SBA position on 5 January 2010 decision of the Supreme Administrative Court concerning the 18 February 2009 FINMA decree on the transfer of account data of American clients of UBS

  • The SBA takes note of the Supreme Administrative Court’s decision and will examine the details of the decision.
  • The SBA continues to stand by its original position, namely that given the threatening situation prevailing at the time the Swiss authorities were left with no alternative. The Supreme Administrative Court has now concluded that Articles 25 and 26 of the Federal Banking Act do not provide a sufficient legal basis for the measures then ordered to be taken.
  • The Supreme Administrative Court does not question the use of emergency measures. However, the Court says the use of emergency measures should have been carried out by the Federal Council and not by the Swiss Financial Market Supervisory Authority (FINMA).
  • The Supreme Administrative Court does not rescind the FINMA decree on the release of client data and thus the decree retains its validity.