Swiss court ruled UBS client information disclosure illegal

On January 8, 2010, the Federal Administrative Court of Switzerland ruled that the Swiss Financial Market Supervisory Authority (FINMA) violated the law in February 2009 when it ordered UBS to disclose information to the US on more than 250 of the bank's clients. FINMA issued the order after the US Department of Justice (DOJ) accused UBS of assisting Americans in hiding accounts from the Internal Revenue Service (IRS). The court stated that FINMA lacked the authority to authorize the release of information, and that the issue should have been addressed by the Federal Council. The Federal Council later approved a treaty allowing the disclosure of client information.

Swiss flag

Learn more about legal issues surrounding UBS from the JURIST news archive.


About This Day at Law

This Day at Law is JURIST's platform for legal history, highlighting interseting and important developments that shaped the law and the world.

© Copyright JURIST Legal News and Research Services, Inc., 2013.