FINcontrol Suisse Ltd: New Grounds in Asset Managers and Trustees Supervision
The Financial Institutions Act FINIG intends, together with the Financial Services Act FIDLED, to enhance the supervision over asset managers and trustees. FINIG, as sister act to FIDLEG, is currently in the legislative process. The current draft states that FINMA licenses asset managers and trustees, and delegates the ongoing supervision to one or several supervisory organizations.
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Please find here the current draft versions of FIDLEG and FINIG.
FINcontrol Suisse Ltd was established as subsidiary of VQF to react to this development. VQF believes it is its duty to be part of the future regulatory regime in the parabanking sector. FINcontrol Suisse Ltd, that has been established as corporation under Swiss law, will now set up all necessary structures to adequately implement this regulatory evolution.
According to its articles of association, the mission of FINcontrol Suisse Ltd is to ensure supervision over FINMA-licensed asset managers and trustees through being licensed itself as supervisory organization. By the time FINIG will come into force, FINcontrol Suisse Ltd will file a request for licensed license as supervisory organization according to FINIG with FINMA.
Enactment of FINIG will presumably be on 1 January 2019.
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".
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