Facts
The German Federal Supervisory Office for Securities Trading (BAWe) is conducting a supervisory investigation on suspicion of a violation of the prohibition on insider trading. In parallel, an investigation is being conducted into a possible unauthorized disclosure of insider information. On November 24, 1997, the BAWe requested administrative assistance from the Swiss Federal Banking Commission (EBK) to obtain information on various transactions carried out by banks and securities dealers in Switzerland during the period in question.
The EBK subsequently ordered the transmission to the BAWe of the name and address of the Y. Foundation as well as the name, address and date of birth of X. The Y. Foundation and X. have filed an administrative court appeal with the Federal Court against this decision.
Considerations
The Federal Court ruled that the provision of administrative assistance in the present case is generally permissible. The Y. Foundation as the affected account holder is entitled to appeal, but not the appellant X. as the beneficial owner.
The Supervisory Office is a supervisory authority within the meaning of Art. 38 para. 2 SESTA, which can provide administrative assistance within the framework of supervision over the stock exchanges and securities trading not only with regard to institution-related, but also directly customer-related information. There is no mere "fishing…