Your Regulatory Partner for the Future

FINcontrol Suisse Ltd has been established with the purpose to be a supervisory organization for asset managers and trustees under FIDLEG and FINIG.

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FINcontrol Suisse Ltd strives to ensure a lean, efficient and reliable supervision over asset managers and trustees. Through its engagement, FINcontrol Suisse Ltd strengthens the reputation, stability and the future of the "Swiss Financial Market".

The Financial Services Act FIDLEG and the Financial Institutions Act FINIG will set out the licensing duties for asset managers and trustees in the future regulatory regime in Switzerland. Conduct rules will also be set out. The current versions of these two drafts foresee that asset managers and trustees will be licensed by FINMA and supervised by a supervisory organization. The regulatory package is currently being discussed by the Swiss Parliament.

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A supervisory organization is not a governmental agency, but an institution organized under private law. As such it is licensed by FINMA to supervise the ongoing compliance with all requirements under FIDLEG and FINIG for asset managers and trustees. Due to its nature, only the private sector can set up a supervisory organization. FINcontrol Suisse Ltd has been established for this purpose.

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FIDLEG & FINIG: Future Regulation of Asset Managers and Trustees

The Financial Services Act FIDLEG and the Financial Institutions Act FINIG will set out the licensing requirements and the duties for asset managers and trustees in the future. Even though many elements of the drafted regulation are already today best practice, some elements will be new, and the impact of these two acts requires a carefully planned strategy as asset manager or trustee. Transitional provisions and size-dependent requirements take the principle of proportionality into account.

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Milestones and Timeline

2018

3. January: Enactment of MiFID II (2014/65/EU) in EU

2017

September: Consultation of the draft of the preliminary commission by National Council

Since June: Drafting of the ordinances FIDLEV and FINIV with participation of VQF and other organizations

2016

November: Finalization of preliminary consultation of FIDLEG and FINIG by WAK-S

March - July: Drafting of alternative Version of FIDLEG and FINIG by VQF and other market organizations and banks

March and May: Exchange between EFD, VQF and other organizations

December: Adoption by the State Council of the draft versions of FIDLEG and FINIG as drafted by WAK-S

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