FINMA Circular 2017 / 06 „Direct transmission“ – interpretation of Art. 42c FINMASA regarding the transmission of non-public information to competent foreign authorities by supervised parties

On January 1, 2017 the Swiss Financial Market Supervisory Authority FINMA published the Circular 2017 / 06 “Direct transmission” in order to clarify its interpretation of Article 42c of the Federal Act on the Swiss Financial Market Supervisory Authority FINMASA. Such Article governs all transnational direct transmissions of non-publicly accessible information by FINMA-supervised entities to foreign authorities and outlines the conditions to be met in such context. If the safe harbor rules of Art .42c FINMASA are complied with, the transmission of non-public information to foreign authorities will not lead to criminal sanctions for espionage pursuant to Article 272 of the Swiss Criminal Code.

To read the full article in German, please click here.

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