Supervisory organisations (SOs)
Since 1 January 2020, all independent portfolio managers and trustees subject to supervision under FinIA have had to be supervised by a SO authorised by FINMA and be licensed by FINMA in order to carry out their activities as financial intermediaries. Besides being responsible for granting licences, FINMA has the authority in connection with the indirect supervision of these financial institutions to enact measures and sanctions to restore compliance.
Authorisation (licensing) and supervision of SOs
In order to carry out their supervisory activity under financial market law and to implement their statutory mandate, SOs must be authorised by FINMA in accordance with the Financial Market Supervision Act. The Act and its associated Ordinance set out the requirements of an SO. During the authorisation process, FINMA verifies whether the persons responsible for administration and management meet these requirements. Subsequent changes that affect the authorisation requirements must be submitted to FINMA for prior review and approval.
FINMA supervises the licensed SOs on an ongoing basis. If FINMA notices irregularities or deficiencies in the course of the supervisory activity, it will take the necessary action to restore compliance. If the authorisation requirements of the SO are no longer met and compliance cannot be restored another way, FINMA will revoke authorisation from the SO.
FINMA authorised the first supervisory organisations on the 6th of July 2020.
Change of Supervisory organisation (SO) for portfolio managers and trustees
Portfolio managers and trustees can only change their SO at the end of the year. If an institution authorised by FINMA intends to change its SO, the corresponding licence change request must be submitted to FINMA by 15 November at the latest. If you as a financial intermediary wish to change your SO, you must therefore contact both the new and the current SO in good time so that you can submit the application to FINMA on time. At the same time, the provisions of the affiliation agreements of the respective SO must be taken into account.
