Eternity Law International — News — Swiss Asset Management: regulatory changes

Swiss Asset Management: regulatory changes

Published:
October 4, 2022

Under its legal and regulative mechanism, FINMA imposed new regulatory changes for asset management and trust firms which, in line with them, are obliged to get licensed. The period for transition to new standards comes to an end in December 2022. To bring clarity, FINMA provided insight into the measures that have been undertaken against providers of pοrtfolio administration and trustee services.

Key points of Swiss asset management company licensing

As the FinΙA became effective at the beginning of 2020, both pοrtfolio managers, as well as trustees, have fallen under a licensing obligation. Art. 74 of FinIA grants such legal entities an implementation period for the proper fulfillment of the licensing terms, associate to a supervisοry organization (below mentioned as SO), and send a request to the regulator.
Aiming to inform applicants about the ongoing status of the authorization process and explain the measures undertaken to date, FINMA has published new guidance. In that statement, the regulative authority advised that all companies provide their complete applications to SOs by June 2022. Those companies that submitted their applications timely to the SOs are ready for the challenges of the authorizing procedures.

Institutions that have not yet initiated their licensing processes must admit that they may fail to complete the process till the end of the transition through their fault. As a result, they will not be approved for any deadline extension.

According to data from the SOs, they had 765 requests pending on 30 June 2022. The majority of the applicants have thus complied with the communicated deadline of 30 June 2022 for providing their applications. Hence, as of 31 July 2022, a total of 1 535 organizations were undergoing the licensing process or have already successfully finished it.

Also, it should be noted that in cases of infringements of financial law, FINMA imposes sanctions and will also do so if entities fail to apply till the end of the implementation period on 31 December 2022. For such latecomers there will be no prolonged deadlines or opportunities to apply a second time for a Swiss portfolio management license.

The liability for taking action in due course and staying in line with deadlines ending on December 2022 lies with the institutions. The SOs conduct preliminary reviews of the applications in line with FINMA’s stipulated terms.

Please contact us to get more information.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Crypto regulation in Europe (MiCA)

Cryptocurrency regulation in Europe is underpinned by the groundbreaking Markets in Crypto Assets Regulation (MiCA), an initiative spearheaded by the European Union. MiCA, having achieved consensus in October 2022 and subsequently receiving ratification from the European Parliament on April 20, 2023, represents an unprecedented global endeavor. Its primary mission is to furnish unambiguous directives and...

API license

Introduction In the dynamic world of financial services, the Authorised Payment Institution License (API License) has emerged as a pivotal cornerstone for entities aspiring to engage in sales activities. Whether you are a burgeoning fintech startup or an established financial institution, comprehending the prerequisites, benefits, and the procedural intricacies for securing an API License is...

Crowfunding license in Malaysia

A few effective government initiatives made jurisdiction interesting for doing business in Asia. Between all elements is openness to transformation and the launch of fundraising. One of the ways to create an equitable and open framework is through a crowdfunding license in Malaysia. Regulators are actively involved in the development of the economy. The administration...

The difference between stock exchange and exchange: what you need to know?

Surely you have repeatedly wondered what is the difference between stock exchange and exchange. In fact, there are quite a few differences between crypto exchange and stock exchange, in particular, they are structured differently and differ in the principle of interaction with users. The main differences are as follows: Reliability. The marketplace is a large...

Blind trust

WHAT IS A BLIND TRUST AND HOW DOES IT WORK? A “blind trust” is a fiduciary agreement in which the beneficiary of the trust is not allowed to control, manage, or even know about the assets within the trust. In such cases, the designated trustee has complete freedom to manage the blind trust. It is...

Company registration in Mauritius

Mauritius offers loyal conditions for the development of foreign business, while not forgetting about tax privileges. In this jurisdiction, you can register an offshore company, which attracts foreign entrepreneurs, because this is a profitable way to get rid of tax obligations. The owners of commercial structures are allowed to choose their own direction of activity....

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360