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Survey Answer:

In the financial industry, FINMA is the responsible supervisory authority. FINMA has far-reaching supervisory instruments at its disposal, including rights to conduct audits, request records and information, demand restoration of compliance with the law, confiscate profits, prohibit activities, etc. (Chapter 3 FMIA). Further, where a supervisory provision was serious-ly breached, FINMA may sanction the supervised person and/or entity involved by revoking their license, withdrawing their recognition, or cancelling their registration (Article 37 FIN-MASA). Notably, FINMA does not have the authority to impose fines. However, the FINMASA contains specific criminal provisions applicable to individuals: Anyone who willfully provides false information to FINMA or fails to notify FINMA although legally required to do so may be punished with imprisonment up to three years, a monetary penalty, or – in cases of neg-ligence – with a fine of up to CHF 250,000 (Article 45 and 46 FINMASA).

With respect to the telecommunications sector, the Federal Office of Communications (OFCOM) is the responsible supervisory authority. Providers of telecommunication services are obliged to provide OFCOM with any information necessary to fulfill its supervisory duties (Article 59 TCA). Telecommunication companies not complying with applicable laws and reg-ulations may be sanctioned by OFCOM with an administrative penalty of up to 10 percent of the average turnover generated over the last three business years (Article 60 TCA). Failure to notify OFCOM although legally required (Article 96 OTS) may result in a criminal fine not ex-ceeding CHF 5,000 (Article 53 OTS).

Provided By:
Roland Mathys, Schellenberg Wittmer and Clara-Ann Gordon, Niederer Kraft Frey