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Benedicte Gravrand, Opalesque Geneva: - The Swiss Financial Market Supervisory Authority FINMA announced on 27th March that it is in the process of fully revising Circular 08/38 on "Market conduct rules" (until 13 May 2013), subsequent to the revision of the Stock Exchange Act and the Stock Exchange Ordinance. The latter allows FINMA to take action against all persons who use insider information or engage in market manipulation. Before that, the Swiss regulators could only enforce market conduct rules against supervised market participants, so this revision could show a Switzerland that is moving closer to international standards.

According to the statement, the revision of the Stock Exchange Act and the Stock Exchange Ordinance (scheduled to come into force on 1 May 2013) with respect to market offences and market abuse provides, for the first time at supervisory law level, specific statutory provisions that prohibits all natural persons and legal entities from engaging in insider trading and market manipulation.

FINMA’s Chair Anne Héritier Lachat noted the challenges posed by the current economic environment represented an additional challenge for financial market supervision, and that FINMA is seeking to adapt its activities to reflect the change......................

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