Financial intermediaries in the capacity of portfolio manager, trustee or trade assayer, whether independently or as part of a financial group subject to group supervision by FINMA will need a licence when the Financial Institutions Act
) comes into force from 1 January 2020. They must take note of the transitional provisions applicable to them (information on FinIA
Financial intermediaries not in the capacity of portfolio manager, trustee or trade assayer when the amended laws come into effect (1 January 2020) must again join a recognised self-regulatory organisation. According to the transitional provisions in the Anti-Money Laundering Act, they must submit the application within a year. They may continue to operate until the self-regulatory organisation comes to a decision regarding their application.