The Swiss Financial Market Supervisory Authority has opened enforcement proceedings against a total of ten interconnected companies and two individuals. There is a strong suspicion that the persons involved in the proceedings have carried out several unauthorised activities as a group without the requisite licences under financial market law. FINMA has appointed an investigating agent and taken measures to protect investors’ interests that are under threat.
FINMA issued immediately enforceable decrees on 17 September 2024 and 23 October 2024 opening enforcement proceedings against a total of ten interconnected companies domiciled in Zug and two individuals. To date, no appeal has been lodged against these FINMA decrees. Specifically, there is a strong suspicion that the persons involved in the proceedings have carried out several unauthorised activities as a group without the requisite licences under financial market law, in particular operating as a securities firm and as a derivatives house, accepting deposits from the public and advertising these as well as issuing structured products. In the course of issuing its decrees and in line with its usual practice, FINMA has appointed an investigating agent at the companies in question and authorised him to act in place of the governing bodies. The appointment of an investigating agent is intended to protect threatened investor interests or to preserve an existing situation for the time being. The aim is also to prevent new investors or depositors from being harmed. According to the current status of the investigation, the companies involved in the proceedings do not have up-to-date accounts and their financial situation is therefore unclear.
The “Supernova” restaurant project, which has been mentioned several times in the media, is located in the property at Schauplatzgasse 22 in Bern. This property is owned by OCSP AG, which is a company affected by the enforcement proceedings. There is a concrete suspicion that the purchase of this property was financed with funds originating from an activity that is unauthorised under financial market law. Contrary to what has been reported in the media, there is no rental agreement between the operator of the “Supernova” restaurant and the owner of the property. Instead, the operator of the restaurant has a sublease agreement with an individual directly affected by the present enforcement proceedings. FINMA has concrete evidence that the sublease agreement may have been concluded unlawfully.
As an independent supervisory authority, the Swiss Financial Market Supervisory Authority FINMA monitors the proper functioning of the Swiss financial market and protects creditors, investors and policyholders. It thus contributes to protecting the proper functioning of the financial markets. FINMA may conduct investigations to establish the facts of a case if there is concrete evidence of unauthorised activity. FINMA also takes the necessary measures if there is a concrete suspicion that supervisory law is not being complied with. These measures include, in particular, the appointment of an investigating agent by means of an appealable ruling. In line with its practice, FINMA appoints an investigating agent to investigate circumstances relevant for supervisory purposes as part of enforcement proceedings. The investigating agent is generally authorised to act in place of the governing bodies if there is evidence that companies or persons are carrying out an activity requiring authorisation under financial market legislation without the requisite licence.
