Switzerland has long been a financial hub for international banks, but regulations have stiffened in recent years. The new Swiss Financial Services Act that came into effect on January 1, 2020, has tightened the noose further. What do banks that provide financial services in Switzerland and/or provide financial instruments for the Swiss market need to know to negotiate safely the duties and obligations that the new law requires of them?
The New Swiss Rules for International Financial-Services Providers Having Clients in Switzerland and Producers of Financial Instruments for the Swiss Market
With the introduction of the Financial Services Act (FinSA) in Switzerland, the regulatory noose is tightening for international providers of financial services to Swiss clients. Although FinSA will not be fully implemented until January 1, 2020, preparations are well underway, and affected providers will need to study up on the new rules to ensure they are in full compliance—or face punishing penalties.