FIDLEG and FINIG - New Regulation for Asset Managers and Trustees

The Financial Services Act FIDLEG and the Financial Institutions Act FINIG will be regulating the licensing requirements forasset managers and trustees in Switzerland, as well as conduct rules for this sector. The regulatory package is a step-up to address the evolved needs of society and regulatory challenges. To be accepted in an international environment FIDLEG and FINIG have well-wanted parallels with MiFID II.

The substantial changes in the asset management and trustees sector is the implementation of conduct rules in the form of a federal act as well as new requirements regarding compliance structures and business conduct, mandatory financial securities and a new supervisory regime including a mandatory FINMA license.

The regulatory project has been controversial from the very beginning, and has evolved to the current draft only after intense efforts of VQF and other organizations that were made in the political process. In the process, substantial exceptions have been added to the legal text, e.g. for certain fiduciary activities and for attorney or public notary affairs. The regulatory package has been acknowledged by Parliament on 15 June 2018.

Entering into force is expected for 1 January 2020. Members of an SRO according to AMLA will benefit from extensive transitional provisions. Therefore, it might well be worth joining an SRO such as VQF before 1 January 2020 even for a new company that enters the market right before coming into force of the new regulation.

More about timeline and milestones

Please find more information directly on the EFD-website.

Contact

FINcontrol Suisse Ltd

General-Guisan-Strasse 6
6300 Zug

T: +41 41 763 28 20
@: info@fincontrol.ch