What Changed
- Parliament amended Article 42 c FINMASA on 19 June 2026 to separate supervisory data transfers from non-supervisory data transfers.
- Article 42 c para. 2 FINMASA established a legal presumption that confidentiality and purpose limitation rules are met during supervisory data transmissions.
- FINMA initiated a public consultation to incorporate these statutory amendments into Circular 2017/6 to enhance legal certainty.
The Swiss Financial Market Supervisory Authority (FINMA) has launched a public consultation regarding the partial revision of its Circular 2017/6, titled “Direct transmission”. The updates directly affect supervised institutions in Switzerland that engage in direct data transfers, aiming to align regulatory practice with recent legislative changes passed by the Swiss Parliament.
**Legislative Context and Structural Changes**
In Circular 2017/6, FINMA bases its administrative practice primarily on Article 42 c of the Financial Market Supervision Act (FINMASA). On 19 June 2026, Parliament adopted amendments to Article 42 c FINMASA. A central element of this reform is establishing a clearer distinction between paragraph 1 and paragraph 3 (formerly paragraph 2) of Article 42 c FINMASA.
This structural separation distinguishes direct data transmissions conducted for financial market supervisory purposes from those executed for other purposes. Because different statutory conditions apply to each category, the distinction provides clearer procedural pathways for reporting entities.
**General Legal Presumption**
Furthermore, the newly introduced Article 42 c paragraph 2 FINMASA establishes a general legal presumption for supervised institutions. Under this rule, the statutory requirements regarding confidentiality and purpose limitation are, in principle, presumed to be satisfied whenever data transmissions occur for financial market supervisory purposes. The primary goal of incorporating these changes into Circular 2017/6 is to reflect the overarching legislative amendments and enhance legal certainty for supervised entities.
**Dates and Contact Details**
- **Publication Date:** 30 September 2026.
- **Parliamentary Adoption Date:** 19 June 2026.
- **Entry into Force / Application Dates:** Not provided in the source text.
Questions regarding the consultation can be directed to FINMA Spokesperson Serkan Isik by phone (+41 (0)31 327 95 59) or email ([email protected]).
Who May Be Affected
Institutions supervised by FINMA that conduct direct data transmissions for supervisory or other purposes.
Cross-Border Context
Affects Swiss-supervised financial institutions engaging in direct transmission of data, including potential cross-border supervisory reporting.
What to check next
- Check FINMA updates for the consultation deadline and submission guidelines.
- Verify the effective dates of the revised Circular 2017/6 upon publication of final text.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.
Prepared automatically with AI assistance from the official sources linked on this page. Translations and explanations do not replace the official text.