Facts
The complainant, [S.] Establishment, Vaduz, appealed against the decision of the Federal Banking Commission of 25 October 2001, with which it provided administrative assistance to the Swedish Financial Supervisory Authority Finansinspektionen and transmitted information and documents to it. The information concerned the purchase of shares in companies A. [AB.] and C. [AB.] by GZB-Bank (Schweiz) AG on behalf of the complainant.
The complainant argued that the administrative assistance was unlawful because the requirements of Art. 38 para. 2 SESTA were not met. It argued that Finansinspektionen had not provided the required assurance that the information would only be used for the direct supervision of stock exchanges and securities trading, and that the information could also be forwarded to law enforcement authorities.
The Federal Banking Commission had found in its decision that Finansinspektionen had provided the required assurance and that the information could only be used for the direct supervision of stock exchanges and securities trading. It had also found that the requirements for administrative assistance were met, as the information was necessary for the investigation of insider offenses and market manipulation.
Considerations
The Federal Court examined the appeal and came to the conclusion that the administrative assistance was unlawful insofar as the information concerning C. [AB.] was to be forwarded to law enforcement authorities. The court found that the requirements for administrative assistance were not met, as Finansinspektionen had not provided the required assurance…