Financial Institutions Act (FinIA)

The Financial Institutions Act (FinIA) intends to harmonize the different approval requirements for banks, securities companies (previously securities traders), fund management companies and asset managers, which now also include independent asset managers and trusts, 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 planned prudential supervision of all asset managers by a so called supervising organization.

201820192020202120222023
4 7
  • 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
  • 7 Enactment / transitional period 01/19-12/21
Status
The bill is currently being treated by Parliament. The parliamentary discussion is still open due to various differences between the versions of the both councils. The bill is scheduled to be treated by the the National Council in its summer session. An entry into force of FinIA is expected for 2019 at the earliest.

KPMG View

In material terms, the introduction of the FinIA will not lead to major changes for most financial intermediaries. The exception is the independent asset managers, who will in future be subject to prudential supervision. We advise these IAMs to do an impact analysis and plan the implementation at an early date.

Further information:


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