According to Art. 28 FinSA, client advisors of domestic financial service providers who are not supervised in accordance with Art. 3 FINMASA and client advisors of foreign financial service providers may only exercise their activities in Switzerland if they are entered in a register of advisors. The advisor register is maintained by a registration office in accordance with Art. 31 FinSA. It requires FINMA approval for its activities.
Client advisors, i.e. natural persons who provide financial services on behalf of a financial service provider or themselves as financial service providers – for example in the form of the distribution of funds in the Swiss market – must therefore be entered in a register of advisors under the FinSA, which came into force on 1 January 2020. The obligation to register applies even to client advisors of foreign financial service providers who are part of a group supervised by the Swiss Financial Market Supervisory Authority FINMA, provided they do not offer their financial services in Switzerland exclusively to professional or institutional clients. The entry in the advisor register must be made before financial services are provided in Switzerland or to clients domiciled in Switzerland. The wording of the FinSA suggests that this obligation applies to every client who is in Switzerland.