Facts
The Swiss Federal Banking Commission required Y. Bank AG to disclose in the notes to its annual financial statements the names and percentage shareholdings of all direct and indirect shareholders whose participation exceeds 5% of the total voting rights as of the balance sheet date. Y. Bank AG and Y. Group AG have filed an administrative court appeal against this, requesting that the order be revoked. They argue that the obligation to disclose shareholders, as provided for in the Banking Ordinance and the relevant guidelines, lacks the necessary legal basis.Considerations
The Federal Supreme Court dismisses the appeal. Article 6(5) of the Banking Act (BankG) provides a sufficient legal basis to require banks, pursuant to Article 25c(1)(3.10.2) of the Banking Ordinance (BankV), to disclose in the notes to their annual financial statements the names and percentage shareholdings of all direct and indirect shareholders and shareholder groups bound by voting rights whose participation exceeds 5% of the total voting rights as of the balance sheet date, insofar as they are known or ought to be known.
The Federal Supreme Court states that the Federal Council is authorized under Article 6(5) BankG to regulate the requirements for the content of the annual financial statements. It is objectively justified that the Federal Council imposes stricter disclosure obligations on banks…