As of 24 June 2020 the FINSA client advisor registry and ombudsman have been licensed. To get a certificate of knowledge and know-how, the FINSA Client Advisor Test is the only recognised online certificate that shows sufficient proof for it.
The changes introduced by the new regulatory framework for the Swiss financial markets impact trade assayers. They will be supervised by new institutions and will need to introduce organisational measures, and some will need to apply for authorisation with FINMA. This paper gives an overview on how trade assayers are embedded in the new regulatory framework and how to cope with the upcoming duties.
Under the Financial Services Act (FinSA), client advisors must know the FinSA Code of Conduct and display the ability to perform competently. To ensure that this is the case, PwC has devised a test that has become the new benchmark for financial service providers.
The financial services industry will see some new regulations and requirements in 2020. For the first time, investment advisors will have to be entered in a client advisor register. They will also be required to affiliate themselves with an ombudsman. These and other changes are coming with the Swiss Financial Services Act.
The rules and provisions under the new Swiss Financial Institutions Act (FinIA) will have an impact on proprietary traders in securities as participants to trading venues. Entities that have so far not been subject to regulation will need to become licenced as investment firms.
This brochure has been made available by PwC Legal to give you an overview of the main issues and of the initial effects, with the intention of helping you get an overall view of the ways in which the Swiss financial market is regulated and of the next steps to be expected.
On 12 June 2018, the National Council resolved the last differences on the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). Thus, the FinSA and the FinIA are ready for the final votes, which will take place on Friday, 15 June 2018.
On 29 May 2018, the National Council passed its resolution on the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). Shortly thereafter, on 4 June 2018, the Council of States discussed about FinSA and FinIA and resolved the following differences:
On Tuesday 29 May 2018, the National Council discussed again about the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). After the resolution of the National Council a few differences remain to the text approved by the Council of State.