The Swiss Financial Market Supervisory Authority revealed that as of today only 180 out of around 2,400 portfolio managers and trustees have submitted a licence application required by the Financial Institutions Act (FinIA), which entered into force in January 2020.
The deadline for submitting the application is 31 December 2022 but, before portfolio managers and trustees can submit a licence application to FINMA, they must obtain the confirmation of a supervisory organisation (SO) for a possible affiliation.
This step in the process should also be taken into account in the time planning as the SOs are set to be confronted with a high number of applications in 2022. If large quantities of applications are submitted simultaneously, this will naturally slow down the processing of each individual case; FINMA therefore recommends the portfolio managers and trustees concerned to submit their applications as soon as possible to their SO in order to avoid operative slowdowns.
SOURCE: www.finma.ch