Facts
The Federal Court has partially upheld the administrative court appeal of UIB Servizi SA, UIB Gestioni Patrimoniali SA, United Investment Bank Ltd (Vanuatu), and Intersmi Gestao e Investimentos Lda (Portugal). The Swiss Federal Banking Commission had ordered that United Investment Bank Ltd and Intersmi Gestao e Investimentos Lda register their branches in Lugano in the commercial register and subsequently liquidate them. The Federal Court has overturned these orders, as the main activities of the two companies were carried out from San Marino through the S.M.I. finance company, and in Switzerland, only a limited, licensed back-office activity was performed. A complete liquidation of the Swiss companies went too far for the Federal Court, as Switzerland had no overriding interests to protect. However, UIB Servizi SA and UIB Gestioni Patrimoniali SA must cease their activities in Switzerland.Considerations
The Federal Court came to the following conclusions: 1. The appointment of an observer by the Swiss Federal Banking Commission was permissible based on the known circumstances, as there were indications of possible unauthorized banking activities in Switzerland. 2. The fact-finding by the observer KPMG Fides Peat met the legal requirements, even though some procedural regulations were not observed. The Banking Commission was allowed to base its decision on the…