As at 30 June 2023, the Swiss Financial Market Supervisory Authority FINMA has granted 950 licences to portfolio managers and trustees. It has received a total of 1,749 licence applications. FINMA is publishing this information in its Guidance 03/2023.
In its Guidance 03/2023, FINMA is publishing information on the current status of the licensing process for portfolio managers and trustees. By the end of 2022, i.e. following expiry of the transitional three-year period, FINMA had received 1,699 licence applications. As at 30 June 2023, it had received an additional 50 applications. Of this total of 1,749 applications, FINMA was able to grant 950 licences. These may be broken down as follows:
- 931 institutions (888 portfolio managers, 43 trustees), of which 8 institutions licensed as both portfolio managers and trustees, out of the 1,699 licence applications received by the end of 2022; plus
- 10 institutions, with one institution licensed as both portfolio manager and trustee, out of the 50 licence applications received since the beginning of 2023.
Supervisory organisations’ activities based on level of risk
In its Guidance, FINMA also explains its supervisory model. In particular, it emphasises that the supervisory organisations monitor the licensed portfolio managers and trustees in a risk-based manner. To this end, they are developing a rating system so that they can apply supervisory measures to each of the supervised institutions that are proportionate to the assessed level of risk.
