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 (
FinIA) 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.