FINMA gives forth partly revised Circular on "Direct transmission"

On 7 December 2020 Federal Department of Finance (FDF) and Federal The Swiss Financial Market Supervisory Authority (FINMA) is publishing the partly revised Circular on "Direct transmission" with the broadened list of foreign authorities allowed to provide administrative assistance and renewed reporting process.

On the basis of the look back study realized among interested parties FINMA amended the Circular 2017/6 "Direct transmission" and made them allowed for discussion. In the process of consultation, no new requests for incorporation of corrections or any arguments were suggested, so there was no necessity to make substantive changes. The partly revised Circular will go into force on 1 April 2021.

The main aim of the Circular on "Direct transmission" is to regulate the information exchange between the institutions under FINMA supervision and foreign authorities. In the result of look back study it was decided to broad the list of authorities, qualified for administrative assistance, and to add to the list foreign authorities with which FINMA has bilateral cooperation agreements and which satisfy the standard for administrative assistance.