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Measures

In all administrative proceedings, FINMA will impose the measures it deems most appropriate to enforce compliance with the law, having regard to the principle of due proportionality. The measures available range from a reprimand (declaratory ruling, Art. 32 FINMASA) to specific orders to restore compliance with the law (Art. 31 FINMASA), as well as to prohibition against individuals from practising their profession (Art. 33 FINMASA) or against dealers from carrying on business (Art. 35a Swiss Stock Exchange Act) and to revocation of licences (Art. 37 FINMASA). Depending on which law applies, the revocation of a licence may result in liquidation (e.g. Art. 23quinquies Swiss Banking Act) or, where there is an excess of debts over assets, bankruptcy proceedings (e.g. Art. 37 FINMASA in conjunction with Art. 25ff. of the Banking Act). FINMA may also confiscate any illegal gains or losses avoided (Art. 35 FINMASA) or order publication of a final and binding ruling (Art. 34 FINMASA).

Where there is risk in delay or special urgency, FINMA may make the necessary interlocutory order (Art. 31 FINMASA, Art. 25ff. Swiss Banking Act), for example for the appointment of an investigating agent (Art. 37 FINMASA).