With the expansion of the global HNWI population and the increased use of trusts, Switzerland’s lawmakers acknowledged the relevance of the trust industry within the Swiss private wealth sector, laying out a series of regulatory developments.
The major innovations have been brought about by:
i. a new regulation concerning portfolio managers and trustees, whose activities from 2020 are subject to a licensing process by the Swiss Financial Markets Supervisory Authority (FINMA). The licensing process is coming towards the end of its three years transitional period in January 2023;
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