Here you will find the requirements for financial institutions which are now subject to supervision by FINMA and the changes in status for directly subordinated financial intermediaries (DSFIs) and distributors (information on the FinIa, information on the FinSA). As many of the definitive implementing provisions are not available at present, the information on this web page will be updated periodically.
The FinSA contains code of conduct provisions with which financial service providers must comply vis-à-vis their clients. It also makes provision for prospectus duties and requires an easily understandable key information document for financial instruments. With the introduction of FinSA, FINMA will also approve the registration body which manages the register of advisers, as defined in FinSA, and the reviewing body for prospectuses.
The introduction of FinIA will see independent managers of individual client portfolios (“portfolio managers”, "PMs”), trustees and some trade assayers, as defined in the Precious Metals Control Act (PMCA), become subject to supervision. Moreover, managers of the assets of occupational pension schemes, who were previously supervised by the Occupational Pension Supervisory Commission (OPSC), will now be subject to supervision by FINMA.
FINMA authorises these financial institutions and is responsible for enforcement. Ongoing supervision of PMs, trustees and trade assayers will be performed by one or more supervisory organisations (SO) authorised and supervised by FINMA. In the context of supervising these institutions, the SO will also take on responsibility for supervising compliance with AMLA rules, a responsibility which previously rested with the self-regulatory organisations (SROs) as defined in the Anti-Money Laundering Act.
The Federal Council will determine when these two pieces of legislation enter into force. The FinSA will enter into force at the same time as FinIA. According to the Federal Department of Finance FDF, both laws are expected to come into force with the implementing ordinances on 1 January 2020.
Detailed information about the authorisation process will be published here in due course.