The Swiss Financial Market Supervisory Authority FINMA approves a fifth supervisory organisation and grants authorisation to a third registration body.
Thus, no further applications are pending. The phase of establishing the institutional requirements for the implementation of the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA) had thus been completed on time.
FINMA granted AOOS approval as the fifth supervisory organization (SO) as of October 27, 2020. At the same time, AOOS receives recognition as a self-regulatory organization (SRO) under the Anti-Money Laundering Act (AMLA) (media release, September 30, 2020).
Already on October 19, 2020, FINMA approved PolyReg Services GmbH as a registration body for client advisors. PolyReg Services GmbH is the third registration body according to FinSA (media release, September 30, 2020).(Media Release, September 15, 2020).
All institutional requirements for implementation of FinIA and FinSA met
At present, FINMA has received no further license applications for SO, registrars or even prospectus auditors. Thus, this phase of building up the institutional requirements could be completed on time, so that asset managers, trustees and independent client advisors can meet their licensing and registration obligations according to FinIA and FinSA in due time.