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Article 17 Government department responsible
The control authority shall be set up within the Federal Finance Administration.
Article 18 Duties
1 The control authority shall perform the following duties:
a.It shall supervise self-regulating bodies and financial intermediaries for which it is directly responsible.
b.
It shall grant and withdraw recognition to or from self-regulating bodies.
c.It shall approve regulations adopted by self-regulating bodies (Article 25) and amendments thereto.
d.
It shall ensure that self-regulating bodies enforce those regulations.
e.
It shall inform financial intermediaries for which it is directly responsible of the obligations of diligence set forth in Chapter 2, and shall lay down the manner of compliance therewith.
f.
It shall keep a register of financial intermediaries for which it is directly responsible, and of persons to whom it has refused authorisation to carry on business as financial intermediaries.
2 It may perform on-the-spot inspections. It may instruct an auditing body that it shall itself designate to perform such inspections.
3 In respect of self-regulating bodies for advocates and notaries, the authority shall direct an auditing body to perform the inspections. The auditing body shall be bound by professional secrecy obligations equivalent to those of advocators and notaries.
Article 19 Right to information
The control authority shall request self-regulating bodisponsible, and the intermediaries auditing bodies to provide all information and documents needed for the performance of its duties.
Article 20 Measures
1If the control authority learns that violations of this Act have been committed by financial intermediaries for which it is directly responsible, it shall take the necessary measures to restore legal order. In particular, it may:
a.
in the event of a refusal to comply with an enforceable decision, publish the decision in the Feuille officielle suisse du commerce or otherwise bring it to the public’s attention, provided it shall have first warned of such a eventuality;
b.
withdraw authorisation to act as financial intermediaries (Article 14), if the intermediaries themselves or persons responsible for administering or managing their business no longer fulfil the requisite conditions, or if they seriously or repeatedly violate their legal obligations.
2 If authorisation is withdrawn from a corporation, general partnership, limited partnership or sole trader acting primarily as a financial intermediary, the control authority shall order its dissolution or, in the case of a sole trader, deletion of the name from the trade register.
Article 21 Obligation of notification
If the control authority has reason to suspect that an offence under Articles 260 ter, paragraph 1,305 bis or 305 ter of the Penal Code has been committed, that assets are the proceeds of a crime or that a criminal organisation has a right of disposal over those assets, it shall notify the ReportingOffice (Article 23), in so far as the financial intermediary for which it is directly responsible, or the self-regulating body, has not alread
Last update 13.07.2007