B-01-04

FINMA may publish a press release concerning the closure of enforcement proceedings against a named subject, in particular to show the public that it is not inactive in the face of violations of financial market law (2C_682/2023 intended for publication). FINMA closes enforcement proceedings against a bank that has seriously violated money laundering regulations. A few weeks later, the regulator informs the bank of its intention to publish a press release on the proceedings six days later. The draft press[...]

An auditor whose accreditation has been withdrawn asks to be allowed to plead his case in open court; the Federal Administrative Court rejects his request. On appeal, the Federal Court concluded that there had been a violation of the right to a public hearing enshrined in art. 6 par. 1 ECHR, and thus affirmed that the civil aspect of this provision applied to procedures for withdrawal of accreditation (TF 2C_384/2022 of November 14, 2023). The Swiss Federal Audit Oversight Authority[...]

The Federal Supreme Court's ruling 2C_747/2021 of March 30, 2023 provides an interesting description of the link between breaches of anti-money laundering duties of care and the imposition of a ban on practice under Art. 33 FINMASA. On May 23, 2016, FINMA opened enforcement proceedings against Bruno, who worked as Head of Legal & Compliance at Banque de la Suisse Italienne (BSI). At the end of the enforcement proceedings, FINMA imposed a 3-year ban on Bruno (art. 33 LFINMA). The[...]

In a (probably recent) undated decision, FINMA confirms the publication of a press release relating to the closure of enforcement proceedings against an expressly named subject. In particular, this decision allows FINMA to argue that such publication does not constitute a sanction (naming and shaming within the meaning of art. 34 FINMASA), but only information to the public within the meaning of art. 22 FINMASA. At the end of an enforcement procedure, FINMA informs the subject of the procedure that[...]