Directly subordinated financial intermediaries
The legislator cancelled the status of directly subordinated financial intermediaries (DSFI) with effect from 31 December 2019. These financial intermediaries have no longer been subject to supervision by FINMA since 1 January 2020.
Financial intermediaries in the capacity of portfolio manager or trustee, whether independently or as part of a financial group subject to group supervision by FINMA, have needed a licence since the Financial Institutions Act (FinIA) came into force on 1 January 2020. They must take note of the transitional provisions applicable to them (information on FinIA).
Financial intermediaries who were not in the capacity of portfolio manager or trustee when the amended laws came into effect (1 January 2020) had to join a recognised self-regulatory organisation. According to the transitional provisions in the Anti-Money Laundering Act, they had to submit the relevant application by the end of 2020.
Financial intermediaries who were not in the capacity of portfolio manager or trustee when the amended laws came into effect (1 January 2020) had to join a recognised self-regulatory organisation. According to the transitional provisions in the Anti-Money Laundering Act, they had to submit the relevant application by the end of 2020.
