By Elena Logutenkova, Joseph Heaven and Klaus Wille
Switzerland’s financial markets regulator broke the law when it ordered UBS AG to give data on 255 of the bank’s clients to the U.S. last year, a court ruled.
The Swiss Financial Market Supervisory Authority, known as Finma, exceeded its authority when it told the bank Feb. 18 to deliver the information to the U.S., the Federal Administrative Court in Bern ruled today. The case is separate from a larger agreement made in August to turn over data on as many as 4,450 UBS accounts.
Continue reading Swiss Regulator Broke Law on UBS Client Disclosure