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Switzerland’s financial regulator FINMA opened a consultation on a partial revision of Circular 2017/6, “Direct transmission,” on 30 September 2026. The draft takes account of Parliament’s June amendment to Article 42c FINMASA, which distinguishes transfers for supervisory purposes from transfers for other purposes and introduces a presumption concerning confidentiality and purpose limitation. The consultation runs until 27 November 2026.
FINMA opened a consultation on 30 September 2026 on a partial revision of its Circular 2017/6, “Direct transmission,” after Parliament amended the legal provision governing such transfers. The proposed update is intended to align the circular with the revised Article 42c of the Financial Market Supervision Act (FINMASA); interested parties can comment until 27 November 2026.
FINMA’s circular sets out the regulator’s practice on direct transmission, based primarily on Article 42c FINMASA. Parliament amended that article on 19 June 2026. FINMA says the partial revision is essentially intended to take account of those legislative changes.
A key change in the amended law is a clearer distinction between paragraph 1 and paragraph 3, which was previously paragraph 2. The distinction separates direct transfers made for financial market supervisory purposes from transfers made for other purposes, because different conditions apply to each category.
The amended Article 42c also adds a general legal presumption for supervised institutions: where data is transmitted for financial market supervisory purposes, the requirements of confidentiality and purpose limitation are, in principle, deemed to have been met. FINMA says the changes are intended to improve legal certainty for supervised institutions.
How the New Transfer Distinction Applies
The consultation concerns how supervised institutions handle direct transfers of data under the revised statutory framework. By distinguishing transfers for regulatory supervision from transfers for other purposes, the law sets out that the applicable conditions depend on the reason for the transmission. That distinction may guide institutions as they assess whether a transfer falls within the supervisory category.
The new presumption addresses two safeguards: confidentiality and purpose limitation. FINMA describes the presumption as applying in principle to data transmissions made for financial market supervisory purposes. It is part of the amendment Parliament adopted, rather than a claim that every transfer is automatically permitted. The circular revision will explain how FINMA’s existing guidance is to reflect the amended law.
For institutions subject to FINMA supervision, the proposed alignment matters because it concerns the regulator’s stated practice under Article 42c. The consultation also gives interested parties a chance to comment on the draft before FINMA finalizes its revised circular.
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From June Amendment to Consultation
Circular 2017/6 is FINMA’s guidance on “Direct transmission.” According to the regulator, its practice under the circular is based primarily on Article 42c FINMASA. Parliament amended that provision on 19 June 2026, including clarifying the separation between the rules for transfers serving financial market supervisory purposes and those serving other purposes.
FINMA launched the circular consultation on 30 September 2026, just over three months after the parliamentary amendment. The stated purpose is to reflect the changes to the overarching legislation in the circular. The consultation is scheduled to remain open for just under two months, ending on 27 November 2026.
“The purpose of this partial revision of Circular 2017/6 “Direct transmission” is essentially to take account of the overarching legislative amendments.”
— FINMA
Draft Details Await Consultation
The source announcement does not set out the full draft circular or explain the detailed wording FINMA proposes to change. It also does not describe the submission process, identify specific consultation questions, or say when the revised circular will be published or take effect. Those points cannot be confirmed from the announcement alone.
The consultation remains open through 27 November 2026, so the final text and any changes made after feedback are not yet established. The legal presumption is described as applying “in principle”; the announcement does not detail how FINMA would address particular cases or the conditions for transfers made for purposes other than financial market supervision.
Comments Due by 27 November
Interested parties have until 27 November 2026 to respond to FINMA’s consultation. The regulator has not stated in the announcement when it expects to publish a final version of Circular 2017/6 or when the revised guidance would take effect. The next confirmed milestone is the consultation deadline; subsequent publication and implementation dates remain unspecified.
Key Questions
What did FINMA announce?
FINMA opened a consultation on a partial revision of Circular 2017/6, “Direct transmission,” on 30 September 2026.
Why is FINMA revising the circular?
The revision is intended to take account of Parliament’s 19 June 2026 amendment to Article 42c FINMASA, on which FINMA primarily bases its practice for direct transmission.
What does the amended Article 42c change?
It draws a clearer distinction between direct transfers for financial market supervisory purposes and transfers for other purposes, which are subject to different conditions. It also introduces a general legal presumption concerning confidentiality and purpose limitation for supervisory-purpose data transmissions.
When does the consultation close?
The consultation is scheduled to run until 27 November 2026.
When will the revised circular take effect?
FINMA’s announcement does not give a publication or effective date for the final revised circular.
Source: primary
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