FINMA: Con­sul­ta­ti­on on the total revi­si­on of the Data Ordi­nan­ce-FIN­MA (until 10.5.22)

On March 9, FINMA ope­ned the con­sul­ta­ti­on on the total revi­si­on of the Data Ordi­nan­ce-FIN­MA (Com­mu­ni­ca­ti­on). The hea­ring will last until May 10, 2022:

• Draft
• Expl­ana­to­ry report

The aim of the total revi­si­on is to imple­ment the revDSG in its data ordi­nan­ce. The basis is Art. 23 FINMASA, which has been revi­sed in the cour­se of the revDSG:

1 FINMA may pro­cess or arran­ge for the pro­ce­s­sing of per­so­nal data, inclu­ding per­so­nal data requi­ring spe­cial pro­tec­tion, within the scope of super­vi­si­on under this Act and the finan­cial mar­ket acts.

2 It may do so in par­ti­cu­lar for the pur­po­se of:

a. the exami­na­ti­on of the super­vi­sed persons;

b. super­vi­si­on;

c. the con­duct of a proceeding;

d. the assess­ment of the gua­ran­tee of irre­proacha­ble busi­ness activity;

e. the assess­ment of the con­duct of a per­son in an acti­vi­ty for a super­vi­sed per­son or in the finan­cial mar­ket; or

f. natio­nal and inter­na­tio­nal admi­ni­stra­ti­ve and legal assistance.

3 For data pro­ce­s­sing for the pur­po­se refer­red to in para­graph 2 let­ter e, it shall be aut­ho­ri­zed to car­ry out pro­fil­ing, inclu­ding high-risk pro­fil­ing, in accordance with the Data Pro­tec­tion Act of 25 Sep­tem­ber 2020.

4 It shall regu­la­te the details.

A (not par­ti­cu­lar­ly meaningful) com­pa­ri­son of the cur­rent and the revi­sed ver­si­on is find here.