Internal Transfer of Confidential Information within a Banking Group against the Backdrop of Swiss Banking and Business Secrecy

The restrictions imposed by the rules of Swiss banking secrecy and business secrecy generally apply to relations between banks that are part of the same group of affiliated entities. However, pursuant to article 4quinquies of the Swiss Banking Act as well as the general principles of corporate law as they pertain to affiliates, the parent's duty to supervise its subsidiaries on a consolidated basis may justify an extensive internal transfer of confidential information within the group.