Financial Institutions Act (FinIA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only, has no legal force and may not be relied on in legal proceedings.
Section 1 Liability
Art. 68
1 The liability of the financial institutions and their bodies is based on the provisions of the CO. 2 Where a financial institution delegates performance of a task to a third party, it remains liable for any losses caused by the latter unless it proves that it took the due care required in that party's selection, instruction and monitoring. The Federal Council may set out the requirements for such monitoring. 3 The fund management company remains liable for the actions of persons to whom it has delegated tasks in accordance with Article 35 paragraph 1 as if it had performed those tasks itself.
Para. 1 — SR 220
Section 2 Criminal Provisions
Art. 69 Violation of professional confidentiality
1 A custodial sentence not exceeding three years or a monetary penalty shall be imposed on any person who wilfully: a. discloses a secret entrusted to them in their capacity as a director or officer, employee, agent or liquidator of a financial institution or of which they have become aware in said capacity; b. attempts to induce a violation of professional secrecy; c. discloses to other persons a secret disclosed to them in violation of letter a or exploits such a secret for their own benefit or for the benefit of others. 2 A custodial sentence not exceeding five years or a monetary penalty shall be imposed on any person who obtains a pecuniary advantage for themselves or another person through an action as detailed in paragraph 1 letter a or c. 3 A fine not exceeding CHF 250,000 shall be imposed on persons who commit the foregoing acts through negligence. 4 Any person who violates professional confidentiality remains liable to prosecution after termination of the official or employme
Art. 70 Violation of the provisions on protection against confusion and deception and notification duties
A fine not exceeding CHF 500,000 shall be imposed on any person who wilfully: a. violates the provision on protection against confusion and deception (Article 13); b. fails to provide FINMA with the prescribed notifications in accordance with Articles 11 and 15, or does so incorrectly or too late.
Art. 71 Violation of the record-keeping and reporting duties
A fine not exceeding CHF 500,000 shall be imposed on any person who wilfully: a. violates the record-keeping duty set out in Article 50; b. violates the reporting duty in accordance with Article 51.