Order to disclose UBS tax clients to US was unlawful
Markets authority was unable to rely on Swiss law to force UBS to disclose clients details to US
The Swiss federal court has ruled that an order for UBS to disclose client
information to US authorities was unlawful.
The order, issued by the Financial Market Supervisory Authority (FINMA),
should have been referred to the federal Council for approval, reported
Neither the Swiss Banking Act or right of constitutional necessity could be
applied, the court found.
FINMA said it was entitled to make the disclosure under Swiss banking law. It
will now consider whether to launch an appeal to the Federal Supreme Court.