TL;DR
Get smart everyday buys delivered free — and shop member deals
- Fast, free delivery on millions of items
- Access to Prime Big Deal Days deals on October 6–7
- Prime Video, Amazon Music and more included
On 30 September 2026, FINMA launched a consultation on the partially revised Circular 2017/6 on direct transmission of supervisory information, running until 27 November 2026. The revision aligns the circular with Parliament’s 19 June 2026 amendment of Article 42c FINMASA, which clarifies the distinction between supervisory and non-supervisory data transfers and introduces a legal presumption of confidentiality compliance.
The Swiss Financial Market Supervisory Authority (FINMA) launched a consultation on 30 September 2026 on the partially revised Circular 2017/6 “Direct transmission”, which governs how supervisory information is passed directly between authorities. The consultation runs until 27 November 2026. The revision brings FINMA’s administrative practice into line with the amended Article 42c of the Financial Market Supervision Act (FINMASA), which Parliament changed on 19 June 2026.
Circular 2017/6 “Direct transmission” sets out FINMA’s practice for the direct transmission of information between supervised institutions and supervisory authorities, based primarily on Article 42c FINMASA. Because Parliament amended that article on 19 June 2026, FINMA stated that the circular must be revised so its practice reflects the new legal framework. According to FINMA, the purpose of the partial revision is essentially to take account of these overarching legislative amendments.
A key element of the amended Article 42c is a clearer distinction between paragraph 1 and paragraph 3 (formerly paragraph 2). According to FINMA, this amendment draws a sharper line between direct transfers made for financial market supervisory purposes and those made for other purposes, since different conditions apply to each category.
In addition, the revised Article 42c paragraph 2 FINMASA introduces a general legal presumption for supervised institutions: where data is transmitted for financial market supervisory purposes, the requirements of confidentiality and purpose limitation are, in principle, deemed to have been met. FINMA stated that these changes are intended to enhance legal certainty for supervised institutions.
Impact on Banks and Insurers Sharing Data
The revision matters for every supervised institution — banks, insurers, securities firms and other FINMA-licensed entities — that receives foreign or domestic supervisory requests for client information. The new legal presumption in Article 42c paragraph 2 means institutions can, in principle, treat supervisory-purpose data transmissions as compliant with confidentiality and purpose-limitation requirements, reducing legal uncertainty when responding to such requests.
The clearer separation between supervisory and non-supervisory transfers also has practical consequences: institutions will need to be able to identify which category a request falls into, because different conditions apply to each. For compliance departments, the revised circular is the document that will translate the statutory language into day-to-day supervisory practice, making the consultation text a reference point for internal policies on data transmission.
Top picks for "finma launch consultation"
As an affiliate, we earn on qualifying purchases.
From Statute Change to Circular Update
FINMA issues circulars to communicate how it applies financial market law in supervisory practice. Circular 2017/6 “Direct transmission”, in force since 2017, is grounded principally in Article 42c FINMASA, which regulates the transmission of information subject to professional or statutory secrecy directly to foreign supervisory authorities.
On 19 June 2026, Parliament amended Article 42c FINMASA. The amendment restructured the provision — including renumbering the former paragraph 2 as paragraph 3 — introduced the legal presumption for supervisory-purpose transmissions, and sharpened the divide between transfers for financial market supervision and transfers for other purposes. When the underlying statute changes, FINMA’s circulars must be adapted so that administrative practice matches the law; this consultation is that adaptation step for Circular 2017/6.
“On 30 September 2026, the Swiss Financial Market Supervisory Authority FINMA launched the consultation on the partially revised Circular 2017/6 ‘Direct transmission’.”
— FINMA
Open Questions in the Draft Circular
The consultation documents do not detail every practical consequence of the new legal presumption, such as how institutions should document their assessment of whether a transmission serves supervisory purposes. It is also not yet clear from the announcement whether FINMA will adjust other sections of the circular beyond what is required by the amended statute, or what transitional arrangements will apply before the revised circular takes effect. FINMA has described the revision as “partial”, indicating sections not affected by the legislative changes will remain unchanged, but the final wording will depend on the consultation responses received.
Consultation Deadline and Implementation
Interested parties may submit comments on the draft until 27 November 2026. After the consultation closes, FINMA will evaluate the responses, decide on any adjustments to the draft, and publish the final revised circular. FINMA has not yet announced a publication or entry-into-force date for the revised Circular 2017/6; supervised institutions should monitor FINMA’s publications for the definitive text and any guidance on implementation timing.
Key Questions
What is Circular 2017/6 “Direct transmission”?
It is a FINMA circular that sets out the supervisor’s practice for the direct transmission of information protected by professional or statutory secrecy, based primarily on Article 42c FINMASA.
Why is FINMA revising the circular now?
Parliament amended Article 42c FINMASA on 19 June 2026. FINMA is revising the circular so its supervisory practice reflects the amended legal basis.
How long is the consultation open?
The consultation opened on 30 September 2026 and runs until 27 November 2026.
What does the new legal presumption mean for supervised institutions?
Under Article 42c paragraph 2 FINMASA as amended, data transmissions for financial market supervisory purposes are, in principle, presumed to meet confidentiality and purpose-limitation requirements. According to FINMA, this is intended to enhance legal certainty for supervised institutions.
When will the revised circular take effect?
No date has been announced. FINMA will first evaluate the consultation responses and then publish the final version; the entry-into-force date remains open.
Source: primary
Fall Picks
fall essentials
As an affiliate, we earn on qualifying purchases.
