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
) 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.