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FINMA’s Enforcement in Court
Journal
Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht
ISSN
1018-7987
Type
journal article
Date Issued
2019
Author(s)
Zulauf, Urs
Abstract
This article presents an empirical and qualitative analysis of the judicial review of the Swiss Financial Markets Supervisory Authority’s (FINMA) enforcement of financial market laws by the Federal Administrative Court and the Federal Supreme Court. It is part of a broader research project on global enforcement against financial institutions and their managers and employees. Based on an overview of FINMA’s enforcement, the appeal rate against FINMA decisions and the success rate of such complaints is discussed. In addition, the article analyses key areas in which the courts have supported or set limits to FINMA practices. Statements on the right to a fair trial and the scope of FINMA’s discretion are the object of a special analysis. In an overall assessment, the authors come to the conclusion that, despite FINMA’s relatively high success rate in court, there is an effective judicial control over its enforcement.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
SEPS - Global Democratic Governance
Refereed
No
Publisher
Schulthess
Volume
19
Number
2
Start page
99
End page
113
Subject(s)
Division(s)
Eprints ID
257222