On 15 June 2018, the Federal Assembly passed the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). The referendum deadline expired unused on 4 October 2018. Independent asset managers and trustees must now be approved by FINMA, which also has the appropriate enforcement powers. Supervisory organisations approved by FINMA are responsible for the ongoing supervision.

The public hearing on the Federal Council’s Financial Services Ordinance (FinSO), the Financial Institutions Ordinance (FinIO) and the Supervisory Organisation Ordinance (SOO) was opened on 24 October 2018 and runs until 6 February 2019. The two federal laws and their ordinances are expected to enter into force on 1 January 2020. Independent asset managers and trustees must register with FINMA by 1 July 2020 and meet the legal requirements as well as submit a licence application within three years.

The organisations involved in SO-FIT are currently working on their consultation responses. At the same time, the development of the supervisory organisation is being promoted.

We will keep you up to date.