7: Relationship to Foreign Countries
Art. 37 Admission of foreign stock exchanges and security dealers
A license may be denied to a foreign or foreign-controlled stock exchange if the countries, in which the foreign stock exchange has its registered office or where the controlling persons are domiciled, do not offer to Swiss stock exchanges any effective access to their markets and the same possibilities of competition as the domestic stock exchanges. The same rule applies to the granting of licenses to security dealers.
Art. 38 Administrative legal assistance
1 In the implementation of this law, the Supervisory Authority may request information and documents from foreign supervisory authorities concerning stock exchanges and security dealers.
2 It may only submit to foreign supervisory authorities for stock exchanges and security dealers, information which is not publicly available and documents related to the matter under examination, in so far as these authorities:
a. use such information exclusively for the direct supervision of stock exchanges and trading in securities;
b. are bound by official or professional secrecy; and
c. do not transmit this information to competent authorities and bodies which are entrusted with supervisory tasks which are in the public interest, without the prior approval of the Swiss supervisory authorities or on the basis of a blanket approval contained in a state treaty. The transmittal of information to the penal prosecuting authorities is not permitted if administrative assistance in penal matters would be excluded. The Supervisory Authority shall decide after consulting with the Federal Office of the Police.
3 In so far as the information to be submitted by the Supervisory Authority concerns individual customers of security dealers, the Federal Law on Administrative Proceedings shall apply. The transmittal of information concerning persons which clearly are not involved in the matter subject to investigation is not permitted.
KPMG Fides Unofficial Translation of Swiss Federal Stock Exchange Law
For further information contact Debbie Grauf on +411 249 3131.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
See More Popular Content From