Information on the FinSA

Registration body

Under the FinSA, client advisers of financial service providers which are not subject to prudential supervision in Switzerland must now sign up to an adviser register. The registration body manages the adviser register and checks in particular whether the client advisers have completed the necessary training and further education.

The registration body will be licensed by FINMA. FINMA may license several registration bodies.

Client advisers, as defined in the FinSA, must contact the registration body within six months of the registration body receiving FINMA authorisation in order to have their names added to the register. 


The first registration body was authorised by FINMA on the 20th of July 2020.

Reviewing body for prospectuses

Any person in Switzerland who makes a public offer for the acquisition of securities or any person who seeks the admission of securities to trading on a trading venue in accordance with Article 26 of the Financial Market Infrastructure Act must first publish a prospectus (see Art. 35 FinSA).

Prospectuses (pursuant to Art. 35 ff. FinSA) will be reviewed by a reviewing body which must be licensed by FINMA.

In the case of securities for which a public offer was made or a request was made for admission to trading on a trading venue before entry into force and in the case of financial instruments that were offered to retail clients before entry into force, the provisions of Title 3 of the FinSA will only apply two years after the legislation enters into force. The Federal Council can, however, extend the deadline for some securities if this is deemed appropriate due to a delay in the reviewing body taking up its duties. 

 

FINMA has authorised the first two reviewing bodies on the 1st of June 2020.

Ombudsman

Ombudsmen must be approved by the Federal Department of Finance (FDF).

When FinSA comes into force, current financial service providers must request affiliation to an ombudsman within six months of the ombudsman obtaining FDF approval.

New financial services providers must be affiliated to an ombudsman by no later than when they start their professional activity.

 

The federal department of finance (FDF) recognized the first Ombudsman offices on the 24th of June 2020. The website of the FDF includes a list of recognized Ombudsman offices

Any questions?

Members of SROs can address their questions to their SRO.

You are welcome to contact us should you have any questions: FIDLEG-FINIG@finma.ch or on +41 31 327 98 88 (Monday to Friday, 8 a.m. - noon)

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