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FINMA's Follow-Up Regulations

February 10, 2020| Legal News

FINMA's Follow-Up Regulations

The new follow-up regulations bind FINMA (the Swiss Financial Market Supervisory Authority) to devolve numerous technical implementing positions. These follow-up regulations relate to the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA). FINMA is currently taking steps to amend current circulars and ordinances, present new ordinances and to abolish 3 circulars. The Swiss Financial Market Supervisory Authority will hold further consultations concerning the follow-up regulations. FINMA is expected to consult up to April 9, 2020.

The follow-up regulations came to effect on 1st January, 2020. The Federal Council had also passed other laws to take into effect on the same date. They include the Supervisory Organizations Ordinance (SOO), the Financial Institutions Ordinance (FIO), and the Financial Services Ordinance (FSO).
New Ordinances.

FINMA will pass technical implementing provisions relevant to the above implementing ordinances. In compliance, FINMA has established FinIO-FINMA, which is a new Financial Institutions Ordinance.

The new ordinance will regulate the following details:

● Professional indemnity insurance. This concerns managers, portfolio managers and trustees of collective assets.

● De minimis threshold calculations portfolio managers use to gain authorization.

● Internal control systems and risk management for those who manage collective assets.
Amendments to the existing FINMA Circulars and Ordinances.

FINMA is also expected to abolish three redundant circulars. The Swiss Financial Market Supervisory Authority will make amendments to the existing FINMA circulars and ordinances. One of these amendments is to lower the threshold value on cryptocurrency exchange transactions to CHF 1,000. FINMA's Anti-Money Laundering Ordinance (AMLO-FINMA) proposes this amendment.

This amendment also promotes compliance to international standards which the Federal Council approved in Mid-2019. The amendment also acknowledges the high money laundering risks around.

FINMA will hold public consultations on the new ordinances and amendments to the existing FINMA circulars and ordinances up to April 9, 2020.
FINMA's Follow-Up Regulations
Source: https://www.finma.ch/en/news/2020/02/20200207-mm-finiv/

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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