New Swiss financial market rules: a guide – International Financial Law Review

On January 1 2020, the Financial Services Act (the FinSA) and the Financial Institutions Act (the FinIA) entered into effect in Switzerland. Numerous provisions of the FinSA and the FinIA, however, did not become effective immediately, because new institutions envisaged under the FinSA and the FinIA were not yet in place. The countdown on certain transition periods provided for by the FinSA and the FinIA has only started to run from the time these new institutions were in place. In the meantime, the Swiss Financial Market Supervisory Authority FINMA (FINMA) has approved these institutions and the transition periods are running.

As a result, Swiss and non-Swiss parties that are subject to these new Swiss financial market regulations are now required to take action. With regard to non-Swiss parties, this will include, in particular, financial service providers that offer financial services to clients in Switzerland (see below, registration bodies and ombudsman’s offices) and parties involved in public offers and/or admissions to trading of securities on a trading venue in Switzerland (see below, reviewing

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