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Swiss watchdog bans former bank CEO over insider trading

The Swiss financial sector accounted for roughly 10% of gross domestic product (GDP) in 2018. (© Keystone / Gaetan Bally)

The Swiss Financial Market Supervisory Authority (FINMA) has banned the former chief executive officer of a Swiss bank from financial activities over a “serious case of insider trading”.

FINMA also ordered the confiscation of CHF730,000 ($752,000) of “unlawfully generated profits” from the ex-CEO, whom FINMA did not name.

The long-term bans were imposed to prevent the person acting in a management capacity for four years and trading in securities for six years, it said in a statement published on Fridayexternal link.

“During his time in office as an executive board member or as CEO he had executed transactions through deposit accounts held in his wife’s name at other banks and thus violated the bank’s internal directives,” FINMA said.

Investigations and enforcement proceedings concluded that the person concerned had “repeatedly and systematically violated supervisory law”, it added.

The ruling is still subject to appeal.

FINMA is Switzerland’s independent financial-markets regulator. Its mandate is to supervise banks, insurance companies, financial institutions, collective investment schemes, and their asset managers and fund management companies. It also regulates distributors and insurance intermediaries.

Full story here
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