Facts
- On 29 November 2005, company [A. AG] publicly announced that company [B. GmbH] intended to acquire approximately 4.7% of its shares and make a public takeover offer to shareholders. On the same day, UBS bought 7,000 [A.] shares at EUR 1.50 and 5,000 shares at EUR 1.77, then 3,000 shares the following day at EUR 2.10. - On 4 July 2006, BaFin (German financial supervisory authority) requested administrative assistance from the SFBC (Swiss Federal Banking Commission) in the context of an investigation into a possible insider trading offence. The SFBC granted this request and requested the necessary information from UBS. - On 14 December 2006, the SFBC decided to provide the administrative assistance requested by BaFin concerning the three persons involved ([X.] , [Y.] and [Z.] ).Considerations
- The new SESTA (Swiss Federal Act on Stock Exchanges and Securities Trading) of 2006 has relaxed the principle of confidentiality in the context of international administrative assistance. The SFBC can now transmit non-public information to foreign supervisory authorities, provided that it is related to the supervision of stock and financial…