Facts
The case concerns [A.] , who was a member of the Board of Directors of [B. AG] from January to March 2016, President and Delegate of the Board of Directors from April 2016 to October 2017, and subsequently Delegate of the Board of Directors until November 3, 2017. The Swiss Financial Market Supervisory Authority (FINMA) found that [A.] , [D.] , [E.] , and [B. AG] together with foreign shell companies had engaged in commercial securities trading as a group without a license, thereby seriously violating supervisory regulations.
Considerations
The Federal Supreme Court upheld the view of the lower instance that [B. AG] , as part of a group, had carried out a licensing-required issuing house activity without a license. In this regard, [A.] as a member of the Board of Directors with sole signing authority was to be held substantially individually responsible for the unauthorized group-wide issuing house activity, thereby seriously violating supervisory regulations.
The Federal Supreme Court considered the…