FINMA’s Enforcement in Court

Item Type Journal paper

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.

Authors Zulauf, Urs & Gava, Roy
Projects Gava, Prof. Dr. Roy (2018) Global Enforcement against the Financial Industry [fundamental research project]
Journal or Publication Title Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht
Language English
Subjects social sciences
political science
HSG Classification contribution to scientific community
HSG Profile Area SEPS - Global Democratic Governance
Refereed No
Date 2019
Publisher Schulthess
Volume 19
Number 2
Page Range 99-113
ISSN 1018-7987
Depositing User Prof. Dr. Roy Gava
Date Deposited 26 Jun 2019 10:07
Last Modified 26 Jun 2019 10:07


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Zulauf, Urs & Gava, Roy (2019) FINMA’s Enforcement in Court. Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht, 19 (2). 99-113. ISSN 1018-7987

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