The Oversight Authority, its bodies, its personnel and third parties engaged by the Oversight Authority are responsible under the Government Liability Act of 14 March 19581with the reservation of paragraph 2.
The Oversight Authority is liable only if:
it has violated essential official duties; and
the loss or damage is not attributable to the breach of duty by an auditor, an audit expert or an audit firm.
The mandated audit company in accordance with Article 24 paragraph 1 letter a of the FINMASA2and Article 118i CISA3is responsible under the provisions of the Stock Company Law (Articles 752-760 CO4).5
Inserted by No I of the FA of 20 June 2014 (Bundling of Audit Oversight) (AS 2014 4073;BBl 2013 6857). Amended by Annex No 1 of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53;BBl 2020 6885). ↩
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