The trustee must comply with various requirements to receive a FINMA licence, including the following in particular. The trustee must:
There are exceptions to the trustee licensing requirement. Persons acting as a trustee do not need a licence, if they meet the following conditions: they exclusively manage assets held by persons either in a business or familial relationship with them. They do not work on a commercial basis. A trustee’s operation is deemed commercial, if: it achieves gross income in excess of CHF 50,000 per calendar year; has business dealings with more than 20 contractual parties per calendar year, which are not restricted to one activity, or maintains at least 20 such relationships per calendar year; or has unlimited power of disposal over assets belonging to others that exceed CHF 5 million at any time.
The trustee manages the separate fund, ensures the preservation of its value and applies it for a specific purpose. The trustee may also assume other duties, for example investment advice, portfolio analysis or the provision of financial instruments. If a trustee offers financial services under the Financial Services Act (FinSA), he or she is subject to the licensing requirements. If a trustee also works as a portfolio manager, the institution will require another FINMA licence.
If a trustee also manages the portfolio, the institution will also require a portfolio manager licence from FINMA.
The licensing requirements must be complied with at all times. Licensed trustees must report any change in circumstances that affects their FINMA licence to the supervisory organisation, which forwards the information to FINMA periodically. Prior approval from FINMA is required for material changes. The requesting trustee must specify the types of change involved, describe the changes and the reasons for them, and submit the relevant documents.
If a trustee wishes to cease operations, it requires prior approval from FINMA. The supervisory organisation will also be asked to give its opinion.
Trustees who have become subject to an authorisation requirement must notify FINMA within six months of the FinIA coming into force. This electronic notification process works in a similar way to the licensing and licensing amendment process is processed electronically via the EHP survey and application platform. All forms and information for submitting or changing a notification or an application are stored there. Confirmation of affiliation to an SO can be uploaded as an appendix to the licensing application.
Trustees must self-register to gain access to the EHP. They can do this via the FINMA homepage. Following self-registration and the review by FINMA, they will be able to access the EHP through the FINMA portal via two-factor identification.
The application form must be submitted in an official language of the Swiss Confederation and signed by the portfolio manager or trustee. FINMA will process the application once it has been formally submitted in full. This does not preclude the possibility of the portfolio manager or trustee subsequently adding further information or of FINMA requesting such information.
Application templates for portfolio managers are available on the EHP survey and application platform. The following unfolded application template serves as a guide and cannot be used as an application.