D-31-02

In a recent judgment intended for publication (judgment 2C_597/2024 of 16 September 2025), the Federal Court confirmed the liquidation of a company that had carried out the activity of an issuing house (see Art. 3 para. 2 aOBVM) (now a securities house, see Art. 44 para. 1 let. c LEFin) without authorisation. Company A, founded in 2015 by C, is active in the sale of subscriptions for recyclable goods. Shortly after the company was founded, C sold 80% of the[...]

In its ruling B-2334/2023 of October 1, 2025, the FAC issued a partial decision overturning FINMA's decision of March 19, 2023, ordering the write-down of hybrid loans recognized as additional tier 1 (AT1) capital. This is an important step in what promises to be a long legal saga. This commentary is an exception to the usual practice regarding the length of the text, given the importance and scope of the judgment. This decision will also be discussed at the 2025[...]

In its ruling 2C_368/2023 of August 6, 2025, handed down by five judges but not intended for publication, the Federal Supreme Court upheld the ban on practicing imposed on the former member of the management of Banca della Svizzera Italiana SA (“BSI”) more than two years after confirming that imposed on the former Head of Legal & Compliance (decision 2C_747/2021, commented on in: Braidi, cdbf.ch/1286). The appellant, former CEO of BSI Singapore Ltd. and member of the management of BSI,[...]

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[...]