New laws to regulate financial intermediaries in Switzerland

Wind is blowing in our financial authorities in Switzerland. The new laws FinSA and FinIA regulating the financial intermediaries should be in force for 2019/2020.

The changes will mainly affect the independent asset managers and trustees. This will bring us to obtaining a license, creation of register, experience and minimum training requirement.

On the operating side, the internal control must be extended to more compliance process. Among those, the fact for example that each transaction decision will have to be duly justified and documented; the asset allocation will have to be appropriate and sustainable, not only on the portfolio scope but also on the scope of the global wealth of the client.

This is the opportunity for FINMA to focus on macroeconomy (bank, insurance, gaming). The financial intermediary will see their accreditation expire at the time of law change.

This is the opportunity for your company to take a step ahead. The transition should not be delay in our opinion, mainly for the reasons below :

- Reduce your annual contribution by 60%;

- Reduce audit costs due to reduction of reporting requirements;

- Choose a regulator adapted to your needs and activity;

- More proximity with your regulator;

- Retroactivity of the transitional period from your last audit period.


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