an expansion of the list of foreign authorities that were able to provide administrative assistance. It is up to FINMA to decide whether to add this-or-that foreign regulator to its list.
The partially revised circular will come into force on 1 April.