The Financial Institutions Act (FinIA) intends to harmonize the different approval requirements for financial institutions which includes securities firms (previously securities traders), fund management companies and managers of collective assets, but also independent portfolio managers and trustees, into one single law. The goal is to leave the existing rules for financial institutions who require approval as they are, but to combine all of them in a uniform law in order to harmonize the different requirements. A new feature is the prudential supervision of the independent portfolio managers by a so called supervisory organisation. Banks remain out of scope of FinIA.
- 1 Preparation of the rule of law 03/12-05/14
- 2 Consultation period 06/14-10/14
- 3 Result of consultation 12/15-11/15
- 4 Treatment in the Parliament 12/16-06/18
- 5 Publication of final decree 06/18-06/18
- 6 Referendum period 06/18-10/18
- 7 Enactment / transitional period 01/20-01/23
In material terms, the introduction of the FinIA will not lead to major changes for most financial institutions. One exception are independent portfolio managers, who will in the future be subject to prudential supervision. We advise these independent portfolio managers to do an impact analysis and plan the implementation at an early date.
- FIDLEG / FINIG: Anträge der Kommission (WAK-N) (in German)
- FIDLEG / FINIG: Stände- und Nationalrat weiter uneins (in German)
- Council of States approves FinSa and FinIA
- FinSa: First result of treatment by Economic Commission of the Swiss National Council
- Botschaft zum FIDLEG / FINIG: Bundesrat berücksichtigt Bedenken der Finanzindustrie (in German)