It is a resounding defeat for the Swiss Financial Market Supervisory Authority (Finma): In a judgment dated June 16, 2026 (B-5862/2024, published July 1), the Federal Administrative Court in St. Gallen set aside all substantive orders of an enforcement ruling issued on June 21, 2024.
The identity of the prevailing bank emerges from the operative part of the judgment, including the rubrum, which was publicly displayed at the court for 30 days and which finews inspected at the seat of the Federal Administrative Court.
Bank Wanted to Remain Anonymous
In the proceedings, the bank had requested that all identifying details – including its status as appellant in the case – be fully anonymized. The court rejected this for the public display of the rubrum because no substantiated reasons had been put forward, pointing to the principle of the public pronouncement of judgments.
This makes it clear: Finma's opposing party is VP Bank (Switzerland), headquartered in Zurich, a subsidiary of Liechtenstein's SIX-listed VP Bank in Vaduz. Contacted by finews, the media office of VP Bank in Vaduz confirms that the institution took part in the proceedings as appellant.
