FinSA and FinIA brought into force by Swiss Federal Council
On the 6th of November 2019 the Federal Council brought the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) into force as at of 1st of January 2020 (with a transitional period of 2 years).
The FinSA makes it easier for clients to assert their legal claims containing provisions offering securities as well as providing financial services. The FinIA will introduce a coordinated supervision for the multiple categories of financial institutions like portfolio managers, managers of collective assets, fund management companies and securities firms in terms of content.
The Swiss Parliament adopted those acts already in June 2018.
The Financial Services Ordinance (FinSO), the Financial Institutions Ordinance (FinIO) and the Supervisory Organisation Ordinance (SOO) contain the Federal Council's implementing provisions for the FinSA and the FinIA. Those were drawn up working groups with administration and financial sector representatives, and were the subject of a consultation procedure until February 2019.
Most of the criticisms expressed could be taken into account and in order to give the sector a wider planning certainty, the Federal Department of Finance (FDF) provided information already on 9th of September 2019 regarding the key areas where the ordinances will be likely to be modified after the consultation.
Find the official announcement here.