Regulatory Update: September 2021
PORTFOLIO MANAGERS AND TRUSTEES: EARLY SUBMISSION OF LICENCE APPLICATIONS TO FINMA
FINMA pointed out again that portfolio managers and trustees should submit their licence applications as soon as possible in order to avoid longer waiting times and uncertainties. Furthermore, FINMA recalls that for this purpose, the confirmation of a supervisory organisation (SO) for a possible affiliation is required.
If the application is received by FINMA after the deadline, this would mean that the company is operating without authorisation.
Press release of FINMA of 16 September 2021
Regulatory Update: June 2021
FINMA published two documents of interest to Portfolio Managers and Trustees:
New regime for portfolio managers and trustees - https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/presentation-finma-2020.pdf?la=en
Initial experiences with licensing process - https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/21-0379_ppt-masterversion-2021_de.pdf?la=en
Regulatory Update: February 2021
On 26 February, FINMA updated the annexe to the guide for managers of Collective Assets / Fund Management Companies, Representatives, SICAVs, custodian banks and Limited Partnerships for collective investment. The guide maps the laws, ordinances, circulars and various guidelines relevant for these firms to each FINMA prudential audit area.
Regulatory Update: January 2021
On 25 January 2021, FINMA published updated guidance for the prudential audit of banks, securities firms and financial groups, Link. The guidance is aimed at audit firms and was published with a reference table to the legal basis, https://www.finma.ch/fr/~/media/finma/dokumente/dokumentencenter/myfinma/2ueberwachung/pruefwesen-banken/beilage-1-wegleitung-banken-kat-1.xlsx?la=fr.
Regulatory Update: December 2020
The Federal Council brought the limitation on the ombudsman affiliation requirement into force with effect from 1 February 2021
In the future, the ombudsman affiliation requirement will not to financial service providers serving solely institutional or professional clients (excluding high-net-worth retail clients who have declared themselves to be professionals).
Regulatory Update: November 2020
FINMA adopts new regulation on implementing the Financial Services and Financial Institutions Acts
These encompasses a new implementing ordinance to FinIA, FinIO-FINMA, as well as changes to FINMA ordinances and circulars that need to be adjusted as a result of FinSA and FinIA. These laws oblige FINMA to pass these implementing provisions pertaining to selected, mainly technical issues.
FINMA publishes Guidance 09/2020 concerning the Financial Markets Infrastructure Ordinance
It extends the period for the duty to exchange collateral for non-centrally cleared OTC derivative transactions involving options on individual equities or index options to 4 January 2021, Link.
FINMA publishes AMLA audit points for banks, Link, and asset managers, Link
These will be used by auditors when conducting audits in the area of anti-money laundering.