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Unauthorised institutions (negative list)

FINMA takes appropriate measures against companies or persons engaging in business activities that require a licence as specified in supervisory law. Potential measures taken can lead to the liquidation of the companies affected. It may, however, occur that FINMA is unable to carry out its investigations, and can therefore neither order measures to be taken nor enforce them because a company, for instance, conducts its business activities from abroad or the persons concerned have disappeared.

The list below published by FINMA includes companies and persons who seem – due to their activities in or from Switzerland, or based on the description of the companies' purpose entered in the commercial register – to conduct activities that are supervised by FINMA without holding the requisite licence. Inclusion in the list does not necessarily mean that the company is conducting illegal activities; however, investors should be made aware that the companies listed here are not in possession of a FINMA licence. The list contains the names of the companies and persons in question, the entry date and other information that may help to protect investors. Companies and persons will be removed from the list as soon as the necessary investigations have been completed and any changes that may be required have been made.