Art. 43 Cross-border audits

¹ In order to implement the financial market acts, FINMA may itself carry out direct audits of supervised persons and entities abroad or have such audits carried out by audit agents.⁷⁴

² It may permit foreign financial market supervisory authorities to carry out direct audits of supervised parties provided:

a.: these authorities are responsible for the supervision of the audited supervised party as part of home country supervision or are responsible for supervising the activity of the audited supervised party in their territory; and
b.: the conditions for administrative assistance set out in Article 42 paragraph 2 are fulfilled.⁷⁵

³ Information may be collected through cross-border direct audits only if it is required for the supervisory activity of the foreign financial market supervisory authority. This includes in particular information on whether an institution throughout its group structure:

a.: is appropriately organised;
b.: records, limits and monitors in an appropriate manner the risks inherent in its business operations;
c.: is managed by persons who guarantee proper business conduct;
d.: fulfils the own funds and risk diversification regulations on a consolidated basis; and
e.: properly complies with its reporting duties vis-à-vis the supervisory authorities.⁷⁶

^3bis If during direct audits in Switzerland foreign financial market supervisory authorities wish to consult information linked directly or indirectly to the asset management, securities trading or deposit business for individual clients, FINMA shall collect this information itself and transmit it to the requesting authorities. The same applies to information which directly or indirectly relates to individual investors in collective investment schemes. Article 42a applies.⁷⁷

^3ter FINMA may, for the purposes detailed in paragraph 3, allow the foreign financial market supervisory authority which is responsible for the consolidated supervision of the audited supervised party to consult a limited number of individual client dossiers. The dossiers must be selected randomly on the basis of predefined criteria.⁷⁸

⁴ FINMA may accompany the foreign authorities responsible for financial market supervision on their direct audits in Switzerland or arrange for them to be accompanied by an audit company or an audit agent. The supervised persons and entities concerned may request such accompaniment.⁷⁹

⁵ Establishments organised under Swiss law must provide the foreign financial market supervisory authorities and FINMA with the information required to carry out the direct audits or the information that FINMA requires to provide the administrative assistance, and must permit the inspection of their books.

⁶ Establishments are defined as:

a.: subsidiaries, branch offices and representative offices of supervised persons and entities or of foreign institutions; and
b.: other companies, provided their activity is included by a financial market supervisory authority in the consolidated supervision.

⁷⁴ Amended by Annex No 13 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).

⁷⁵ Amended by Annex No 13 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).

⁷⁶ Amended by Annex No 13 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).

⁷⁷ Inserted by Annex No 13 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).

⁷⁸ Inserted by Annex No 13 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).

⁷⁹ Amended by Annex No 8 of the FA of 20 June 2014 (Consolidation of Oversight through Audit Companies), in force since 1. Jan. 2015 (AS 2014 4073; BBl 2013 6857).

Art. 42a Procédure d’assistance administrative

¹ Si la FINMA ne détient pas encore les informations requises, elle peut les demander au tiers détenteur. En vertu de l’art. 16 de la loi fédérale du 20 décembre 1968 sur la procédure administrative⁷¹, la personne appelée à fournir des renseignements peut refuser de répondre aux questions.

² S’agissant des informations relatives aux clients que la FINMA communique à l’autorité, la loi fédérale du 20 décembre 1968 sur la procédure administrative est applicable, sous réserve des al. 3 à 6.

³ La FINMA peut refuser la consultation de la correspondance avec les autorités étrangères. L’art. 28 de la loi fédérale du 20 décembre 1968 sur la procédure administrative est réservé.

⁴ À titre exceptionnel, la FINMA peut s’abstenir d’informer les clients concernés avant de communiquer les informations demandées si une telle information compromet le but de l’assistance administrative et l’accomplissement efficace des tâches de l’autorité requérante. En pareil cas, les clients concernés doivent être informés a posteriori.

⁵ Dans les cas énoncés à l’al. 4, la FINMA informe les détenteurs des renseignements et les autorités qui ont été mis au courant de la demande en ce qui concerne le report de l’information. Jusqu’à ce que les clients concernés aient été informés, les détenteurs des renseignements et les autorités ne peuvent pas informer ces personnes de la demande.

⁶ La décision de la FINMA de transmettre des informations à l’autorité étrangère de surveillance des marchés financiers peut, dans un délai de dix jours, faire l’objet d’un recours devant le Tribunal administratif fédéral. L’art. 22a de la loi fédérale du 20 décembre 1968 sur la procédure administrative n’est pas applicable. Dans les cas énoncés à l’al. 4, la demande en justice ne peut qu’être la constatation de la non-conformité au droit.

⁷⁰ Introduit par l’annexe ch. 13 de la L du 19 juin 2015 sur l’infrastructure des marchés financiers, en vigueur depuis le 1^er janv. 2016 (RO 2015 5339; FF 2014 7235).

⁷¹ RS 172.021

This document is not an official publication. Only the publication of the Federal Chancellery is legally binding.
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