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Since the last amendment to FINMA's administrative
assistance rules with the adoption of the Financial Market
Infrastructure Act in 2016, international standards in this area
have changed considerably. The Federal Council therefore initiated
a revision of the provisions of Swiss law governing international
administrative assistance in financial markets, including a
corresponding consultation procedure from September 2024 to early
January 2025. On 12 September 2025, the Federal Council adopted a
dispatch on the Amendment to the Financial Market Supervision
Authority Act (FINMASA) and to other Swiss statutes that are
relevant in the context of international administrative
assistance.
The revision aims to strengthen the reputation and global role of
Switzerland as a financial centre by maintaining a coherent legal
framework for international cooperation in the financial sector.
The Federal Council therefore intends to preserve the openness of
the Swiss financial system to cross-border transactions, while
ensuring market integrity, transparency and financial
stability.
To this end, several measures are planned:
- Art. 42a FINMASA: Amendment to the rules applicable to administrative assistance proceedings containing clients' data, with the removal of the right to be heard in proceedings concerning those suspected of insider trading or market manipulation on foreign markets. In certain situations, FINMA may also omit the subsequent notification of the international transmission of the information to the affected clients.. However, FINMA must still ensure that the conditions for mutual assistance are met (i.e. the principles of specialty, confidentiality and proportionality). The status quo remains for other client proceedings (i.e. those not relating to investigations into insider trading or market manipulation).
- Art. 42bbis FINMASA: Creation of an explicit legal basis enabling FINMA to cooperate with foreign authorities in the recognition and audit procedures of the Swiss regulatory framework.
- Art. 42c FINMASA: clarification of conditions under which a regulated entity is authorised to transmit non-public information directly to foreign authorities.
- Art. 42d FINMASA: creation of a legal basis for FINMA to authorise the direct delivery in Switzerland by foreign supervisory authorities of documents relating to financial market supervision. However, service for evidence gathering involving foreign investigations is excluded.
- Art. 43 FINMASA: Revision of the legal basis governing FINMA's ability to conduct direct audits abroad and authorising the direct audits of foreign regulators in Switzerland, extending the scope of the audited institutions to Swiss outsourcing providers of foreign entities.
- Harmonisation of the rules on administrative assistance in the context of cooperation with foreign supervisory authorities (Art. 26 Auditor Oversight Act (AOA)) and cross-border inspections (Art. 27 AOA), in line with the revised provisions of the FINMASA.
- Amendment of the conditions governing administrative
assistance by the Swiss National Bank
(Art. 21 National Bank Act (NBA)) to align these with the FINMASA rules, as well as the adoption of new Art. 50bis NBA, with similar content to that of new Art. 42bbis FINMASA (see above).
Overall, the draft legislative changes have been well received during the consultation process. If adopted by the Swiss Parliament, it is expected that the Federal Council will wish to implement them quickly.
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