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News

Minor amendment to the FINMA Ordinance on Data Processing

The Swiss Financial Market Supervisory Authority FINMA is amending the FINMA Ordinance on Data Processing slightly with effect from 1 December 2019. It is adding to the list of data categories permissible in the data collection to monitor proper business conduct: documentation relating to a person is now stored in the data collection to monitor proper business conduct if it shows that despite there being indications that a supervisory breach has occurred, no FINMA proceedings can be launched against this person because they have absconded. Written undertakings that a person no longer operates in the Swiss financial market either temporarily or permanently are now also collected and stored as a data category.