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Case Review: FINMA confirms Bank Confidentiality with regard to Swiss Bank Branches
In its bulletin 3/2012 FINMA published in October 2012 a number of recent cases relating to bank regulatory matters. One of these cases related to outsourcing of IT services to the foreign head office of a Swiss bank branch. FINMA confirmed that bank and professional confidentiality obligations under Article 47 Banking Law and Article 43 Stock Exchange Law also apply in respect of the relationship between Swiss bank branch and its foreign head office. The Swiss bank branch is obliged to ensure that the technical maintenance of the IT system is made in accordance with the confidentiality obligations even after a change of the IT security head (FINMA Bulletin 3/2012, p. 106 et seq.).