FinSA Q&A from UBS Business Solutions AG ("UBS") is a set of Q&As developed by UBS' regulatory team for internal use at UBS. You can purchase FinSA Q&A, which is the complete set of questions, or purchase smaller sections of the complete Q&A. FinSA Q&A is being sold exclusively on PartnerVine.

The complete set of FinSA Q&A consists of 634 questions. In this user guide, we list the questions in the complete set so you can see what is available.

You can link to the section you are interested in by clicking on the table of contents below. The list of questions begins after the table of contents. You can see each topic sold separately by UBS by clicking on the topic header in the list of questions.

The questions in UBS' FinSA Q&A are as follows:

1. Scope

1.1. General

What is the purpose of the FinSA?

What is the subject matter of the FinSA?

What is the purpose of the distinction between Point of Sale and Point of Product?

What is the relationship between the FinSA and the FinIA?

1.2. Scope - Personal scope

Who is in scope of the FinSA?

Who qualifies as a financial service provider under the FinSA?

Would a financial service provider from Luxembourg be in scope, when giving advice to a client domiciled in Luxembourg but currently sojourning in Switzerland?

Is the financial service provider with a sales person/trader located in Switzerland servicing an Australian domiciled client, contracted with the Swiss bank’s Australia Branch, in scope of the FinSA?

Who qualifies as a client advisor according to the FinSA?

Who qualifies as producer and provider of financial instruments according to the FinSA?

Are group companies providing “internal” financial services in scope of the FinSA?

Are trustees considered to be financial service providers under the FinSA?

Which financial institutions are out of scope of the FinSA?

Who is considered a client under the FinSA?

Is a prospect considered a client for purposes of the FinSA?

1.3. Scope - Material Scope

Which financial instruments are in scope of the FinSA?

Are sales of restricted stock certificates in scope of the FinSA?

Which instruments/products are out of scope of the FinSA (do not qualify as financial instruments)?

Do fiduciary deposits qualify as financial instruments under the FinSA?

Which loans are considered financial instruments under the FinSA?

Are loans entirely out of scope?

If a credit granted to a client for corporate purposes (“Betriebsfinanzierung”) is simultaneously hedged, would that bring the loan into scope of the FinSA?

Does a Swap mortgage constitute a financial instrument under the FinSA?

In art. 95(4)(a) FinSA the term "securities" and in art. 95(4)(b) FinSA the term "financial instruments" is used. What is the legal difference between these two terms?

Do tokens qualify as financial instruments according to the FinSA?

How to delimitate the concepts of financial service, offer and advertisement?

What is advertising?

What is an offer?

Can an offer also be a financial service under the FinSA and what are the consequences thereof?

What is a public offer?

Does the display of product information of securities (subject to the prospectus duty) on an electronic platform constitute a (public) offer?

Which duties under the FinSA are associated with the public offering or admission to trading of securities?

How does the FinSA apply regarding offering of financial instruments to retail clients?

How does the FinSA apply regarding advertising of financial instruments?

Which financial services are in scope of the FinSA?

Which activities/services are out of scope of the FinSA?

Do securities lending and borrowing/repos transactions (SLB/Repos) activities fall under the definition of financial service under the FinSA?

Can it be assumed that in-house both, against internal and external counterparties, is out of scope?

Is the mailing of lists showing financial instruments to external asset managers located outside or inside of Switzerland a financial service under the FinSA?

Does the provision of introductory services by a Swiss banking group to its clients regarding potential target companies qualify as a financial service under the FinSA?

1.4. Scope - Territorial Scope

What is the territorial scope of the FinSA?

Which financial service providers fall under the territorial scope of the FinSA?

Is a Swiss branch of a foreign bank in scope of the FinSA?

Can an entity come into scope of the FinSA only based on the fact that it provides fiduciary deposit services to an entity which is in scope of the FinSA?

Could a foreign institution actively service proxy holders domiciled in Switzerland of a client domiciled outside Switzerland without the FinSA being triggered?

Is the concept of substitute compliance recognized under the FinSA?

What offering in Switzerland is in scope?

What offering outside of Switzerland is in scope?

Does offering of financial instruments on the reverse solicitation basis constitute an offer in the sense of the FinSA?

Is the concept of reverse solicitation recognized under the FinSA?

Does the reverse solicitation exception apply to all financial services?

What is the interpretation of art. 2(2)(b) FinSO which excludes from the scope of the FinSA any "financial services requested by clients by correspondence abroad"?

Does continuation of pre-existing advisory/discretionary service agreement with CH domiciled client not concluded at client’s exclusive initiative or rendered within a client relationship exclusively by client trigger application of the FinSA?

Could the offering of financial instruments such as collective investment schemes to a bank or external asset manager qualify as a financial service under the FinSA?

Are asset management services provided by a Swiss-based asset manager in relation to assets of a foreign (i.e., non-Swiss) client having a contractual relationship (investment management agreement) with an asset manager abroad (but not with the Swiss asset manager), on the basis of a delegation agreement between the foreign entity and the Swiss asset manager, in scope of the FinSA?

1.5. Special cases

Wholesale: Could the offering of financial instruments such as collective investment schemes to a bank or external asset manager qualify as a financial service under the FinSA?

Delegation: Are asset management services provided by a Swiss-based asset manager in relation to assets of a foreign (i.e., non-Swiss) client having a contractual relationship (investment management agreement) with an asset manager abroad (but not with the Swiss asset manager), on the basis of a delegation agreement between the foreign entity and the Swiss asset manager, in scope of the FinSA?

1.6. Scope - Insurance

Does an insurance company (regulated under the Insurance Supervision Act [ISA]) qualify as financial intermediary or as end-client according to art. 3(c)(1) FinSA?

Are other insurance companies (not regulated under the Insurance Supervision Act [ISA]) considered as financial intermediaries under FinSA?

Are occupational pension schemes or other BVG governed associations considered as financial intermediaries under FinSA?

What is an unit-linked (life) insurance product (ULIP)?

Why is the insurance component for the ULIP (unit-linked insurance product) so important?

Are life insurance products in scope of FinSA?

Is the client referral to an insurance broker or company without discussing or recommending a specific unit-linked insurance product (ULIP) considered a financial service according to art. 3(c)(4) FinSA?

Does the description of the features of the unit-linked insurance product (ULIP) with factual information qualify as financial service according to art. 3(c)(4) FinSA?

Is explaining the bank’s offering which pertains to the unit-linked life insurance product (ULIP) in addition to providing factual information considered a financial service according to art. 3(c)(3) FinSA?

Does the client advisor’s recommendation of a specific financial instrument, e.g. a collective investment scheme, as one of the investment options pertaining to the insurance product (personal investment advice) in addition to providing factual information constitute as financial service according to art. 3(c)(4) FinSA?

Does the management of the assets of the unit-linked insurance product (ULIP) on the policy holder’s sub account or the provision of personal investment advice to the policy holder regarding the assets constitute as financial service according art. 3(c)(3) or (4) FinSA?

2. Client Classification

2.1. General

Does the FinSA distinguish between different client segments as MiFID II does? 

what is the purpose of the client classification?

Which client segments does the FinSA know?

Who is responsible for the client classification and when does the transition period end?

Can financial service providers refrain from classifying their clients?

Are changes of the initial client classification possible (opt-in/opt-out)?

Is it possible to be classified differently for different banking relationships but with the same financial service provider?

Can collective investment schemes be classified in a one-size fits all approach?

2.2. Client Classification - MiFID II vs. FinSA

Is it possible to inherit the MiFID II classification of a client for the classification under FinSA?

Can MiFID II client classification forms also be used for the FinSA client classification?

How can a client be classified as a MiFID II elective professional?

Which criteria does the qualitative test under MiFID II encompass and can it be compared with the FinSA requirements?

Which criteria does the MiFID II quantitative test encompass and what does FinSA require as regards knowledge and experience (K&E)?

Can (1) be considered as comparable (see also whole table in question 2.2.3.)?

Are there cases where a bucket opt-up under MiFID II is equivalent to a FinSA opt-out?

Can (2) be considered as comparable (see also whole table in question 2.2.3.)?

Can (3) be considered as comparable (see also whole table in question 2.2.3.)?

Can (4) be considered as comparable (see also whole table in question 2.2.3.)?

Can (5) be considered as comparable (see also whole table in question 2.2.3.)?

What are eligible assets within the meaning of art. 5(2) FinSA?

In which case(s) can the MiFID status be inherited for the FinSA status?

Which clients are considered MiFID II per se professionals and can they be compared with FinSA professional clients?

Can (1) be considered as comparable (see also whole table in question 2.3.1.)?

Can (2) be considered as comparable (see also whole table in question 2.3.1.)?

Can (3) be considered as comparable (see also whole table in question 2.3.1.)?

What is understood by the term "company"?

Can (4) be considered as comparable (see also whole table in question 2.3.1.)?

Can (5) be considered as comparable (see also whole table in question 2.3.1.)?

Can (6) be considered as comparable (see also whole table in question 2.3.1.)?

In which case(s) can the MiFID II per se professional status be inherited for the FinSA professional status?

Which clients are considered MiFID II ECP and can they be compared with FinSA institutional clients?

Can (1) be considered as comparable (see also whole table in question 2.4.1.)?

Can (2) be considered as comparable (see also whole table in question 2.4.1.)?

Can (3) be considered as comparable (see also whole table in question 2.4.1.)?

Can (4) be considered as comparable (see also whole table in question 2.4.1.)?

Can (5) be considered as comparable (see also whole table in question 2.4.1.)?

Can (6) be considered as comparable (see also whole table in question 2.4.1.)?

Can (7) be considered as comparable (see also whole table in question 2.4.1.)?

Can (8) be considered as comparable (see also whole table in question 2.4.1.)?

In which case(s) can the MiFID II ECP status be inherited for the FinSA institutional status?

2.3. Client Classification - CISA vs. FinSA

What does the introduction of FinSA change with respect to the revCISA?

Does the revised CISA still have its own client classifications?

To which extent does FinSA client classification follow established practice under superseded CISA?

What is the general difference between the client classification under FinSA and CISA?

Is there an information duty to inform clients about the qualified investor (QI) status?

Is there a difference between the "prudential supervision" under FinSA and the "equivalent prudential supervision" under revCISA?

If a financial service provider is using the transition period to classify its clients according to FinSA (meaning that until implementation, there is no client opt-out declaration according to art. 5 FinSA available), do certain clients need to sell their qualified investor products?

Does a retail client under the FinSA have the option to be treated as a qualified investor (QI) under CISA?

What changed from the superseded CISA to the revCISA compared to the FinSA?

What is the regulatory background of opting-in or opting-out?

Do professional or institutional clients need to be informed about their status before any financial service is provided (contracts, execution only etc.)?

What needs to be communicated according to art. 5(7) FinSA?

Can a client influence his/her classification status?

Can MiFID II client classification forms also be used for the FinSA client classification?

2.4. Client Classification - Opt-in / Opt-out

Who can opt-out to a lower level of protection?

What are the regulatory requirements for a high-net worth retail client to opt-out?

How are “eligible assets” defined according to the FinSA/FinSO?

Do direct investments in real estate and claims from social insurance and occupational pension qualify as ‘eligible assets’?

When are assets held directly or indirectly?

How is the knowledge & experience (K&E) measured for client classification purposes?

Does the client have to provide evidence of the opting-out criteria?

In case of a private investment vehicle (PIV) who must meet the criteria for opting-out and who can execute the opting-out form?

Can professional clients opt-out to be treated as institutional clients?

Can Swiss and foreign collective investment schemes and their management companies opt-out to be treated as institutional clients?

Is there any difference in the obligations/treatment of "elective" professional clients to the "de iure" professional clients – as under MiFID II?

Does art. 5(1) FinSA only grant high-net worth individuals or also companies the right to opt-out?

Can professional clients declare to be treated as retail client?

Can an institutional client declare to be treated as professional client?

What are the general duties to inform clients on their opting-in and opting-out rights?

Is it allowed to inform the client about the possibility to opt-out?

Is there a duty to inform professional and institutional clients with respect to their opting-in rights?

Is K&E required by art. 5(2) FinSA to be interpreted in the same manner as K&E stipulated in the old CISA?

How does the establishment of K&E at point of client classification differ from the establishment of K&E at point of advice?

Can clients change their client classification based on K&E of a PoA holder?

Can the PoA holder sign the opting-out form for the client?

Is the opting-in declaration under art. 10(3bis) old CISA still valid?

If the bank is using the transition period to classify its clients according to the FinSA (meaning that until implementation there is no client's opt-out declaration), do certain clients need to sell their qualified investor products?

Do the qualified investors on mandate level need to be informed and by when must such information according to art. 6a CISO be provided?

Is it sufficient if only one joint account holder declares not to be treated as a qualified investor?

How can joint-account holders change their client classification?

How can it be avoided to have a civil law "spill over" effect from a client classification status?

Can a client be onboarded with different financial service providers of the same group (dual onboarding) and have two separate statuses?

Who needs to inform a dually on-boarded client (client onboarded with different affiliated financial service providers), if he/she is a professional with one and retail client with the other financial service provider?

Can a financial service provider send out client classification letters to professional or institutional client and therein state that if they do not react within 30 days or if they trade before that time, it will take this as their confirmation that their status is correct?

If a client decides to opt-in, does the financial service provider have to communicate his/her new status?

If a client decides to opt-out, does the financial service provider have to communicate his/her new status?

Is the information duty to notify a client about his/her status of a professional or institutional client a recurring one, respectively, does the bank need to notify regularly?

Would it be possible to notify via a pop-up in mobile banking?

Does the client need to be able to access his/her current status?

Does the financial service provider have to notify opted-out retail clients, opted-out legal entities and opted-in institutional clients about their status and the possibility to opt back in to retail, respectively opt back out to institutional?

Would it be possible for clients to classify themselves via E-Banking with e.g. triggering a request to the client advisor  for validation and approval?

If an institutional client wishes to be treated as a professional client according to art. 5(6) FinSA, does it have an impact on his/her handling of client orders?

What is the content of art. 20 FinSA?

Does the opt-out form need to include a place of jurisdiction?

Must the declarations be given in writing?

What are the legal consequences in case of initial lack of opting-out requirements?

What are the legal consequences in case of subsequent lack of requirements?

2.5. Client Classification – PIV

What is a PIV under the FinSA?

What is a trust?

What is a foundation ("Stiftung")?

What is an offshore-company?

Is the FinSA/FinIA applicable to PIVs?

How does the initial client classification of PIVs apply (use cases)?

If a PIV is classified as a retail client, is there a possibility to opt-out to be treated as a professional client?

Can a PIV with a professional treasury also be classified as a company with a professional treasury?

Can a PIV itself declare an opt-out in order to be considered as a professional client or does it have to be declared by the high-net-worth retail client behind the PIV (look through)?

2.6. Client Classification – Prof. Treasury

What does the term “professional treasury” mean under the FinSA?

Where does the term "professional treasury" derive from?

What major difference came with the introduction of the FinSA compared to the superseded CISA?

What are the core legal elements of a professional treasury?

Who is considered as a professionally qualified person?

What needs to be considered regarding liquid assets and non-operational assets/funds?

What is understood by "cash- and treasury management"?

Is it correct, that an operational entity is automatically also running a professional treasury?

Is the criteria fulfilled if the qualified person with experience is employed externally and is not working directly for the private investment vehicle (PIV)?

Is it necessary that the qualified person with experience is receiving a salary from the private investment vehicle (PIV)?

2.7. Client Classification - Use Cases

If a client has not been correctly classified initially under the FinSA, does the client need to declare an opt-out/opt-in to reach the correct classification?

Is a classification of group internal companies required?

A private investment vehicle (PIV) mandates a bank/EAM to manage its assets. Is the mandated person entrusted with the permanent cash and treasury management?

A private investment vehicle (PIV) executes a limited power of attorney in favor of a qualified and experienced individual (e.g., the settlor or a family member) to manage its assets. Is this person considered as a professional treasurer?

Is signing the opt-out form from retail to professional client related to the question if the client could be considered as a professional securities dealer? Does the opt-out declaration have any tax related effects?

Is an executor of a will allowed to sign the FinSA opt-out form (retail to professional client)?

3. IP, Suitability & Appropriateness

3.1. Suitability - General

How is suitability and appropriateness embedded in the FinSA?

What is suitability?

What is appropriateness?

Is the suitability assessment and appropriateness assessment under the FinSA the same as the one under MiFID II?

How can I determine whether I am providing personal investment advice (PIA) or not?

Why is it relevant if I am providing personal investment advice (PIA) or not?

What is the difference between a general recommendation and personal investment advice (“PIA”)?

Is providing advice on financial instruments to external asset managers considered as personal investment advice (PIA)?

What are my suitability/appropriateness duties if I am providing personal investment advice (PIA) to a retail client, a professional client or an institutional client?

Is it possible under the FinSA to contractually agree with clients that no personal investment advice (PIA) is being provided by the financial service provider?

How does the suitability assessment or appropriateness assessment have to be conducted in the case of joint or collective account holders?

How does the suitability assessment or appropriateness assessment have to be conducted if I am interacting with a power of attorney holder (PoA-holder)?

Do I need to conduct a suitability assessment or appropriateness assessment if I am merely executing a client’s transaction without providing any personal investment advice (execution-only / non- PIA)?

Do I need to conduct a suitability assessment or appropriateness assessment when providing portfolio management services to a client?

Do I need to conduct a suitability assessment or appropriateness assessment when providing a lombard loan to a client (art. 3(c)(5) FinSA)?

What do I need to do if the client refuses to provide me with all information in order to conduct a suitability assessment or appropriateness assessment?

What do I need to do if – based on the conducted suitability assessment or appropriateness assessment – I come to the conclusion that a financial instrument or financial service is not appropriate or suitable for the client?

Is the definition of personal investment advice (“PIA”) under the FinSA different than the definition of investment advice under MiFID II?

Is it possible under the FinSA to contractually agree with clients that no suitability assessment or appropriateness assessment shall be conducted?

Do I need to conduct a suitability assessment or appropriateness assessment when providing advice on financial instruments for hedging purposes (e.g. showing a client a potential hedging strategy with a total return swap)?

Would recommending a financial service such as e.g., portfolio management or investment advice trigger the duty to perform a suitability or appropriateness assessment?

3.2. IP, Suitability & Appropriateness - IP

What kind of information needs to be captured in an investor profile according to the FinSA?

Is it mandatory under the FinSA to establish an investor profile?

What kind of information needs to be obtained in the context of establishing the financial situation of the client?

What do I need to do if the client refuses to provide information on his financial situation?

How are the investment objectives of the client established in the IP?

Is it possible for an investor to select a risk strategy which is not in line with his loss capacity or investment horizon?

Is it permitted under the FinSA to establish the knowledge and experience without asking the client specific questions but rather relying on information gathered internally such as e.g. certain investment patterns?

Does the investor profile established for one portfolio apply to all other portfolios advised or managed by a financial service provider as well?

Is it mandatory under the FinSA to send an investor profile confirmation letter to the client?

Is it mandatory under the FinSA to send a new investor profile confirmation letter to the client if any of the initially established suitability parameters have changed?

Does the FinSA require a periodic review of the established investor profile?

Can the CA rely on the information provided by the client when filling out the investor profile or does this have to be verified?

Can a PoA-holder answer questions regarding the client’s K&E, investment purpose or investment horizon instead of the client?

Can an investor profile confirmation letter be sent to a PoA-holder instead of the client?

Is it sufficient to inform a PoA-holder about the fact that not sufficient information was provided in order to conduct a suitability or appropriateness assessment (art. 14(1) FinSA) or does this information have to be provided to the Client in any case?

Is it sufficient to provide an “advice against” to a PoA-holder or does this in any case have to be provided to the client?

3.3. IP, Suitability & Appropriateness - K&E

What is K&E?

How does the establishment of K&E at point of client classification differ from the establishment of K&E at point of advice?

How does K&E have to be assessed under the FinSA?

Do K&E as a whole package need to enable a client to understand the financial service or financial instrument or does the client need both, "K" as well as "E"?

What kind of information do I need to obtain from the client in order to be able to assess the client’s K&E?

Can a client adviser conclude, based on his own professional judgment or on certain investment patterns of the client, that the client has K&E?

In the context of transaction-based advice, is it possible to generally assume that the client does not have K&E and directly educate him on the financial instrument?

I have enquired whether the client has K&E (by asking the client specific questions) and I have come to the conclusion that the client does not have the required K&E, what do I need to do next?

What do I need to do if – after having educated a client with lack of K&E – the client still doesn’t understand the financial service or financial instrument?

Can a client be advised before the client adviser has ensured that the client understands the financial instrument, e.g. by providing a conditional investment proposal to the client?

Does the FinSA differentiate between complex / non-complex financial instruments in the context of suitability or appropriateness duties?

How do I need to treat clients who receive both, portfolio-based advice (PBA) as well as transaction-based advice (TBA), as regards their established K&E?

How do I need to treat clients who have various custody accounts (different master accounts) as regards their established K&E?

How do I need to establish K&E for corporate accounts?

How do I need to establish K&E for minor accounts?

How do I need to establish K&E for heirs to an estate?

3.4. Documentation of suitability assessment and appropriateness assessment

How do I need to document the information obtained from a client during my suitability assessment or appropriateness assessment?

Do I need to document an "advice against" a transaction only if the client wants to execute the transaction nevertheless or do I need to document such "advice against" in any case?

Does art. 15(2) FinSA apply to both, portfolio-based advice and transaction-based advice or is the wording of para. 2 an editorial oversight insofar as it should be read to only mean " portfolio-based advice "?

Art. 15(2) FinSA requires financial service providers to document the client’s needs and the reasons for each recommendation leading to the acquisition or disposal of a financial instrument. How shall this be documented?

Does the documentation duty under art.15(2) FinSA also apply when providing personal investment advice (PIA) to a prospect?

Does art. 15(2) FinSA require the financial service provider to document for each transaction that K&E is assumed for a professional client or is it enough if this is documented once (e.g. in the service agreement concluded with the client)?

Does art. 15(2) FinSA require that I document a hold recommendation?

If a financial instrument with a target market does not match with the client’s investor profile but there are good reasons for recommending it, am I required to document this even though the FinSA does not stipulate any target market requirements?

How shall I document the fact that I enquired K&E on the financial service with the client?

How shall I document sales activities which are to be considered as financial service in the sense of art. 3(c)(1) the FinSA?

According to art. 25(6) MiFID II, financial service providers have to provide a pre-trade suitability statement. Is this also required under the FinSA?

MiFID II requires financial service providers to record all telephone conversations in the context of the execution of a client transaction. Is this also required under the FinSA?

3.5. Advisory Services related to Pension Schemes

Are different legal provisions applicable for investment in the 2nd pillar compared to investments in the 3rd pillar?

4. Education of Client Advisors

What is the legal basis for the education of client advisors?

What is the legal definition of client advisors?

What is considered as "necessary competence" under the FinSA?

Is it possible to apply the concept of "Working under Supervision" under the FinSA?

Does the FinSA require continuous training of client advisors?

5. Registration of Client Advisors

What is the legal basis for the registration duty?

Does an exception of the registration duty exist?

Does art. 31 FinSA only refer to per-se professional clients or does it also include “opted-out” professional clients?

What are the requirements for registration?

What kind of information is entered in the register?

Are there any further reporting requirements client advisors have to observe?

Does a transition period for registration exist?

Who is the registration body?

6. Ombudsman

What is an ombudsman’s office and what is its purpose?

Do the FinSA and the FinIA distinguish between two different ombudsman’s offices?

Are all financial service providers/financial institutions obliged to affiliate with an ombudsman’s office?

Is there a deadline for the affiliation?

Who can initiate a proceeding with the ombudsman?

What legal claims can be asserted?

Is a financial service provider/financial institution obliged to participate at a mediation proceeding initiated by the client?

Does a proceeding at the ombudsman’s office exclude a civil action?

If no agreement could be reached between the parties within a mediation proceeding at the ombudsman’s office, can the client omit the Conciliation Authority (Schlichtungsbehörde)?

What other obligations does the FinSA impose on financial service providers/financial institutions in connection with the ombudsman?

Does the ombudsman have decision-making power?

Can a financial service provider/financial institution be excluded from an ombudsman’s office?

7. Documentation & Delivery of Documents

7.1. Documentation & DoD - Documentation 

Which legal provisions of the FinSA are applicable?

What has changed regarding the documentation duty with the enactment of the FinSA?

Are there differences with regard to the documentation duty for professional and/or institutional clients?

What needs to be documented under the FinSA?

In what form does the information need to be documented?

How to document the information obtained from a client as under art. 15(1)(a) FinSA?

How to document the "advice against" as under art. 15(1)(b) FinSA?

How to document clients' needs and the reason for recommendation as under art. 15(2) FinSA?

What is the definition of personal investment advice (PIA)?

How does personal investment advice (PIA) need to be documented?

The FinSA states that the documentation needs to be "appropriate" and the FinSO states that documents with respect to "provided financial services" must be delivered to the client – as a rule – within 10 working days (art. 18 FinSO). What does this mean?

For how long does the documentation need to be retained (retention period)?

7.2. Documentation & DoD – DoD

Which provisions of the FinSA are applicable?

What does the rendering of account under art. 16 FinSA encompass?

What shall be provided to the client under art. 72 FinSA?

Do documents produced before 1 January 2020 need to be delivered to the client?

What does not have to be provided to the client?

Does art. 72 FinSA provide a legal claim for provision of documents?

How can a client assert the right under art. 72 FinSA?

How is the time period of 30 calendar days (art. 73(2) FinSA) and 10 working days (art. 18 FinSO) calculated?

What is the difference between art. 16 and art. 72 FinSA?

What is the main difference between reporting obligation under the FinSA and MiFID II?

Can documents be provided ion a durable medium?

Are there limitations of the duty to provide documents?

Can the client's right of information be restricted?

How do art. 72 FinSA, art. 9 Federal Act on Data Protection (FADP) and art. 400 Code of Obligation (CO) regarding their limitations to the client’s right to information differentiate from each other?

How do art. 72 FinSA, art. 8 Federal Act on Data Protection (FADP) and art. 400 Code of Obligations (CO) differentiate from each other regarding the provision of documents?

7.3. Documentation & DoD use cases

A client or his/her lawyer requests the provision of all documents without any reference to a legal provision or legal act. How should such a request be handled?

A few months after a client requested the provision of documents under the Federal Data Protection Act (FADP)/Code of Obligations (CO) the same client requests now again the provision of all documents, but under the FinSA. What needs to be delivered to the client?

Must key information documents (Swiss KID) be delivered upon client’s request under the FinSA?

If the client does not indicate in the request how far back he/she wants the documents, can all documents of the last 10 years be delivered as a principle?

Must already delivered documents be provided again to the client in case of a general request for provision of documents under the FinSA?

If a client requests the same documents again under the FinSA, is the financial service provider allowed to ask for a compensation for that?

8. Information Duties & Communication

8.1. Info Duties & Communication – Info D 

How shall a financial service provider inform about the possibility to opt-in?

How does the financial service provider have to inform clients about the general risks of financial instruments?

How does the financial service provider have to inform clients about the specific risks of the recommended service?

How does the financial service provider have to comply with the cost information duty acc. to art. 8(2)(a) FinSA?

Does the FinSA require a pre-trade cost disclosure like under MiFID II?

Does the FinSA require the provision of a Distribution Fee Document (DFD) before each transaction for the purpose of cost disclosure?

Does the FinSA require an unbundling of costs like MiFID II does?

Does the FinSA require the separate disclosure of research costs?

Does the FinSA require the disclosure of mark-ups?

Does the FinSA require the disclosure of FX mark-ups?

How does a financial service provider have to provide the required information about itself as financial service provider?

How does a financial service provider have to inform about the possibility to initiate a proceeding before the Ombudsman?

How does a financial service provider have to inform about business affiliations with third parties?

How does a financial service provider have to inform about the market offer taken into account when selecting the financial instruments?

How does a financial service provider have to inform about the fact, that an appropriateness and suitability check is not performed in case of execution-only?

Does the FinSA require the provision of a key information document (KID) in case of a “sell” recommendation?

If a key information document (KID) does not need to be provided in case of a “sell” recommendation, are there any gaps with regard to the requested disclosure of costs and risks?

When rendering account, how should the term "namely" in art. 19(1)(d) FinSO be interpreted, i.e. does it require accountability on costs that have not been disclosed acc. to art. 8(2) FinSA?

8.2. Info Duties & Communication – Comm.

What is external communication?

What is required as regards (external) communication to clients?

How can the possibility of opting-in be communicated to clients?

How can the information regarding the ombudsman be communicated to clients?

How can the risk information be communicated to clients?

How can the cost information be communicated to clients?

How can business affiliations be communicated to clients?

How can the information on the market offering be communicated to clients?

How can the information about not performing appropriateness & suitability checks be communicated to clients?

What is meant by internal communication?

What is required as regards (internal) communication to client advisors?

9. Organization

9.1. Organization – Organizational Measures

How are the terms "appropriate organization" and "staff" defined in the FinSA?

What does an appropriate organization require?

What is required regarding skills, knowledge and experience of the staff?

What are the requirements of art. 23 FinSA – Involvement of 3rd parties?

Is there a difference between the outsourcing rules (according to the FINMA Outsourcing Circular 2018/3 and former art. 66 CISO-FINMA) and the outsourcing rules in art. 14 and 27 FinIA as well as art. 32 FinIO?

What are the differences of outsourcing rules under the FinIA and the FinSA?

What are the outsourcing rules under the FinIA?

What are the outsourcing rules under the FinSA?

What is the relation between the outsourcing rules in art. 14 FinIA i.c.w. art. 27 FinIO and art. 23 FinSA?

What are common use cases of art. 23 FinSA?

Is an issuer of financial instruments (e.g. structured products) involving an arranger or the arranger itself subject to art. 23 FinSA?

Is an issuer of financial instruments (e.g. structured products) involving a distributor or the distributor itself subject to art. 23 FinSA?

Is a fund provider or the distributor of collective investment schemes subject to art. 23 FinSA?

Is the involvement of third-party brokers subject to art. 23 FinSA?

What are the requirements of art. 24 - chain of providers?

Are there special considerations for PoA constellations?

Does art. 24 FinSA establish the obligation to identify whether or not a PoA is a FSP? If yes, does it establish the obligation to verify the client information and perform a due diligence?

What consequences does the regulatory law and civil law nature of art. 24 FinSA have?

Is art. 24 FinSA a so-called “Doppelnorm”?

9.2. Organization - Conflicts of Interest 

What are the duties of a financial service provider with regard to organizational precautions?

Which conflicts of interest need to be disclosed?

How are conflicts of interest to be disclosed?

What information needs to be provided in connection with retrocessions?

What are the general rules on inducements?

How are monetary benefits defined in the FinSA and is there a difference to MiFID II?

What are the FinSA rules related to conflicts of interest on research and how are they similar or different to MiFID II?

Do soft allocations (as opposed to hard cash payments) qualify as monetary benefits according to art. 26 FinSA?

Does art. 26 FinSA apply to finder fees which are paid to 3rd parties?

Does a referral that is paid from a 3rd party to a financial service provider (for referring a client to the 3rd party) qualify as a monetary benefit?

Would it be possible not to disclose the inducements in the year-end statement to EAM end-clients at all (on request, however, disclosure of all incoming and outgoing inducements would be possible)?

What is the definition of non-monetary benefits?

Are there further rules regarding remuneration under the FinSA?

What is the regulatory background for staff remuneration rules?

What is the employee scope of the remuneration rules and what are the requirements?

What is the material scope of art. 25 (e) FinSO?

Are the requirements regarding remuneration similar under MiFID II and under the FinSA?

Is it still possible under the FinSA to have bundled research and execution?

What is the meaning of the newly introduced art. 27(d) FinSO?

Is it correct that there is no requirement to track all non-monetary inducements and disclose them publicly on a website (similar to MiFID II)?

What are the requirements under insider dealing?

Is insider dealing in scope of art. 27 FinSA?

10. Prospectus

What is the relevance of prospectus duties under the new regulation?

What is the regulatory prospectus duty in case of a public offer of securities?

How is a "private placement" vs. a public offer regulated under the FinSA?

Does the offer have to take place in Switzerland (territorial scope)?

Who is obliged to publish a prospectus in case of a public offer?

What is the geographical scope of the prospectus duty in case of a public offer?

Are there any exemptions from the duty to publish a prospectus in case of a public offer?

What are exemptions from the duty to publish a prospectus based on type of securities?

What is the “Professional Clients Exemption” (art. 36(1)(a) FinSA)?

What are the requirements for the exemption to address an offer to fewer than 500 investors (art. 36(1)(b) FinSA)?

What are the requirements for the exemption of art. 36(c) to (e)?

Is it permissible for a retail client to acquire securities resp. to offer and sell to a retail client securities for which no prospectus is available?

What does “prospectus retail cascade” mean?

Does the duty to publish a prospectus also apply to secondary market transactions?

Are there any exemptions from the duty to publish a prospectus in case of secondary market transactions?

Is the cross-border selling of securities into Switzerland in scope of the prospectus duty?

Are prospectus produced under foreign law deemed sufficient/equivalent under the FinSA?

What is the regulatory prospectus duty in case of an admission of securities to a trading venue?

Are there any exemptions to the duty to publish a prospectus in case of admission to a trading venue?

Are financial service providers required to make a prospectus available at the point of sale?

What are the content requirements for the prospectus?

In what language must a prospectus be drafted?

Are there any exemptions from the content requirements?

What is the pricing supplement?

What is a summary prospectus?

What is a base prospectus?

What are the form and structure requirements for the prospectus?

Can the prospectus be published electronically?

What are the general duties for review, approval and publishing of the prospectus?

Which reviewing bodies are currently licensed by the FINMA?

What is the scope, procedure and timeline for the ex-ante prospectus approval?

Are there any exceptions from the ex-ante approval duty?

Will there be two review processes for the prospectus (the FinSA and exchange or trading venue rules)?

What is the duration of validity of the prospectus?

Must the prospectus be published?

How is the prospectus liability regulated under the FinSA?

Who is liable under the prospectus liability of the FinSA?

Which document/communication falls within the scope of the prospectus liability under the FinSA?

Is there a reversal of burden of proof for prospectus liability under the FinSA?

What transition periods apply to the prospectus duty?

Do collective investment schemes have to produce a prospectus under the FinSA?

What are the content requirements for prospectus for collective investment schemes under the FinSA?

Must the prospectus for collective investment schemes be submitted or approved by a reviewing body?

What is the relation between the prospectus provisions for collective investment schemes as per art. 48 et seq. FinSA and the general prospectus duties as per art. 35 et seq. FinSA?

Can the prospectus for Swiss collective investment schemes be drafted in English?

Must the prospectus of foreign collective investment schemes be translated into an official Swiss language?

Is a prospectus required for Swiss collective investment schemes targeting qualified investors?

Do the prospectus duties within the FinSA also apply to foreign collective investment schemes?

How does the new prospectus regulation under the FinSA deviate from the formerly applicable Swiss law?

11. Swiss KID

What is a key information document under the FinSA?

What financial instruments are in scope of the Swiss KID duties under the FinSA?

What financial instruments are not in scope of the Swiss KID duties under the FinSA?

Who is obliged to produce a Swiss KID?

What are the consequences of not complying with the duty to produce a Swiss KID?

Under what circumstances is a financial service provider required to make available a key information document to its client?

Does a Swiss KID have to be made available?

Is personal investment advice permitted to retail clients if a Swiss KID is missing?

Is there a duty to make available a Swiss KID for execution-only transactions?

Is there a duty to produce a Swiss KID for clients with a discretionary mandate?

How is the Swiss KID to be made available to a client by the financial service provider?

Does the financial service provider have an obligation to investigate whether a Swiss KID has already been produced?

Does the financial service provider need to obtain a confirmation from the client that the client has read the Swiss KID if it is made available electronically?

In the case of an execution-only transaction between absentees, may the Swiss KID, if available, be made available to the client at a later stage with the latter’s consent?

What are the consequences of not complying with the duty to make a Swiss KID available?

What information needs to be provided in the Swiss KID?

Will the content of the Swiss KID be reviewed?

In what language does the Swiss KID have to be made available?

What document(s) are equivalent to a key information document?

What are the main differences between a Swiss KID under the FinSA and a PRIIPs KID?

Does the FinSA stipulate a requirement for the manufacturer to include information on the holding period of a financial instrument in the Swiss KID?

Is a financial service provider under the FinSA permitted to deviate from a target market/target group or recommended holding period mentioned in a PRIIPs KID/Swiss KID at point of sale (offering)?

Is information in a key information document on the recommended holding period or – if provided – the type of retail client (“customer type”) under the FinSA relevant for personal investment advice rendered by a financial service provider to its retail client?

Who is liable for wrongful information provided in a key information document?

What documents may be produced instead of a Swiss KID during the 2 year transition period ending on 31 December 2021?

12. Client Orders 

What requirements are to be observed when handling client orders?

What does best execution mean?

Who is in scope of best execution under the FinSA?

What is the scope of best execution under the FinSA?

Is a spot transaction (with physical or cash settlement) in scope of FinSA best execution?

How does best execution under the FinSA apply to captive trades?

Do financial service providers owe best execution to institutional clients?

How does best execution under the FinSA deviate from the old Swiss law (art. 11 SESTA)?

What are the main differences between best execution under MiFID II and the FinSA?

Are agreed fixed price transactions in scope of best execution under the FinSA?

Does best execution under the FinSA apply based on a choice of law clause in favor of Swiss law?

What best execution factors are to be considered?

What criteria are relevant when selecting third parties (brokers)?

Does best execution under the FinSA require price fairness check for OTC products?

Do client’s instructions overrule best execution under the FinSA?

May clients give general instructions or only on a trade-by-trade basis?

Does the FinSA require financial service providers to establish a best execution policy?

What does rendering of account on best execution include?

May clients waive their right to best execution?

Does best execution under the FinSA require the disclosure of FX mark-ups?

Are there any FinSA BEX reporting requirements (e.g. Top 5 Venue Report)?

Must Financial service providers, which execute block trades pursuant to an instruction given by an external asset manager ensure compliance with the client order handling requirements under the FinSA?

What impact does BEX under the FinSA have on external asset manager’s investing in retrocession bearing products?

Can compensation from a third party interfere with the financial service provider’s BEX duty?

Is there a Non-Reliance Test (also known as Four-Fold Test) under the FinSA?

Could a Non-Reliance Test be applied to external asset managers as “authorized agents” although the end client (account holder) has a retail client status?

Contacting vs. contracting party: Can it be assumed that the signatories of professional clients also qualify as professional clients with regard to BEX duties?

If a PoA-holder acts for the account of a professional client, to whom may a Non-Reliance Test be applied?

Can a Legitimate Reliance Test (Four-Fold Test) be applied on retail clients or only on professional clients?

Under the Four-Fold Test, may the financial service provider still assume that the client acted on his/her own initiative to trade a financial instrument following an advice rendered at the initiative of the financial service provider?

Is it necessary to differentiate between “elective” and “per-se” MiFID professional clients regarding the Four-Fold Test?

For BEX purposes, in case of MiFID/FinSA classification discrepancies for external asset managers, which classification should be prioritized regarding Swiss external asset managers?

Under which conditions does the FinSA allow the use of clients’ financial instruments?

What are the conditions for the validity of a client’s consent for allowing the use of its financial instruments?

Does the FinSA allow to conduct short selling with financial instruments of retail clients?

To which extent does art. 19 FinSA reflect the requirements set out in the former FINMA Circular 2010/2?

13. FinIA

13.1. FinIA - General

What is the difference between the FinSA and the FinIA?

Which institutions/entities are regulated by the FinIA?

Which institutions/entities are not regulated by the FinIA?

What are the main changes compared to previous regulations?

When does a financial institution act on a commercial basis?

How has the Anti-Money Laundering Act (AMLA) supervisory landscape changed under the FinIA?

How is prudential supervision organized in relation to various financial institutions?

Does the FinIA affect existing prudentially supervised financial institutions (e.g. managers of collective assets, fund management companies, securities firms)?

Does the FinIA contain any grandfathering clauses, allowing e.g. existing portfolio managers to continue providing their services without having to obtain a new license from FINMA?

What is the authorization chain (Bewilligungskaskade)?

Can financial institutions still delegate tasks?

Does the FinIA set forth specific conflicts of interest disclosures for managers of collective assets and fund management companies?

Do financial institutions holding a license under the FinIA also need to affiliate with an ombudsman?

Does the FinIA foresee any criminal law provisions?

What are the changes in relation to audit procedures, specifically the regulatory audit cycle?

13.2. FinIA - License requirements 

Is it still possible as a natural person to obtain a FINMA license as portfolio manager or is this license only open to legal entities?

How does the license requirement impact the registration process at the commercial register?

Financial institutions are only subject to the license requirements under the FinIA if they provide their services "on a commercial basis". What are the circumstances for affirming the commercial nature of the business of a portfolio manager or trustee?

Are investment advisors subject to authorization under the FinIA?

A CH domiciled asset manager manages the assets of a foreign collective investment scheme (fund X). Fund X is only open to qualified investors and has assets in the amount of CHF 50 million. What kind of license does this asset manager need to apply for?

What kind of license do distributors of collective investment schemes need to apply for?

If a financial institution holds a banking license, can it provide asset management services for collective investment schemes or act as a fund management company without obtaining an additional license?

Do financial institutions holding a FINMA license as a bank and providing e.g. asset management services have to adhere to any additional requirements besides the ones stipulated in the Banking Act (BankA)?

What kind of license does an occupational pension scheme need to apply for, if any?

Is it possible to obtain an exemption confirmation/ruling from the FINMA with regard to the license requirements?

How are financial institutions required to proceed in the event of a change in the facts on which the authorization is based?

What are the implications of the entering into force of the FinIA for financial institutions which previously held a license under the Stock Exchange Act? ?

What are the implications of the entering into force of the FinIA for financial institutions which previously held a license as distributor under the CISA?

13.3. FinIA - Territorial Scope 

Are financial institutions domiciled outside of Switzerland but providing financial services to clients domiciled in Switzerland subject to the license requirements under the FinIA (e.g. a German portfolio manager servicing a Swiss client)?

Are there any duties under the FinSA for Swiss financial institutions which establish a subsidiary, branch or representation office outside of Switzerland?

Does a foreign trustee pro-actively providing its services to clients in Switzerland need to apply for a FinIA license or register in the Swiss register of advisors?

A fund management company domiciled in Luxemburg would like to establish a representative office in Switzerland. Is that possible?

Are factual branches or representative offices of foreign financial institutions regulated in the FinIA?

Is a foreign asset manager/family office with a factual branch in Switzerland (i.e. CEO’s office) in scope of the FinIA?

Does the delegation of tasks from one legal entity to another legal entity constitute the establishment of a branch office under art. 52 FinIA?

13.4. FinIA - Family Offices

Does a family office require a FINMA license under the FinIA and if so which one?

What are the characteristics of a single family office in comparison to a multi-family office?

Single family office: What are business ties which lead to an exemption from the license requirement under the FinIA?

Single family Office: What are family ties which lead to an exemption from the license requirement under the FinIA?

A CH portfolio manager manages the assets of Mr. Blunt, Mr. Blunt’s son as well as the assets of his old high school friend Mr. Morrison who is “like a brother”. Is the portfolio manager subject to license requirements under the FinIA?

A CH portfolio manager manages the assets of a CH family and foundation (not related to the family). The portfolio manager’s company is controlled by the brother’s wife. Is the portfolio manager subject to license requirements under the FinIA?

What kind of license do Private Trust Companies (PTC) need to apply for, if any?

Are multi-family offices exempt from FINMA authorization?

Do the license requirements of the FinIA apply to family offices domiciled abroad?

When are the assets managed by family offices considered collective investment schemes according to art. 7 CISA i.c.w. art. 5(2) CISO and what are the consequences?

13.5. FinIA - Transitional Periods 

Do financial institutions who already have a license need to obtain a new license?

Until when do existing financial institutions which were not subject to any license requirement under prior law have to submit their license application?

Can existing financial institutions who were not subject to any license requirement under prior law continue with their business?

Until when do portfolio managers and trustees who assume their activity after the coming into force of the FinIA (i.e. after 1 January 2020) have to comply with the FinIA obligations?

Are there any exceptions for financial institutions who were formerly directly supervised by the FINMA (DUFI [direkt unterstellte Finanzintermediäre])?

14. revCISA & other amended Laws

14.1. revCISA - Scope

Did the scope of financial products change from the oldCISA to the revCISA?

Which financial institutions are still regulated by the revCISA and which are newly regulated by the FinIA?

Are distributors still subject to license requirements?

14.2. revCISA - Distribution vs. Offer 

Is the concept of “distribution” under the oldCISA congruent to the concept of “offer” under the FinSA?

Are all obligations which were triggered by distribution under the oldCISA now also triggered by an offer under the FinSA?

Do the exceptions from distribution under the oldCISA also apply to the offer under the FinSA?

Are distribution agreements still required under the revCISA?

Do Swiss representatives still have to be a party in a distribution agreement?

Is Value Added Tax treatment of distribution fees affected by the new regime?

14.3. revCISA - Qualified Investor (QI)

What is the general difference between the client classification under the FinSA and the CISA?

What changed from the oldCISA to the revCISA compared to the FinSA?

Does a retail client under the FinSA have the option to be treated as a QI under the CISA?

Are QIs under art. 10(3bis) old CISA considered to be professional clients under art. 5 FinSA?

Is there a difference between the "prudential supervision" under the FinSA and "equivalent prudential supervision" under the revCISA?

If the bank uses the transition period to classify its clients under the FinSA (no opt-out declaration under art. 5 FinSA until implementation), will clients which opted-in under the CISA, loose their QI-status and hence need to sell their QI-products?

Does a portfolio management mandate still have to be concluded in writing?

What does the financial service provider need to adhere to under art. 6a CISO?

Which clients are affected by art. 6a CISO?

When do the clients need to be informed about their QI-status?

Is it possible to not inform clients about their QI-status, if they are not offered any funds that are restricted to QIs?

As the client needs to take an informed decision to remain classified as a QI, is there a need to override the way of delivering the information letter (Art. 6a CISO) when the client has chosen to get his/her bank communication by retained mail?

Would it be possible to send the client the information via electronic channel (i.e. e-banking)?

What are the characteristics of the L-QIF?

What is the purpose of the L-QIF?

Will there be any changes to the FinSA due to the amendment of the CISA (L-QIF)?

Will there be any changes to the FinIA due to the amendment of the CISA (L-QIF)?

14.4. Code of Conduct Rules CISA vs. FinSA 

What is the difference between the code of conduct rules under the FinSA and the revCISA?

To which financial institutions do the code of conduct rules under art. 20 et seq. revCISA apply?

What are the changes in relation to the CISA protocol?

14.5. revCISA – Foreign CIS

Are there any changes relating to the applicability of the CISA when it comes to offering foreign CIS?

Under which circumstances is the appointment of a Swiss representative and Swiss paying agent required?

Must the Swiss representative and the Swiss paying agent be disclosed on published information about foreign CIS?

Does advertising for foreign collective investment schemes trigger any obligations?

When does a foreign CIS need a key information document (Swiss KID)?

14.6. Art. 40a Swiss Code of Obligations (CO)

Do clients and/or prospects of financial service providers have a right to revoke agreements covering financial services as defined by the FinSA and as stipulated in art. 40a et seq. CO?

15. Special Topics

15.1. Financial Intermediaries (FIM)

How does the triangle relationship between an EAM/EFC, depositary Bank and end-client work?

When does the FinSA apply in general?

Are FIMs and Depositary banks in scope of the FinSA?

What are the general duties of client classification?

Are FIMs and depositary banks subject to client classification duties?

What are the general information duties according to the FinSA?

Are FIMs and depositary banks subject to information duties?

What are the general FinSA requirements of appropriateness and suitability assessment?

Are FIMs and depositary bank obliged to conduct an appropriateness or suitability assessment?

Is the K&E of the FIM or the end-client relevant according to the FinSA?

In exceptional cases where the depositary bank provides portfolio management services to end-clients with a FIM can the FIM sign the mandate agreement?

In exceptional cases where the depositary bank provides portfolio management services to end-clients with a FIM, can the depositary bank rely on the investor profile established by the FIM?

In exceptional cases where the depositary bank provides portfolio management services to end-clients with an FIM, can the FIM agree on the strategy with the depositary bank?

In exceptional cases where the depositary bank provides portfolio management services to end-clients with an FIM, is it sufficient to warn the FIM if the selected risk tolerance level exceeds the loss capacity?

If a part of the end-client’s assets is managed by the FIM and another part is managed by the depositary bank, are there any enhanced duties of the depositary bank?

What are the general documentation and rendering of account duties under the FinSA?

Are FIMs and depositary banks subject to the documentation and rendering of account duties?

What are the general FinSA requirements on transparency and care in client orders?

Are FIMs and depositary bank subject to the FinSA duties on transparency and care in client orders?

What impact do best execution duties under the FinSA have on FIMs who invest in retrocession bearing products?

Do best execution duties under the FinSA require the depositary bank to demand from FIMs the delivery of a pre-trade allocation list for block trades carried out for end-clients?

What are the general FinSA requirements for organizational measures?

Are FIMs and depositary banks subject to the FinSA organizational duties?

Are art. 23 FinSA (involvement of third parties) and art. 24 FinSA (chain of providers) applicable to the FIM set-up and, if so, what is the impact?

What are the general FinSA duties with respect to conflicts of interest?

Are FIMs and depositary banks subject to the FinSA conflict of interest rules?

Is there a duty for the depositary bank to disclose what is paid to the FIM or is it sufficient to enter into an agreement with the FIM and state that this is the responsibility of the FIM?

If the depositary bank provides portfolio management services, does the depositary bank have to undertake any action to ensure that there are no double-dips (FIM side)?

What are the general FinSA client advisor registration duties?

Are FIMs and depositary banks subject to the FinSA client advisor registration duties?

Is there a list of jurisdictions with prudential supervisions?

What is the general scope of the FinIA?

What are generally the licensing requirements under the FinIA?

What is the transition period for portfolio managers to obtain authorization by the FINMA?

Are FIMs in scope of the FinIA and must FIMs be authorized by the FINMA?

Are EFCs in scope of the FinIA and must EFCs be authorized by the FINMA?

Are family offices in scope of the FinIA and must family offices be authorized by the FINMA?

Are asset managers of collective investment schemes in scope of the FinIA and must such asset managers be authorized by the FINMA?

Is an EAM permitted to acquire securities for retail end-clients within a public offering exclusively aimed at professional clients?

Does the relationship between an EAM and its retail end-client qualify as a "public offer at a later stage" within the meaning of art. 36(4) FinSA (from the perspective of the offeror, irrespective of the - known or unknown - number of clients on behalf of which the asset manager takes his/her investment decisions)?

What is the impact of revCISA on EAMs and the triangular relationship with the depositary bank and end-client?

How does sending out a list with information on selected 3rd party funds to EAMs in and outside of Switzerland qualify under the FinSA?

15.2. Prudential Supervision

Where does the term "prudential supervision" play a role in the FinSA?

What is the definition of prudential supervision in the sense of the FinSA?

What are the criteria that a legal entity is subject to prudential supervision of FINMA?

What are the criteria that a foreign entity is to be considered as subject to prudential supervision abroad?

15.3. Penal Provisions & Enforcement Measures 

What is the purpose of the FinSA and FinIA penal provisions?

Who is the addressee of the penal provisions?

Do the penal provisions always apply or are there exceptions?

Does the exemption of art. 92 FinSA apply to a financial service provider supervised by the FINMA?

Does the exemption of art. 92 FinSA apply to foreign financial service providers?

What measures can the FINMA enforce according to the FINMASA?

When does the FINMA order action to restore compliance with the law according to art. 31 FINMASA?

When does the FINMA issue declaratory rulings according to art. 32 FINMASA?

When does the FINMA declare an industry ban, cease and desist order or an activity ban according to art. 33 and 33a FINMASA?

When does the FINMA publish rulings (“naming and shaming”) according to art. 34 FINMASA?

When does the FINMA disgorge the profits according to art. 35 FINMASA?

When does the FINMA withdraw the license, liquidate or declare bankruptcy according to art. 37 FINMASA?

15.4. Contract Due Diligence Guidance

What changes should be considered regarding the service described in a contract?

What are the general changes regarding the FinSA client classification and CISA investor segmentation?

How do the new rules regarding the FinSA client classification and CISA investor segmentation impact client contracts?

What changes should be considered for client contracts in view of the new information duties?

What changes should be considered for client contracts in view of the appropriateness & suitability duties?

Legal Information

Finally, a note on how you can use this user's guide. This user's guide is not to be considered legal advice and is not a substitute for advice from qualified legal counsel. The information we provide is not tailored to your individual circumstances, and you may not rely on it. Material aspects of the discussions in this user's guide may change at any time and without further notice. PartnerVine undertakes no responsibility to update the information in this user's guide.