Switzerland's Federal Supreme Court has held that a Swiss bank is prohibited from sharing with the U.S. the names of financial advisers who aided U.S. residents in setting up undisclosed Swiss bank accounts. In the decision released on October 5, the court explained that the U.S. lacks an adequate level of data protection within the meaning of the Swiss Data Protection Act.
The decision concerned an unnamed Ticino-based bank that planned to provide information to the IRS and the U.S. Departm…