News

05 June 2015
News

Guidelines on protocol requirements: FINMA lifts recognition limit

The Swiss Financial Market Supervisory Authority FINMA has lifted the limitation on the recognition of the Swiss Bankers Association’s “Guidelines on the duty to keep documentary records according to Section 24(3) of the Federal Act on Collective Investment Schemes (CISA)”. The guidelines will be examined in detail as soon as the Financial Services Act (FSA) project is at a stage to allow this.

In November 2013, FINMA’s Board of Directors recognised the “Guidelines on the duty to keep documentary records according to Section 24(3) of the Federal Act on Collective Investment Schemes (CISA)” as a supervisory minimum standard. Their recognition was limited to a maximum period of two years in order to review the appropriateness of the protocol requirements adopted in the SBA guidelines in the context of the provisions set out in the FSA.

As the FSA project has still to be concluded, FINMA has lifted the time limitation that applied to the recognition of the SBA guidelines. The content of the SBA guidelines will therefore remain in force unchanged also after 31 December 2015. The guidelines will undergo an in-depth review as soon as the advancement of the FSA project allows this.