Recently The Swiss Financial Market Supervisory Authority FINMA introduced a new regulation act under which is implementing the Financial Services Act FinSA and the Financial Institutions Act FinIA. Additionally, it is also issuing a new FINMA Financial Institutions Ordinance. They are supposed to enter into force on 1 January 2021.
Switzerland is one of the hardest hit countries by the novel COVID-19. Being a popular tourist destination, the state was hugely exposed to this contagion through visitors from all over the world. Whether the government did a plausible job to protect its economy or not, is not so hard to see if you look closely.
With these few lines, we request your precious time to remind you of the main legislative changes that await us from January 2020 moving forward.
Banks are part of Swiss culture since 16th century, therefore there is no surprise that the Swiss banking system is one of the biggest strengths of the country. The Swiss banking system is different than other European banking systems because it is based on the universal banking concept. This concept refers to offering all the banking services both commercial and investment. This is so that the risk to be spread over a greater number of business and customers.