Request for Judicial Assistance from the French Securities and Exchange Commission (COB)

Facts

This case concerns a request for judicial assistance from the French Securities and Exchange Commission (COB) to the Swiss authorities. The COB sought to obtain the identity of bank account holders as part of an investigation into stock market offenses.

The Federal Tribunal was seized with an administrative law appeal by the Federal Office of Police against the decision of the Indictment Chamber of the Canton of Geneva to grant the judicial assistance requested by the COB.

Considerations

The Federal Tribunal first examined whether the measures sought by the COB required judicial authorization under French law, in accordance with Article 76(c) of the Federal Act on International Mutual Assistance in Criminal Matters (IMAC).

According to the explanations of the COB, its investigators have broad investigative powers, generally without the need for judicial authorization. The requested measures, namely the disclosure of the identity of bank account holders, fall within the scope of these powers and are therefore lawful under Article 76(c) IMAC.

The Federal Tribunal considered that the COB's interpretation of the provisions governing it was not…