Vertrauen im Finanzmarktrecht aus öffentlich-rechtlicher Sicht
Legitimate expectations play a major role in Swiss Administrative Law. The protection of legitimate expectations is a constitutional right and therefore, applies to all areas of Swiss Administrative Law. The Swiss Financial Market Supervisory Authority (FINMA) may create such expectations by administrative acts, rulings and its various forms of communication. FINMA is conceivably bound to its communications on its webpage, despite a general disclaimer. By contrast, the protection of legitimate expectations is relatively weak towards the legislator. Still, the legislator must provide for a reasonable transitional period if changing the law affects legitimate expectations. Finally, there is a notable tendency to more detailed regulations within the Swiss Financial Market Law, which may be understood as a sign for distrust.
