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
Switzerland’s financial regulator FINMA opened a consultation on September 30, 2026, on a partial revision of its Circular 2017/6, “Direct transmission.” The proposed update is intended to reflect Parliament’s June amendments to Article 42c of the Financial Market Supervision Act, including a clearer distinction between transfers for supervisory purposes and transfers for other purposes. The consultation closes November 27, 2026.
Switzerland’s Financial Market Supervisory Authority FINMA opened a consultation on September 30, 2026, on a partial revision of Circular 2017/6, “Direct transmission,” to reflect Parliament’s amendments to the law governing when supervised institutions may send information directly. The consultation is scheduled to close on November 27, 2026.
The circular sets out FINMA’s practice concerning direct transmissions and is based primarily on Article 42c of the Financial Market Supervision Act (FINMASA). Parliament amended that article on June 19, 2026. FINMA says the proposed partial revision is intended essentially to account for those legislative changes in its circular.
A central change to Article 42c is a clearer separation between paragraphs 1 and 3, with paragraph 3 formerly numbered paragraph 2. The distinction concerns transmissions made for financial market supervisory purposes and transmissions made for other purposes. The law applies different conditions to those two categories, according to FINMA’s announcement.
The amended article also introduces a general legal presumption for supervised institutions: when information is transmitted for financial market supervisory purposes, confidentiality and purpose-limitation requirements are, in principle, deemed to have been met. FINMA identifies greater legal certainty for supervised institutions as an aim of the legislative changes. The consultation concerns the corresponding partial changes to the circular; the announcement does not set out a final revised text.
How the New Legal Distinction Applies
The changes matter to supervised financial institutions that transmit information directly, because the legal conditions depend on the purpose of a transfer. A more explicit division between supervisory and other purposes may help institutions identify which rules apply before sharing information, while giving FINMA a circular that reflects the amended law.
The new presumption addresses confidentiality and purpose limitation for supervisory-purpose transmissions. It could reduce uncertainty about how those requirements are treated in that category, but the source describes the presumption as applying “in principle.” It should not be read as removing every condition on direct transmission or as establishing the treatment of transfers made for other purposes. Those transfers remain subject to their distinct legal conditions.
The consultation gives affected parties an opportunity to comment before FINMA finalises its revision. Its practical importance will depend in part on the detail of the draft circular and how FINMA responds to feedback; the announcement does not state what changes, if any, will be made after consultation.
As an affiliate, we earn on qualifying purchases.
Parliament’s June Amendment to Article 42c
FINMA Circular 2017/6, titled “Direct transmission,” describes the regulator’s practice under Article 42c FINMASA. That statutory provision concerns direct information transfers by supervised institutions. The regulator says its existing circular is based primarily on the article.
On June 19, 2026, Parliament amended Article 42c. Among the changes was a clearer distinction between its first and third paragraphs; the third paragraph had previously been numbered paragraph 2. The amendment also added the legal presumption concerning confidentiality and purpose limitation for data sent for financial market supervisory purposes. FINMA’s September consultation is the next step in aligning its circular with that revised statutory framework.
The announcement describes the planned circular revision as partial and says it is essentially to take account of the overarching legislative amendments. It does not characterize the consultation as a new amendment to the statute: Parliament has already amended Article 42c, while FINMA is consulting on how its own circular should reflect the change.
“The purpose of this partial revision of Circular 2017/6 “Direct transmission” is essentially to take account of the overarching legislative amendments.”
— FINMA
Draft Rules and Practical Effects Await Review
FINMA’s announcement does not provide the full proposed circular text, detail how each provision would change, or describe any feedback already received. It is therefore unclear which operational guidance the draft will add beyond reflecting the statutory amendments, and whether consultation responses will lead to revisions.
The announcement also does not specify how the presumption will be applied in particular cases, or set out the conditions governing transfers made for purposes other than financial market supervision. The presumption is described as applying “in principle,” so its precise reach should not be overstated based on the announcement alone. No final circular or implementation date is given in the source material.
Consultation Closes on November 27
FINMA’s consultation is open through November 27, 2026. The regulator’s announcement establishes that deadline but does not give a timetable for reviewing responses, publishing a final circular, or bringing the revised guidance into force.
After the consultation, the next developments to watch are publication of FINMA’s response to feedback and the final version of Circular 2017/6. Until those details are available, institutions and other readers can confirm the legislative changes described by FINMA, but should not treat the proposed circular’s final wording or implementation arrangements as settled.
Key Questions
What has FINMA announced?
FINMA opened a consultation on September 30, 2026, on a partial revision of Circular 2017/6, “Direct transmission.” The proposed revision is intended to reflect Parliament’s amendments to Article 42c FINMASA.
When does the consultation close?
The consultation is scheduled to close on November 27, 2026. FINMA’s announcement does not give a later date for publication of a final circular.
What changed in Article 42c FINMASA?
Parliament amended Article 42c on June 19, 2026. FINMA says the changes clarify the distinction between transmissions for financial market supervisory purposes and those for other purposes, which are subject to different conditions. The amended article also creates a general legal presumption concerning confidentiality and purpose limitation for supervisory-purpose transmissions.
Does the new presumption apply to every direct transmission?
No. FINMA describes it as applying, in principle, to data transmissions for financial market supervisory purposes. The announcement says different conditions apply to transmissions for other purposes and does not provide a full account of those conditions.
Has FINMA issued the final revised circular?
No final version is identified in the announcement. FINMA has launched a consultation on a partial revision; the proposed text, feedback process and final implementation date are not specified in the supplied source material.
Source: primary
Fall Picks
fall essentials
As an affiliate, we earn on qualifying purchases.
