Comment on the Federal Administrative Court ruling on the furnishing of bank client data to the USA

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Created: Wednesday, 20 January 2010 09:26

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On 5 January 2010 the Federal Administrative Court ruled that the order issued by FINMA on 18 February 2009 to surrender client data to the US authorities was unlawful. At the same time the court expressly acknowledged the difficult situation which FINMA had been called on to resolve. Nevertheless, it maintained that FINMA should not have issued this order under its own authority. Instead, it should have referred the matter to the Federal Council for approval.

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