Switzerland: Federal Council opened consultation on amendment to Financial Institutions Act, including data protection regulation

On 22 October 2025, the Federal Council opened a consultation on the amendment to the Financial Institutions Act, including data protection regulation, until 6 February 2026. The amendment sets out rules for fulfilling information and reporting obligations to the Swiss Financial Market Supervisory Authority (FINMA). It requires correspondence to be conducted electronically through a FINMA-provided platform for all authorised, recognised, admitted, or registered entities, as well as audit firms. It also specifies that FINMA would ensure data authenticity and integrity and may require submissions in structured formats. The amendment empowers FINMA to regulate the format, modalities, and data standards for electronic submissions.