Important Federal Supreme Court rulings in new FINMA Bulletin

As in previous editions, the new FINMA bulletin addresses important aspects of financial market supervisory law and contains the relevant rulings of the Federal Administrative Court and the Federal Supreme Court.
Among the various decisions published in FINMA Bulletin 3/2012, one is dedicated to a ruling much discussed in the legal profession, namely the decision of the Federal Supreme Court of 15 July 2011 regarding FINMA’s order to hand over UBS client data to the US Department of Justice (DoJ) in February 2009. Another section of the new bulletin focuses on the Federal Supreme Court's decision concerning the definition of public advertising within the scope of the Collective Investment Schemes Act.

Moreover, the Federal Administrative Court has communicated an important decision it took regarding minimum price rules and the auditor’s duty to state reasons in Takeover Law, the details of which are published in this bulletin. Other decisions in this edition of the bulletin also include uncontested FINMA orders on the organisation and internal control systems at banks and an order concerning a company's duty of subjection for issuing electronic money.

Printed copies of FINMA Bulletin 3/2012 can be ordered by sending an email (subject line: "hard copy order of Bulletin 3/2012") to