Over 1k Venues Shun Swiss Regulator License Application

A total of 1,060 institutions, consisting of portfolio managers and trustees, have been advised by the Swiss Financial Market Supervisory Authority not to file license applications as required by the country’s Financial Institutions Act (FinIA), which came into force on January 1, 2020. (FINMA). .

This coincides with the end of the three-year transition period given to these institutions under FinIA on 31 December 2022 to meet the license conditions and submit license applications. However, a total of 1,699 companies submitted applications at the end of last year. , FINMA said in a press statement on Monday, Newly issued guidance.

The Swiss financial regulator said it licensed 670 institutions from its application pool last year, with around 1,000 applications currently pending. Of the licenses granted, 642 went to portfolio managers, 22 to trustees and 6 to institutions acting as portfolio managers and trustees.

Regulatory authorities under FinIA require portfolio managers and trustees to obtain an affiliation with an accredited independent supervisory authority (SO), such as FINcontrol Suisse SA, before applying for a license.Last May, regulators urged relevant agencies Prepare and submit an application to SO by 30 June at the latest to accommodate subsequent FINMA license applications.

Watch our recent FMLS22 session to learn how regulation will shape the financial industry in 2023.

“FINMA was systematically prepared for this large number of applications. [and] Expect longer (initial) response times, especially if the FINMA license process is lengthy. The processing time and corresponding costs of individual applications are still highly dependent on their quality and complexity,” explained the Swiss regulator.

FINMA Indicts Unlicensed Portfolio Managers and Trustees

In a statement Monday, FINRA said it would begin criminal prosecution against portfolio managers and fiduciaries who missed the filing deadline but continue to operate “professionally” in 2023. However, he added that those who have applied for a license can continue. It operates until a decision is made on their application.

Swiss regulators have said that “fines or penalties resulting from criminal proceedings could amount to CHF 250,000”, and from 2020 onwards 307 against institutions suspected of operating under license. It added that it had launched an investigation into the matter.

Meanwhile, Sandra Gasser, former attorney and head of wealth management and consulting at KPMG Switzerland, said: I believe Companies that do not apply for the required licenses merger

merger

A merger is defined as the absorption of the interests of another company. Can include real estate or contracts. In general, there are no specific rules or formats for unions. It is a way of combining two or more organizations, business concerns, or other related interests. The terms of the merger are generally agreed upon by the parties concerned. In the financial field, a merger means the merger of two or more companies or companies, public and private, into one entity.merger

A merger is defined as the absorption of the interests of another company. Can include real estate or contracts. In general, there are no specific rules or formats for unions. It is a way of combining two or more organizations, business concerns, or other related interests. The terms of the merger are generally agreed upon by the parties concerned. In the financial field, a merger means the merger of two or more companies or legal entities, public and private, into his one entity.merger
read this term Partner with other financial institutions or cease operations in the country.

A total of 1,060 institutions, consisting of portfolio managers and trustees, have been advised by the Swiss Financial Market Supervisory Authority not to file license applications as required by the country’s Financial Institutions Act (FinIA), which came into force on January 1, 2020. (FINMA). .

This coincides with the end of the three-year transition period given to these institutions under FinIA on 31 December 2022 to meet the license conditions and submit license applications. However, a total of 1,699 companies submitted applications at the end of last year. , FINMA said in a press statement on Monday, Newly issued guidance.

The Swiss financial regulator said it licensed 670 institutions from its application pool last year, with about 1,000 applications currently pending. Of the licenses granted, 642 went to portfolio managers, 22 to trustees and 6 to institutions acting as portfolio managers and trustees.

Regulatory authorities under FinIA require portfolio managers and trustees to obtain an affiliation with an accredited independent supervisory authority (SO), such as FINcontrol Suisse SA, before applying for a license.Last May, regulators urged relevant agencies Prepare and submit an application to SO by 30 June at the latest to accommodate subsequent FINMA license applications.

Watch our recent FMLS22 session to learn how regulation will shape the financial industry in 2023.

“FINMA was systematically prepared for this large number of applications. [and] Expect longer (initial) response times, especially if the FINMA license process is lengthy. The processing time and corresponding costs of individual applications are still highly dependent on their quality and complexity,” explained the Swiss regulator.

FINMA Indicts Unlicensed Portfolio Managers and Trustees

In a statement Monday, FINRA said it would begin criminal prosecution against portfolio managers and fiduciaries who missed the filing deadline but continue to operate “professionally” in 2023. However, he added that those who have applied for a license can continue. It operates until a decision is made on their application.

Swiss regulators have said that “fines or penalties resulting from criminal proceedings could amount to CHF 250,000”, and from 2020 onwards 307 against institutions suspected of operating under license. It added that it had launched an investigation into the matter.

Meanwhile, Sandra Gasser, former attorney and head of wealth management and consulting at KPMG Switzerland, said: I believe Companies that do not apply for the required licenses merger

merger

A merger is defined as the absorption of the interests of another company. Can include real estate or contracts. In general, there are no specific rules or formats for unions. It is a way of combining two or more organizations, business concerns, or other related interests. The terms of the merger are generally agreed upon by the parties concerned. In the financial field, a merger means the merger of two or more companies or companies, public and private, into one entity.merger

A merger is defined as the absorption of the interests of another company. Can include real estate or contracts. In general, there are no specific rules or formats for unions. It is a way of combining two or more organizations, business concerns, or other related interests. The terms of the merger are generally agreed upon by the parties concerned. In the financial field, a merger means the merger of two or more companies or legal entities, public and private, into his one entity.merger
read this term Partner with other financial institutions or cease operations in the country.

Leave a Reply

Your email address will not be published. Required fields are marked *