The Swiss Financial Market Supervisory Authority has launched a consultation on a partial revision of its circular governing direct data transmissions by supervised institutions. The changes would align the circular with Parliament’s amendments to Article 42c of the Financial Market Supervision Act and clarify the conditions applying to different types of transmission. The revised law more clearly distinguishes direct transfers for financial market supervisory purposes from transfers for other purposes, which are subject to different conditions. It also introduces a general legal presumption that confidentiality and purpose limitation requirements are, in principle, met when supervised institutions transmit data for financial market supervisory purposes.
Swiss Financial Market Supervisory Authority launches consultation on revised direct transmission rules
The Swiss Financial Market Supervisory Authority is consulting on revisions to its rules for direct data transmissions by supervised institutions. The changes would distinguish supervisory transfers from transfers for other purposes and reflect a new legal presumption that confidentiality and purpose limitation requirements are generally met for supervisory transmissions.