Use of trusts is widespread in English-speaking countries. Foreign trusts are both in demand and in use in Switzerland as well. On 13 March 2019, the National Council debated whether trusts should be included in the Swiss legal framework.
The revised FINMA circular 2018/3 “Outsourcing - Banks” has now been in effect for nearly a year. Experience has shown that institutions are having a hard time particularly with the risk-oriented monitoring of their outsourcing providers (including any sub-contractors these may have hired).
It’s been nearly nine months since the deadline to implement FINMA’s Circular 2017/1 “Corporate Governance – Banks”. And the odds are that you still have doubts about the effectiveness of the Internal Control System (ICS).