Inadmissibility in Criminal Proceedings
of Evidence Produced to FINMA

In a significant decision dated 21 July 2025 (7B_45/2022), the Swiss Federal Supreme Court clarified that evidence tailored for and submitted to FINMA based on regulatory cooperation duties, and without FINMA having informed the affected individuals or legal entities of their right against self-incrimination, is inadmissible in subsequent criminal proceedings against these individuals/entities.

Key takeaways are:

• Nemo tenetur prevails over the duty to cooperate with FINMA whenever the cooperation might expose the respondent to prosecution.
• FINMA must proactively notify individuals and legal entities of their privilege against self-incrimination.
• Evidence produced to FINMA without such notification cannot be relied upon by law enforcement authorities.
• The decision extends nemo tenetur protection to both individuals and legal entities.