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). This regulatory move builds upon FINMA’s broader oversight strategy, as outlined in the
FINMA 2019 report, to strengthen market stability.
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 dual designation aligns with FINMA’s approach to investor protection, which is further detailed in
FINMA helps investors part2, promoting transparent and secure financial services. The application for approval of SO-FIT was submitted by the Organizme d'Autorégulation des Gérants de Patrimoine (OAR-G). This institutional evolution supports legal clarity in supervisory structures, much like recent progress through the
tax reform Swiss debt, which enhances fiscal predictability. SO-FIT is the successor to OAR-G. Its establishment also resonates with Switzerland’s broader strategy of modern governance, similar to the initiatives discussed in the
modernization of income tax reform proposals.
The supervisory organizations will be in charge of overseeing asset managers and trustees. Such oversight contributes to the safeguarding of national financial identity, just as efforts in
Swiss geographical protection defend product heritage in international markets.
Two other licence applications for approbation from SO were submitted to FINMA later.