Das Supervisory Privilege für Akten aus dem Aufsichtsverhältnis
Ein sperriges und wenig genutztes Instrument mit Potential
The Swiss Supervisory Privilege, which was added to FINMASA in 2016, is a new legal institution. It empowers FINMA to protect documents from the supervisory relationship between a supervised entity and itself by prohibiting their disclosure to third-party authorities and other third parties without FINMA’s consent if there are grounds for doing so that are particularly worthy of protection. According to the opinion expressed here, the supervisory privilege applies both domestically and abroad. The correct handling of the supervisory privilege poses various procedural challenges. A broadly accepted practice in applying the Swiss supervisory privilege has yet to be developed. Used consciously with care, the Supervisory Privilege can contribute to better supervision without exposing supervised entities to excessive risks in other proceedings.
