To date, independent trustees in Switzerland are regularly not recognised as such on a supervisory basis. This will change with the implementation of a new supervisory legislation, presumably from 1 January 2020.
At the beginning of November 2015, the Swiss Federal Council issued its report on a new Financial Services Act (FinSA/FIDLEG) and on a new Financial Institutions Act (FinIA/FINIG). After extensive parliamentary consultations and amendments, both acts were adopted by the Parliament on 15 June 2018. The referendum period expired on 4 October 2018. The purpose of the FinSA/FinIA is to strengthen client protection on the Swiss financial market and to promote the competitiveness of the financial center. Furthermore, a level playing field for the performance of financial services shall be introduced for all market participants and a coherent and appropriate supervision of the operation of the asset management business shall be established.
Since FinIA also includes trustees, they will in future be subject to prudential supervision and authorisation requirements not only with regard to combating money laundering and terrorist financing, but also with regard to their actual business activities.
We have prepared a PDF which gives more insights about the following points:
- Current Legal Situation and Planned Legislation
- Regulatory Registration of Trustees
- Professional Activity
- Authorisation Requirements for Domestic Trustees
- Other / Miscellaneous