The Federal Authorities
of the Swiss Confederation

956.1

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.

Federal Act
on the Swiss Financial Market Supervisory Authority

(Financial Market Supervision Act, FINMASA)

of 22 June 2007 (Status as of 1 January 2009)

The Federal Assembly of the Swiss Confederation,

based on Articles 95 and 98 of the Federal Constitution1, and having considered the Federal Council Dispatch dated 1 February 20062,

decrees:

Chapter 1: General Provisions

Art. 1 Subject matter

Art. 2 Relationship with the financial market acts

Art. 3 Supervised persons and entities

Art. 4 Legal form, seat and name

Art. 5 Objectives of financial market supervision

Art. 6 Tasks

Art. 7 Principles of regulation

Chapter 2: Organisation

Section 1: Management Bodies and Staff

Art. 8 Management bodies

Art. 9 Board of Directors

Art. 10 Management Board

Art. 11 Supervision areas

Art. 12 Auditor

Art. 13 Staff

Art. 14 Official secrecy

Section 2: Funding and Financial Budget

Art. 15 Funding

Art. 16 Reserves

Art. 17 Treasury

Art. 18 Accounting

Art. 19 Liablity

Art. 20 Tax exemption

Section 3: Independence and Supervision

Art. 21

Section 4: Information for the General Public and Data Processing

Art. 22 Information for the general public

Art. 23 Data processing and public directory

Chapter 3: Supervisory Instruments

Section 1: Audit

Art. 24 Principle

Art. 25 Duties of the audited supervised persons and entities

Art. 26 Licensing requirements

Art. 27 Reporting and measures

Art. 28 Supervision of the audit companies

Section 2: Further Supervisory Instruments

Art. 29 Duty to provide information and to report

Art. 30 Notice of the opening of proceedings

Art. 31 Restoration of compliance with the law

Art. 32 Declaratory ruling

Art. 33 Prohibition from practising a profession

Art. 34 Publication of the supervisory ruling

Art. 35 Confiscation

Art. 36 Investigating agents

Art. 37 Revocation of licence, withdrawal of recognition, cancellation of registration

Section 3: Cooperation with Domestic Authorities

Art. 38 Prosecution authorities

Art. 39 Other domestic authorities

Art. 40 Grounds for refusal

Art. 41 Disputes

Section 4: Cooperation with Foreign Authorities responsible for Financial Market Supervision

Art. 42 Administrative assistance

Art. 43 Cross-border audits

Chapter 4: Criminal Provisions

Art. 44 Activity without a licence, recognition, or registration or registration

Art. 45 Provision of false information

Art. 46 Violations of obligations by audit companies or mandataries

Art. 47 Audit of annual financial statements

Art. 48 Non-compliance with FINMA rulings

Art. 49 Offences in business operations

Art. 50 Jurisdiction

Art. 51 Unification of prosecution

Art. 52 Prescription

Chapter 5: Procedure and Right of Appeal

Art. 53 Administrative procedure

Art. 54 Right of appeal

Chapter 6: Final Provisions

Section 1: Implementation

Art. 55 Implementing provisions

Art. 56 Implementation

Section 2: Amendment of Current Legislation

Art. 57

Section 3: Transitional Provisions

Art. 58 Transfer of rights and obligations

Art. 59 Transfer of employment relationships

Art. 60 Responsible employer

Section 4: Referendum and Commencement

Art. 61

Commencement Date:3

Article 4, 7, 8, 9 paragraph 1 letters a–e and g–j as well as paragraphs 2–5, Art. 10–14, 17–20, 21 paragraphs 3 and 4, 53–55, 58 paragraph 2 second sentence, 59 paragraphs 2–4; Annex: Number 4 (Federal Administrative Court Act): Heading before Article 31 and 33 letter b: 1 February 2008 Other provisions: 1 January 2009

Annex Amendment of Current Law 1. Freedom of Information Act of 17 December 2004 2. Federal Act of 20 December 1968
on Administrative Procedure 3. Federal Supreme Court Act of 17 June 2005 4. Federal Administrative Court Act of 17 June 2005 5. Federal Criminal Court Act of 4 October 2002 6. Mortgage Bond Act of 25 June 1930

 AS 2008 5207

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.

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