Regulator encouraged to appeal in UBS data case

The government says it is up to the financial regulator to decide whether to appeal a court ruling against the transfer of UBS bank data to the United States last year.

This content was published on January 13, 2010 minutes

President Doris Leuthard said the cabinet would welcome a legal clarification of the move by the regulator, the Financial and Market Supervisory Authority (Finma).

Finma handed over confidential data of 285 UBS bank accounts to the US investigating cases of suspected tax evasion.

“A ruling would certainly help to resolve open questions,” Leuthard told a news conference on Wednesday.

She rejected allegations that the government last February shirked its duty by handing over responsibility for the decision to Finma.

Leuthard added the government did not want to invoke emergency laws to interfere, and the cabinet acted in the interest of a major bank and of the Swiss economy.

The regulator agreed.

Last week the Federal Administrative Court said the transfer of the documents was illegal and Finma abused its powers.

Urs Geiser,

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