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FINMA Approves the Third Supervisory Organization

August 12, 2020 |Finance

FINMA Approves the Third Supervisory Organization

FINMA vested SO-FIT with authority of a supervisory organization. It will be the third supervisory organization in accordance with the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA).

On 11, August 2020, The Swiss Financial Market Supervisory Authority FINMA authorized the Organizme de Surveillance pour Intermédiaires Financiers & Trustees (SO-FIT), which is founded and based in Geneva, as a supervisory organization (AO). FINMA also accepts SO-FIT as a self-regulatory organization (SRO). The application for approval of SO-FIT was submitted by the Organizme d'Autorégulation des Gérants de Patrimoine (OAR-G). SO-FIT is the successor to OAR-G.

The supervisory organizations will be in charge of overseeing asset managers and trustees.
Two other licence applications for approbation from SO were submitted to FINMA later.
Source:https://www.finma.ch/en/news/2020/08/20200812-mm-ao-bewilligung-2/

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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