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End of preparatory works for FinIA and FinSA

The Federal Financial Market Supervisory Authority (FINMA) has conferred upon the Swiss Supervisory Limited Company AOOS the authorization as a fifth supervisory organisations (SO), also recognizing it as a self-regulatory organization (SRO) under the Anti Money Laundering Act (AMLA). The set-up phase involving the institutional prerequisites for the implementation of the Law on Financial Institutions (FinIA) and the Law on Financial Services (FinSA) is therefore concluded given that there are no other pending applications for OS’ authorisations.

According to the new regulations that came into force on January 1 2020, asset managers and trustees must apply for an authorization from FINMA by the end of 2022, proving that they are affiliated with an OS. Up to the granting of the authorisation, they can keep operating provided they are also affiliated with a self-regulatory body. Market intermediaries starting their activities in 2020 are required to notify FINMA immediately; by 6 July 2021 at the latest, they must also join an OV and have submitted an application for authorization.

SOURCE: www.finma.ch