Following requests coming from various interest groups of the Swiss trust sector, FINMA recently released clarifications with respect to the information to be submitted by operators as part of the application for a trustee licence.
The application form made available on FINMA’s platform required to provide details on trusts under management by the applicant. Specifically, the form included a section that should have stated the name, domiciliation and asset under management of each individual trust.
STEP and SATC reached out to FINMA in order to clarify the scope of the information to be provided and FINMA reassured the interest groups that individual names are not required and that the trust’s jurisdiction will suffice in order to determine its domicile. Value of the trust assets will also be reported on an aggregated basis (per jurisdiction).
“This is particularly meaningful for the operators, as it clarifies the position of the Swiss authorities, which up to now have deemed unnecessary to set-up a trust register in order to carry out their supervisory duties, thus remarking the importance of the right to confidentiality in Switzerland.” Says Barbara Demergazzi, Compliance expert in Capital Trustees.