A licence from the supervisory authority for portfolio managers and trustees is a seal of quality. Those financial institutions that view the licensing requirement as an opportunity to improve their organisational structures and to meet the requirements of the FinSA and the FinIA are able to provide proof that they are acting in accordance with the high standards of quality expected by the legislator and FINMA.
The Financial Institutions Act (FinIA) took effect on 1 January 2020. It sets out the authorisation conditions for portfolio managers and trustees. Important information about the FinIA for portfolio managers and trustees is provided here in the form of questions and answers.
The FinSA and the FinIA have brought with them a new regime for portfolio managers and trustees. In 2020 FINMA has provided information about the diverse industry and about its preparations for the entry into force of the FinSA and the FinIA.
Based on its initial experiences, FINMA set out its expectations and where it sees challenges. It explained its risk-based licensing approach and the concept of high-risk business models.