Regulatory updates
2026
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Regulatory Update: January 2026
FINMA Guidance 01/2026: Custody of cryptobased assets
FINMA is seeing growing interest in cryptobased assets and associated services in the Swiss financial market. The increased market demand has led to an expansion of services at institutions subject to FINMA’s supervision, in particular banks, securities firms, managers of collective assets and portfolio managers. On January 12, 2026, FINMA published Guidance 01/2026, which addresses the risks associated with the custody of cryptobased assets. The guidance outlines the regulatory requirements, emphasizing the need for robust technical infrastructure and sufficient internal expertise to manage operational risks such as cyber-attacks and inadequate protection of private keys. It also clarifies the responsibilities of financial institutions regarding the custody of cryptobased assets, including the introduction of comprehensive bankruptcy protection for assets held in custody by third parties.
2025
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Regulatory Update: December 2025
FINMA publishes practical guide to the Berne Financial Services Agreement
Following the Brexit effective 1 February 2020, the UK is considered as a “third country” in regard to the European financial regulations, resulting in the removal of the UK/EU passporting possibilities in regard to financial services and fund offering. The Berne Financial Services Agreement (BFSA) is an agreement between Switzerland and the United Kingdom which was signed in December 2023. Under this treaty, the two countries recognize the equivalence of their respective legal and prudential frameworks in selected financial activities covering notably wealth management, insurance, asset management and financial market infrastructures. It also facilitates cross-border market access between the two countries for Swiss and UK financial service providers. The BFSA will enter into force on 1 January 2026. -
Regulatory Update: November 2025
FINMA Risk Monitor 2025: accentuated geopolitical risks – cyber and real estate risks continue to grow
In its 2025 Risk Monitor, FINMA reveals where it sees the greatest risks for the Swiss financial centre. FINMA identifies nine principal risks that it categorises as high. Financial risks include risks in connection with real estate and mortgages, credit risks associated with other loans, credit spread risks as well as liquidity and funding risks. Non-financial risks include risks in the area of combating money laundering, sanctions risks, outsourcing risks, risks resulting from cyberattacks and ICT risks due to the complexity of the systems, software errors and outdated systems.
FINMA also warns of an increase in geopolitical and technological risks and calls for more robust controls over the outsourcing of critical functions. The climate risk report is also part of the Risk Monitor for the first time.
Link: https://www.finma.ch/en/news/2025/11/20251117-mm-risikomonitor/ -
Regulatory Update: March 2025
FINMA provides information on the status of licences issued to portfolio managers and trustees.
As at 28 February 2025, FINMA had approved a total of 1,532 of the 1,864 applications submitted since the introduction of the licensing requirement. Specifically, 1,428 out of 1,699 institutions that submitted their application by the end of 2022 received a licence and 104 out of 165 institutions that submitted their application from the beginning of 2023. Around 8% of all applications submitted (131) were withdrawn by the institutions.
The licensed institutions have already reported a number of changes that required FINMA’s prior approval. A total of 3,221 change requests were received. In the future, FINMA expects to receive around 1,700 change requests per year.
Link: https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/8news/medienmitteilungen/2025/03/20250311-mm-abschluss-uvv.pdf?sc_lang=en&hash=D7124330E65F4DB51C64581F46A08D97 -
Regulatory Update: January 2025
FINMA issues circular on rules of conduct under the Financial Services Act.
FINMA is setting out its supervisory practice on key aspects of interpretation in the new circular on the Financial Services Act FinSA. This will create transparency and legal certainty as well as a comparable level of investor protection among the supervised institutions. The circular enters into force on 1 January 2025. The circular on the rules of conduct under the FinSA provides information on the supervisory practice as regards informing clients so that they can make informed investment decisions. For example, clients should be informed about the type of financial service, the associated risks and the compensation received from third parties. The handling of conflicts of interest when using the bank’s own financial instruments is also discussed.
There are also potential impacts for Managers of Collective Assets in the area of disclosure of concentration risk, please contact us if you would like to know more.
2024
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Regulatory Update: July 2024
Operational risk management by fund management companies and managers of collective assets: FINMA guidance
In June 2024, the Swiss Financial Market Supervisory Authority published a new Guidance.
In its Guidance 04/2024, FINMA describes weaknesses in operational risk management by fund management companies and managers of collective assets as well as measures to ensure appropriate management of risks in the areas of information and communication technology, data, cyber, business continuity, legal and compliance as well as outsourcing.
Please contact us if you would like your processes assessed against the new guidance. -
Regulatory Update: February 2024
05.02.2024 - NEW FINMA GUIDANCE 01/2024: STATUS OF THE LICENSING PROCESS AND SUPERVISION FOR PORTFOLIO MANAGERS AND TRUSTEES
In February 2024, the Swiss Financial Market Supervisory Authority published a new Guidance which provides information on the status of the licensing process and on supervision for portfolio managers and trustees.
FINMA also reports that from now on trustees will be deemed to be operating on a commercial basis and require a licence if the trust assets exceed CHF 5 million at any time, because trust assets are economically separate from the trustee, i.e. they are assets belonging to third parties.
2023
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Regulatory Update: December 2023
FINMA GUIDANCE 08/2023: STAKING SERVICES
Crypto staking is the practice of locking digital tokens to a blockchain network in order to earn rewards—usually a percentage of the tokens staked. Staking cryptocurrency is also how token holders earn the right to participate in proof-of-stake blockchains.
Staking involves a number of risks and legal uncertainties.
In December 2023, the Swiss Financial Market Supervisory Authority published a new Guidance on staking services which sets out FINMA’s supervisory practice and is intended to enhance transparency about the treatment of staking services under financial market law.
The focus is on protecting customers from the risk of the staking service provider falling into bankruptcy.
2022
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Regulatory Update: October 2022
Due to the amendments to the Anti-Money Laundering Act adopted on 19 March 2021, the required adjustments have also to be done at the ordinance level. The changes, which concern in particular the AMLO-FINMA, enter into force on 1 January 2023.
These are the three major changes:
Verification of the identity of the beneficial owner
In its mutual evaluation report on Switzerland, FATF criticises the lack of an explicit legal foundation and thus of a general obligation to do a systematic material control. Art. 4, para. 1 rev. AMLA provides now that the financial intermediary must identify the beneficial owner with the due diligence required in the circumstances.Updating of client data
In accordance with Art. 7, para. 1bis rev. AMLA, the financial intermediary must now periodically review the necessary documents and update them if needed. This obligation applies to all business relationships and irrespectively of their risk. On the other hand, the periodicity, scale and type of the review and the update are different depending on the risk of the contracting party. The obligation to update the client data applies both to the verification of the identity of the customer pursuant to Art. 3 AMLA and to the establishment of the identity of the beneficial owner pursuant to Art. 4 AMLA, but also to the more general review of the client profile, e.g. of the information on the nature and purpose of the business relationship.Changes related to the reporting system
The revision of the AMLA also includes certain amendments to the reporting system. Art. 9, para. 1quater rev. AMLA newly defines the reasonable suspicion. If, according to the financial intermediary, there is a clear indication or there is some evidence that assets are the proceeds of a predicate offence to money laundering, he must pursue the matter and conduct detailed clarifications pursuant to Art. 6 AMLA. If it is not possible to dispel the suspicion, it is considered reasonable in accordance with respective applicable legal practice and must be reported to the Money Laundering Reporting Office Switzerland (MROS).We recommend you prepare on time the instruction for the AMLA sector and put the updated version into force on 1 January 2023.
Don’t hesitate to contact us if you have any questions.
2021
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Regulatory Update: November 2021
FINMA publishes guidance on combatting Greenwashing, https://finma.ch/en/news/2021/11/20211103-finma-aufsichtsmitteilung-05-21/
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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.
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Regulatory Update: February 2021
On 26 February 2021, 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.
Link: https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/2ueberwachung/pruefwesen-kag/beilage_wegleitung_kag_2021.xlsx -
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.
2020
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Regulatory Update: December 2020
11.12.2020
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
12.11.2020
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.12.11.2020
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.17.11.2020
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.