TL;DR
Get business pricing on office and shipping supplies
- Business-only prices and quantity discounts
- Tax-exempt purchasing
- Multiple users, one account, clear invoices
FINMA opened a consultation on 30 September 2026 for a partial revision of Circular 2017/6, “Direct transmission.” The proposal reflects Parliament’s 19 June amendment to Article 42c FINMASA, which distinguishes transfers for financial market supervisory purposes from transfers for other purposes and introduces a presumption concerning confidentiality and purpose limitation for supervisory transfers. The consultation closes on 27 November 2026.
Switzerland’s Financial Market Supervisory Authority FINMA opened a consultation on 30 September 2026 on a partial revision of its Circular 2017/6, “Direct transmission.” The proposed changes would align the circular with Parliament’s amendment of Article 42c of the Financial Market Supervision Act (FINMASA), which separates rules for data transfers made for financial market supervisory purposes from those for other purposes. The consultation is open until 27 November 2026.
FINMA said its practice in Circular 2017/6 is based primarily on Article 42c FINMASA. Parliament amended that article on 19 June 2026. The authority’s stated purpose in partially revising the circular is essentially to take account of those legislative changes. The announcement does not set out the full proposed circular text or enumerate all provisions that would change.
A key legislative change is a clearer distinction between paragraphs 1 and 3 of Article 42c, with paragraph 3 previously numbered paragraph 2. The revised structure distinguishes direct transfers made for financial market supervisory purposes from transfers made for other purposes. FINMA says different conditions apply to those two categories, making the distinction relevant to how supervised institutions assess a proposed transmission.
The amended article also introduces a general legal presumption for supervised institutions: for data transmissions serving financial market supervisory purposes, confidentiality and purpose limitation are, in principle, deemed to have been met. FINMA says the amendments are intended to enhance legal certainty. The authority has not described the presumption as unconditional; its announcement identifies it as applying in principle and within the supervisory-purpose category.
Clearer Rules for Data Transfers
The revision matters to institutions supervised by FINMA because direct transmission of information can involve different legal conditions depending on why the data is being sent. The amended Article 42c makes that purpose distinction more explicit, and FINMA is now consulting on how its circular should reflect the revised law. Institutions and other affected readers can comment before the consultation closes.
The new presumption may also affect how supervised institutions approach confidentiality and purpose limitation when sending data for financial market supervisory purposes. FINMA describes the change as one intended to enhance legal certainty. The announcement does not quantify operational effects or say how frequently institutions will rely on the presumption. The practical impact will depend on the final circular and on the circumstances of individual transmissions.
For parties handling information for purposes outside financial market supervision, the distinction is also significant: FINMA says different conditions apply to those transfers. The announcement does not detail those conditions. Readers therefore should not treat the presumption described for supervisory-purpose transfers as a general rule for every direct transmission.
Top picks for "finma launch consultation"
As an affiliate, we earn on qualifying purchases.
The Law Behind the Circular
Circular 2017/6 is FINMA’s guidance on “Direct transmission.” The authority says its practice under the circular is based primarily on Article 42c FINMASA, the legal provision amended by Parliament in June 2026. The current consultation is a partial revision, described by FINMA as a response to those overarching legislative amendments.
The sequence is clear from FINMA’s announcement: Parliament amended Article 42c on 19 June 2026; FINMA opened the circular consultation on 30 September 2026; and comments are due by 27 November 2026. The announcement does not characterize this as a replacement of the whole circular, nor does it provide a publication date for a final revised version.
“The purpose of this partial revision of Circular 2017/6 “Direct transmission” is essentially to take account of the overarching legislative amendments.”
— FINMA
Proposal Details Still Pending
FINMA’s announcement summarizes the legal changes but does not provide the full draft circular, a detailed list of proposed wording changes, or examples showing how the revised provisions would apply to particular transfers. It also does not identify the institutions or other parties that have submitted comments, since the consultation has only just opened.
The precise operational effect of the presumption remains unclear from the announcement. FINMA says confidentiality and purpose limitation are in principle deemed to have been met for data transmissions made for financial market supervisory purposes, but the notice does not explain how edge cases will be treated or how the conditions for transfers made for other purposes will be reflected in the revised circular. Those details may be addressed in the consultation materials or subsequent FINMA communications.
Comments Due in November
The consultation remains open through 27 November 2026. FINMA has invited comments on the partial revision; its announcement does not state when it expects to publish a response or issue a final circular. After the consultation period, the authority’s next public step will be to communicate how it handles the proposed revision, though a specific timetable has not been given.
Until FINMA publishes further details, supervised institutions and other interested parties can review the consultation proposal and consider how the statutory distinction between supervisory-purpose transfers and transfers for other purposes affects their operations. The final wording, implementation timing and any transitional arrangements are not specified in the announcement.
Key Questions
What has FINMA announced?
FINMA opened a consultation on 30 September 2026 for a partial revision of Circular 2017/6, “Direct transmission,” to reflect Parliament’s amendment to Article 42c FINMASA.
When does the consultation close?
The consultation runs until 27 November 2026, according to FINMA’s announcement.
What changed in Article 42c FINMASA?
Parliament clarified the distinction between provisions covering transfers for financial market supervisory purposes and transfers for other purposes. The amended article also introduces a general presumption that confidentiality and purpose limitation are, in principle, met for data transmissions serving financial market supervisory purposes.
Does the presumption apply to every data transfer?
FINMA’s description ties the presumption to data transmissions for financial market supervisory purposes. The authority says different conditions apply to transfers made for other purposes.
When will the revised circular take effect?
FINMA’s announcement does not give a date for a final circular or its implementation. It says the consultation closes on 27 November 2026; further timing has not been specified.
Source: primary
Fall Picks
fall essentials
As an affiliate, we earn on qualifying purchases.
