Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages

FINMA issuing regulation implementing FinSA and FinIA

The Financial Market Supervisory Authority (FINMA) recently held a consultation with the aim to issue regulation implementing the Financial Services Act FinSA and the Financial Institutions Act FinIA. The consultation’s outcome is the following:

  • FINMA will make adjustments to the existing ordinances and circulars;
  • It will issue a new Financial Institutions Ordinance;
  • It will repeal three circulars that are no longer needed.

These provisions are expected to come into force on January 1 2021.

In particular, the new Financial Institutions Ordinance (FMIO-FINMA) will regulate the details of professional indemnity insurance for portfolio managers, trustees and managers of collective assets.

Lastly, FINMA has also acknowledged the heightened money-laundering risks in the cryptocurrency sector, and therefore decided to lower the client identification threshold values for exchange transactions in cryptocurrencies from CHF 5,000 to CHF 1,000.

SOURCE: www.finma.ch