The Swiss Financial Market Supervisory Authority FINMA adopts its follow-up regulation to FinSA and FinIA. This comprises a new implementing ordinance to FinIA as well as adjustments to FINMA ordinances and circulars that had to be adapted with FinSA and FinIA .
Three circulars will thus be repealed. The amendments will enter into force on January 1, 2021 and thus within the transitional periods still running in accordance with FinSA and FinIA .
FINMA issues the follow-up regulation to the Financial Services Act FinSA and the Financial Institutions Act FinIA. To this end, it is issuing a new Financial Institutions Ordinance-FINMA in addition to amendments to existing FINMA ordinances and circulars. In addition, FINMA is repealing three circulars that are no longer required. FINMA subjected these adjustments and the new ordinance to a public consultation. They will enter into force on January 1, 2021.
The new Financial Institutions Ordinance -FINMA (FINIV-FINMA) regulates the details of professional liability insurance for asset managers, trustees and managers of collective assets, details on the calculation of the de minimis threshold in connection with the authorization as an asset manager, as well as on risk management and the internal control system for managers of collective assets.
The FinSA and FinIA entered into force on January 1, 2020, together with the implementing ordinances adopted by the Federal Council. These laws require FINMA to issue these implementing regulations on selected, primarily technical points. To the extent possible, FINMA took into account the comments received during the consultation process. In particular, it has simplified the calculation of professional liability insurance compared to the consultation draft.
Media release, hearing report, explanatory notes, Financial Institutions Ordinance-FINMA, comments
The requirements for the new professional liability insurance are discussed in the explanations on pages 15 to 18.