FINMA Approves the Third Supervisory Organization
2020-08-12 | News & Media

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.

FINMA Gives Permission to Scan Chips during the Online Identification Process

News & Media

2021-05-24

FINMA Gives Permission to Scan Chips during the Online Identification Process

The Swiss Financial Market Supervisory Authority FINMA is updating the procedure of the online identification using the NFC verification by scanning the chip embedded in biometric identity documents.

FINMA publishes its enforcement actions

News & Media

2021-04-07

FINMA publishes its enforcement actions

The publishing of this case report confirms FINMA's accountability obligations regarding its enforcement activities. The case report includes anonymized and generalized cases which were concluded with a court decision.

The IPI and Swiss exporters unite to combat the “Swissness” misuse

News & Media

2021-04-06

The IPI and Swiss exporters unite to combat the “Swissness” misuse

Bern, April 04, 2021 – The Swiss Institute of Intellectual Property (IPI) took an active role in 280 cases of “Swissness” excessive use in 2020. The IPI controls the use of the Swiss national emblem and destroys such goods during the customs examination. Now private and high officials start working together to control the “Swissness” fare dodger abroad.

Start of finance.swiss information platform

News & Media

2020-12-15

Start of finance.swiss information platform

The Swiss Financial Market Supervisory Authority FINMA recommends that the supervised parties affected by the LIBOR replacement sign the new Fallback Protocol of the International Swaps and Derivatives Association (ISDA) in the shortest time possible.