Adaptation of the FAQ on the obligation to register
The new DLT Ordinance is expected to enter into force on 1 August 2021, which will also have an impact on the registration obligation of client advisors of Swiss representative offices of foreign financial service providers. In this context, the registration offices have amended or clarified the answer to question 14 of the FAQ on the registration obligation, and FINMA has taken note of this amendment:
Question 14: Do client advisors of Swiss representative offices of foreign financial service providers need to register in the client advisor register?
Answer so far: Yes, in view of the fact that Swiss representative offices of foreign financial service providers are not subject to prudential supervision (see new article 82 FinIO, in relation to the DLT Act), their client advisors providing financial services are subject to the duty to register.
New Answer: Art. 82 of the draft DLT Ordinance provides that representations of foreign financial institutions are no longer subject to prudential supervision by FINMA, but are instead required to have their client advisors entered in the register of advisors pursuant to Art. 28 FinSA if they provide financial services to retail clients (including high-net-worth retail clients who declare that they wish to be treated as professional clients (opting out)). It is expected that the DLT Ordinance will enter into force in August 2021. Until then, representations of foreign financial institutions are considered prudentially supervised and their client advisors do not have to be entered in the register of advisor.
New training or accepted proof of knowledge of the rules of conduct
Client advisors currently have the option of making use of the transitional period pursuant to Art. 104 FinSO and submitting the evidence of the required knowledge pursuant to Art. 6 FinSA by 31 December 2021 at the latest. It is important to note that the evidence must be submitted via your personal profile on the BX Swiss online registration platform by this date at the latest. If the proof is not submitted by the deadline, the client advisor will be deleted from the client advisor register.
The BX Swiss registration office regularly reviews new education and training, in particular on the rules of conduct under FinSA. You will find the regularly updated list of already accepted trainings on our website under Required Knowledge | regservices.ch.
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Matthias acts as Managing Director at BX Swiss, formerly known as Berne exchange. Before joining BX Swiss, he was head of group innovation management at SIX Group. During his time at both of the Swiss stock exchanges, he launched various new innovative services in the area of financial market infrastructure, ETD & OTC derivatives, structured products, precious metals, funds and bonds.
Matthias acts as Managing Director at BX Swiss, formerly known as Berne exchange. Before joining BX Swiss, he was head of group innovation management at SIX Group. During his time at both of the Swiss stock exchanges, he launched various new innovative services in the area of financial market infrastructure, ETD & OTC derivatives, structured products, precious metals, funds and bonds.
