FINMA plans to check registration obligation
According to today’s media release by the Swiss Financial Market Supervisory Authority FINMA, random checks regarding compliance with the registration obligation are to be expected in the coming months. FINMA will check whether financial service providers and their client advisors have complied with the registration obligation under FinSA. FINMA explicitly points out that a breach of the registration obligation is a punishable offence and will have corresponding consequences.
It is also pointed out that client advisors who have not yet submitted proof of appropriate knowledge of the rules of conduct and/or the required expertise at the time of their initial registration must submit this proof to the registration office by 31 December 2021. Those who do not provide this evidence by the deadline will be removed from the register of advisors and consequently may not continue to act as client advisors.
So far, around 4,600 client advisors have registered in one of the three authorised advisor registers in Switzerland. By far the largest proportion of client advisors are registered in the BX Swiss advisor register, where client advisors from over 39 countries have registered to date.
The FINMA media release can be found here: FINMA media release.
Business photo created by freepik.com