Pursuant to Art. 2 para. 1 FINIG, financial institutions within the meaning of the FINIG are deemed to be financial institutions:

  • Asset managers (Art. 17 para. 1 FINIG)
  • Trustees (Art. 17 para. 2 FINIG)
  • Manager of collective assets (Art. 24 FINIG)
  • Fund management companies (Art. 32 FINIG)
  • Investment firms (Art. 41 FINIG)

Art. 2 para. 2 FINIG lists the financial service providers that are not covered by the FINIG. Single family offices, SICAVs, SICAFs and limited partnerships for collective investment schemes are then not covered by the scope of the FINIG.

Persons who work exclusively in investment advisory services are not covered by the scope of the FINIG. However, the provisions of FIDLEG (Art. 28 et seq. FIDLEG) must be observed.

Pursuant to Art. 17 para. 1 FINIG, an asset manager is anyone who, on the basis of an order, is able to dispose commercially of the client’s assets in the name and for the account of the client.

Managers of collective assets who manage assets of collective investment schemes or pension funds that do not exceed the thresholds pursuant to Art. 24 para. 2 FINIG shall be regarded as asset managers.

Pursuant to Art. 17 para. 2 FINIG, a trustee is a person who, on the basis of the instrument of constitution of a trust within the meaning of the Hague Convention, manages or disposes of the law applicable to trusts and their recognition as special assets for the benefit of the beneficiaries or for a specific purpose.

Independent asset managers and trustees now require FINMA approval. They shall report to FINMA within 6 months of the FINIG coming into force. Within 3 years of the FINIG coming into force, independent asset managers and trustees must meet the requirements and submit a licence application. They may continue their activities until a decision is taken on the licence, provided that they are affiliated to a self-regulating organisation pursuant to Art. 24 AMLA and that they are supervised by that self-regulating organisation with regard to compliance with the relevant obligations.

Independent asset managers and trustees who commence their activities within one year of the FINIG taking effect must report immediately to FINMA and meet the licensing requirements from the commencement of their activities, with the exception of proof of affiliation to a supervisory organisation pursuant to Art. 7 para. 2 FINIG. No later than one year after FINMA has approved a supervisory organisation pursuant to Art. 43a FINMA Act, they must join such a supervisory organisation and submit an application for approval. They may continue their activities until a decision is taken on the licence, provided that they are affiliated to a self-regulating organisation pursuant to Art. 24 AMLA and that they are supervised by that self-regulating organisation with regard to compliance with the relevant obligations.

Managers of assets of collective investment schemes that have not reached the thresholds of the CISA and do not require FINMA approval now require FINMA approval as independent asset managers (Art. 24 para. 2 lit. a FINIG).

They shall report to FINMA within 6 months of the FINIG coming into force. Within 3 years of the FINIG coming into force, independent asset managers and trustees must meet the requirements and submit a licence application. They may continue their activities until a decision is taken on the licence, provided that they are affiliated to a self-regulating organisation pursuant to Art. 24 AMLA and that they are supervised by that self-regulating organisation with regard to compliance with the relevant obligations.

Representatives of foreign collective investment schemes offered in Switzerland exclusively to qualified investors do not require FINMA approval. If foreign collective investment schemes are offered to wealthy clients pursuant to Art. 5 para. 1 FIDLEG or to non-qualified clients, FINMA is required to obtain a licence.

Fund management companies that have already been approved as such pursuant to Art. 2 lit. a CISA at the time the FINIG comes into force do not require a new approval. However, they must meet the FINIG requirements within one year of their entry into force.

Distributors do not require FINMA approval and are not supervised by FINMA. The corresponding provisions are deleted from the CISA without replacement. However, a distributor must observe the rules of conduct according to FIDLEG.

The FINIG does not apply to persons who exclusively manage the assets of persons economically or family-related to them (Art. 2 para. 2 lit. a FINIG). This includes in particular so-called single family offices. These do not require FINMA approval.

If a Family Office works for several customers, it is a Multi Family Office. In future, these will require a licence as asset managers pursuant to Art. 17 para. 1 FINIG.