Following the final vote in the Swiss parliament of the Swiss Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) in June, the Federal Council released the draft ordinances for each of these Acts.
The ordinances are currently in a consultation period until February 2019, period during which various market players, such as the Swiss Banking Association and the Swiss Funds and Asset Management Association (SFAMA), will be providing feedback and comments for the finalization of these ordinances. The ordinances serve to give detail around the Acts and to enable better clarity and detail on the law.
The final ordinances as well as the FINMA directive are expected to be released in autumn 2019, with the entry into force of the full legislative package scheduled for January 2020.
ACOLIN is involved in the SFAMA working group analyzing the ordinances and providing feedback to SFAMA in the best interest of its clients.
The new legislation will impact several of the ACOLIN services, such as:
ACOLIN will keep you informed of any evolution of the Swiss regulatory landscape as soon as available and allow you to be in full compliance of relevant laws and regulations at all times.