FINMA opened a consultation on 30 September on revisions to Circular 2017/6, Direct transmission. Responses are due by 27 November 2026. The draft follows Parliament’s 19 June adoption of changes to Article 42c of the Financial Market Supervision Act.[1]
Consultation scope
| Item | Details |
|---|---|
| Instrument | FINMA Circular 2017/6Source 1 |
| Subject | Direct transmission of information to foreign recipientsSource 1 |
| Proposed distinction | Supervisory-purpose transfers and transfers for other purposesSource 1 |
| Safeguards | Treatment of confidentiality and speciality requirementsSource 1 |
| Response deadline | 27 November 2026Source 1 |
Purpose and recipient remain central
For a cross-border financial group, a data request may come from a foreign supervisor, an overseas affiliate or another recipient. Those requests should not be treated as identical merely because they involve the same dataset. The proposed guidance concerns the legal basis and conditions for direct transmission, including how purpose and safeguards are assessed.[1]
The proposal does not create a general permission to export all client information. A firm still needs to identify the recipient, the requested use and any other applicable constraints. An operational process that captures those facts can make a decision reviewable without assuming that a consultation draft has already settled it.[1]
On 27 October the consultation remains open. Firms can use the draft to assess their existing procedures and submit comments, while distinguishing proposed interpretation from the final circular and its eventual commencement. Parliamentary adoption of an amendment and a regulator’s consultation are separate steps in that process.[1]
Sources & further reading
- FINMA consultation on partial revision of Direct Transmission Circular 2017/6 FINMA · 30 Sep 2026 · Accessed 27 Oct 2026