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FINMA Circular 2013/8

Swiss Financial Market Supervisory Authority (FINMA) supervisory practices for combating insider trading and market manipulation.

Rule Overview

Jurisdiction: Switzerland

Regulator: FINMA

Topic: Market Abuse, Supervision

FINMA Circular 2013/8, Market Conduct Rules
Overview
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  • Defines insider trading and market manipulation and explains the types of conduct that FINMA considers impermissible under Swiss supervisory law.
  • Provides examples of prohibited market conduct, including the misuse of non-public price-sensitive information and trading practices that may create false or misleading signals about the supply, demand, or price of a security.
  • Clarifies the scope of the rules, which apply to market participants dealing in securities admitted to trading on Swiss trading venues and, in certain cases, to conduct involving primary market transactions, foreign securities, or other markets.
  • Requires supervised institutions to maintain controls designed to prevent and detect market abuse, including information barriers, monitoring of employee trading, watch and restricted lists, documentation and recordkeeping procedures, and surveillance arrangements for trading activities.
  • Establishes organizational and compliance expectations to help firms identify suspicious activity, investigate potential misconduct, and demonstrate proper business conduct to FINMA.

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