On January 1st, 2020 the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) apply in Switzerland. The FinSA provides for a staged code of conduct for financial service providers in line with the protection requirements of customers and contains a comprehensive revision of prospectus law. The FinIA introduces cross-sector, risk-based supervision of financial institutions. Financial service providers not supervised under previous law will become subject to authorisation. This applies in particular to asset managers and trustees. The two laws aim to strengthen customer protection and create a regulatory “level playing field”, thus contributing to the system security and competitiveness of the financial market. FinSA&FinIA put Swiss financial market regulation on a new footing. We provide you with an overview of the most important contents and developments.
Financial Services Act
What quality standards do employees of financial service providers have to meet, what duties of conduct apply to which customer group, who has to be entered in the advisor register, what is the purpose of the ombudsman and by when must the FinSA be implemented? Find out more here - and also about other questions about FinSA.
Who is subject to the FinIA, what are the most important general licensing requirements for financial institutions, how is the supervisory system structured and by when must the FinIA be implemented? Find out more here - and also about other questions about the FinIA.
FinSA&FinIA oblige FINMA to issue a number of implementing provisions regarding mainly technical issues. According to a FINMA press release dated 7 February 2020, existing FINMA ordinances and circulars are going to be amended and three circulars will be abolished. In addition, a new Financial Institutions Ordinance-FINMA will be created (FinIO-FINMA). In particular, the FinIO-FINMA […]
According to art. 31 FinSA, the registers of advisors to which client advisors of certain domestic and foreign financial service providers must sign up are maintained and managed by registration bodies. These registration bodies require FINMA approval. To become approved, the registration bodies must demonstrate their independence and good standing and must guarantee irreproachable business […]