The Swiss Federal Financial Services Act (FinSA) and the Swiss Federal Financial Institutions Act (FinIA) came into force on January 1st, 2020, introducing an entirely new framework of conduct rules for Swiss financial intermediaries.
The changes introduced by FinSA/FinIA involve client categories, client advisors, and authorization and representation requirements.
One completely new requirement is the obligation for client advisors to be entered into a Swiss register of client advisors before they offer financial services to clients domiciled in Switzerland.
This obligation, in accordance with article 28 of FinSA, applies to:
- client advisors of domestic financial service providers that are not supervised under article 3 of FINMASA;
- client advisors of foreign financial service providers (subject to some exemptions, see below)
Under CISA, Swiss distributors were licensed by FINMA. As of January 1st, 2020, the distribution license no longer exists and Swiss distributors are no longer supervised under article 3 of FINMASA (art. 28 FinSA). Therefore, they are subject to the requirement to register as client advisors.
The following categories of client advisors are not subject to the obligation:
- client advisors of a Swiss financial services provider that is supervised under article 3 of FINMASA (art. 28 FinSA)
- client advisors of a foreign financial services provider that is subject to prudential supervision provided that they only provide their services to professional or institutional clients in Switzerland (art. 31 FinSO)
How Oligo helps you
Oligo will take care of advising its clients about whether they need to register their client advisors. If it is the case, we will take care of gathering and filing all necessary documents, managing the whole registration on the client’s behalf.