B-04-29 FINMA Guidance 05/2021

The European Regulation on Artificial Intelligence (AI Act) sets out a series of obligations that may apply to Swiss financial institutions even if they do not have a physical presence in the EU. This commentary uses three practical examples to illustrate how the AI Act could apply in practice and what Swiss financial institutions should be aware of, particularly when an AI system (AIS) is classified as high risk. As a reminder, the AI Act is likely to apply to[...]

A possible contractual imbalance in a credit relationship between a bank and its clients does not engage the bank's liability, even if the bank provides its clients with limited information. These are the main findings of judgment 4A_567/2024 of 27 May 2025. In 2013, clients entered into a mortgage loan agreement with a bank for approximately CHF 1.5 million. The interest rate was variable and corresponded to the three-month LIBOR (later SARON) plus a margin. The agreement provided that if[...]

Statements obtained under an obligation to cooperate with FINMA are inadmissible in administrative criminal proceedings brought against an individual for engaging in financial intermediary activities without authorization. This conclusion, reached by the Federal Supreme Court in its judgment 7B_45/2022 of July 21, 2025 (not intended for publication), results in the case being referred back to the Appeals Chamber of the Federal Criminal Court, which will have to re-examine the case without this evidence. The case dates back to 2014, when[...]

In its decision of 29 January 2025, published on 1 July 2025, the Federal Data Protection and Information Commissioner (PFPDT) issued a warning to a Swiss bank for repeated violations of the provisions of the Data Protection Act (DPA) relating to the right of access. This decision sets clear standards: strict compliance with the 30-day deadline for responding to the data subject and the obligation to provide personal data ‘as such’. This decision follows two complaints filed by customers who[...]