Release from supervision for directly subordinated financial intermediaries

There can be many reasons for ending the supervision of a directly subordinated financial intermediary (DSFI). DSFIs report the reasons for the ending of supervision to FINMA which, having checked thoroughly that the relevant requirements have been met, orders the licence to be relinquished.

Under Article 14 para. 2 AMLA, DSFIs can relinquish their licence at any time.

Non-licensed DSFIs

DSFIs may no longer require a licence if they:

Self-declaration

If a DSFI wants to relinquish their licence, they must notify FINMA about the reason for doing so. The DSFI reports cessation of the activities which were subject to supervision under AMLA in the form of a self-declaration. If necessary, an AMLA audit firm may be asked to confirm that the DSFI has in fact ceased the relevant activities. If a DSFI decides to join an SRO, the DSFI must provide confirmation of their membership to FINMA.

In this context, DSFIs should note that supervisory fees apply pro rata for any period in which the DSFI is licensed. DSFIs should use the data collection form for supervisory fees to inform FINMA about the gross amount for the previous year and the number of remaining AMLA business relationships as at the end of the year before the licence was relinquished.

Liquidations and mergers

Supervision also ceases if a DSFI is liquidated or merges with another organisation and is consequently removed from the Commercial Register.

FINMA examines the DSFI's status to ensure that the requirements for relinquishing a licence are met and issues a ruling accordingly.
Selbstdeklaration

Updated: 27.01.2016 Size: 0,02  MB
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