We advise and support financial service providers in the implementation of FIDLEG & FINIG

The most important in a nutshell

The Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG) will enter into force on 1 January 2020.

The FIDLEG provides for rules of conduct for financial service providers that are more restrictive the higher the need for customer protection. The FINIG aims at a predominantly uniform supervisory regime for all financial service providers. Financial service providers not previously supervised are now subject to authorisation by FINMA, the Financial Market Supervisory Authority. Independent asset managers and trustees in particular are newly affected by the licensing requirement.

In summary, the regulatory architecture is as follows:
  1. The licensing and supervision of fund management companies and managers of collective assets will be transferred to the FINIG.
  2. The regulations for the “distribution” of financial instruments or the provision of financial services as well as the corresponding obligations at the “point of sale” will be regulated in the FIDLEG in the future.
  3. The product-specific regulations, such as the licensing requirement for collective investment schemes, will remain in the CISA.