Portfolio managers and trustees

FINMA guidance for portfolio managers and trustees: important next steps

At the end of the year the transitional period for licensing portfolio managers and trustees will come to an end. Institutions that prepare their application now and submit it to a supervisory organisation by 30 June 2022 are prepared for the end of the transitional period. The Swiss Financial Market Supervisory Authority FINMA is setting out the most important milestones in the process for obtaining a licence as a portfolio manager or trustee in new guidance.

FINMA is today publishing guidance to show portfolio managers and trustees the necessary steps in the licensing process, set out the corresponding timetable and provide recommendations for fulfilling the duties in accordance with the FinIA.

FINMA strongly recommends that all institutions submit their complete licence application to a supervisory organisation (SO) by 30 June 2022. This is to allow an adequate amount of time for the affiliation process. The confirmation of affiliation to an SO is an important milestone before a licence application can be submitted to FINMA.

Since 1 January 2020 portfolio managers and trustees must be licensed by FINMA and supervised by an SO. For existing portfolio managers and trustees, a transitional period applies until 31 December 2022, by which date FINMA must have received a licence application. It is the responsibility of the institutions concerned to meet the applicable deadlines. The transitional period can only be extended in exceptional circumstances.

FINMA Guidance 01/2022

Timetable for the licensing process for portfolfio managers and trustees

Updated: 04.05.2022 Size: 0.22  MB
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