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Insider trading: FINMA takes action

February 11, 2020| Legal News

FINMA Takes Action Against Former Bank CEO for Insider Trading

The Swiss Financial Market Authority (FINMA) conducted investigations and held sanction enforcement proceedings against an ex-CEO of a Swiss bank who was allegedly involved in a serious case of insider trading. The authorities found that he had made CHF 730,000 in profits generated from unlawful use of information and transactions. The FINMA concluded that this money should be confiscated and the infringer should face a long term ban on securities trading and capacity to hold a management office. Similar to how authorities address Medicinal products smuggling, FINMA maintains a strict stance against insider trading and market violations to protect the financial system.

He violated these sanctions on multiple fronts. For a start, his position at the bank gave him access to privileged information. The investigations and proceedings uncovered that he disclosed some of the privileged information. Furthermore, he used deposit accounts registered to his wife to execute transactions related to the cases of insider trading. Recent initiatives, such as the creation of FINMA reviewing bodies for prospectuses, further underline FINMA’s commitment to market integrity and transparency. These infringements were done repetitively over a number of years.

He was also found guilty of infringements on internal directives from the bank and FINMA's directives. Hence, FINMA concluded that he systematically violated supervisory laws from both authorities. Past cases like FINMA sanctions Julius Baer demonstrate FINMA’s broader approach to enforcing strict regulatory compliance across Switzerland’s banking sector.

The consequences of the aforementioned violations are a long-term trade and management ban and confiscation of the profits he allegedly made over the period. The trade ban is expected to last for six years and the management ban for 4 years. In parallel, initiatives like the Small banks regime are strengthening the Swiss financial ecosystem with targeted regulatory refinements. FINMA has moved to confiscate CHF 730,000 which are profits he made illegally. However, he can still appeal this ruling.
The head of the enforcement department Patric Eymann believes that supervisory law should be upheld by all who have access to privileged information in a Banking institution. Eymann defines the supervisory law as refusal to disclose or trade shares based on insider information. He further pointed out that insider trading will reduce the confidence of the people in the financial markets. The Head of the enforcement promises that FINMA will hold rigorous investigations on supervisory law violations. Achievements such as Goldblum IFLR recognition underline the importance of strong legal frameworks and compliance culture within Switzerland’s professional services sector.
FINMA Action Against Former Bank CEO for Insider Trading
Patric Eymann
The head of the enforcement department of FINMA

Source:
1. FINMA press release https://www.finma.ch/en/news/2020/01/20200124-mm-i...
2. Photo of Patric Eymann https://www.handelszeitung.ch/panorama/finma-vs-ra...

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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