Facts
The case concerns a request for administrative assistance from the German Federal Supervisory Office for Securities Trading (BAWe) to the Federal Banking Commission (CFB). The CFB decided to respond favorably to this request and transmit the required information. The plaintiff, X., filed an appeal with the Federal Court against this decision, which was rejected.
The facts are as follows: BAWe requested the CFB to transmit information as part of an investigation into insider dealings. The CFB decided to respond favorably to this request, despite the plaintiff's objections, who invoked bank secrecy.
Considerations
The Federal Court examined the conditions under which bank secrecy can be lifted to allow administrative assistance to a foreign authority. It recalled that bank secrecy does not have constitutional rank and that the legal provisions on the confidentiality of banking information must be interpreted restrictively.
The Federal Court also examined the provisions of Article 1a of the Federal Act on International Mutual Assistance in Criminal Matters (IMAC), which allows for refusal of assistance if it infringes on essential interests of Switzerland. However, in this case, the Federal Court considered that the required information did not infringe on essential interests of Switzerland and that bank secrecy could not be invoked to refuse administrative assistance.
Finally, the Federal Court…