On 24 October 2018, the Swiss Federal Council began the consultation for the 3 implementing ordinances to the Financial Services Act and the Financial Institutions Act. The consultation period will last until 6 February 2019; the ordinances and the two laws will enter into force on 1 January 2020.
Following the adoption of the FinSA (FIDLEG) and the FinIA (FINIG) by the Swiss Parliament on 15 June 2018, the Swiss Federal Council has now published the following three consultation drafts for the implementing ordinances to these two acts for consultation:
- the Financial Services Ordinance (FinSO), as implementing ordinance to the FinSA, covering the duties of financial services providers regarding the provision of advice, information and organizational requirements;
- the Financial Institutions Ordinance (FinIO), as implementing ordinance to the FinIA, covering the authorisation conditions, duties and supervision requirements for financial service providers; and
- the Supervisory Organization Ordinance (SOO) setting forth the licensing conditions and the basic supervision principles for the newly introduced supervisory organizations.
Additionally to these three ordinances, it is expected that FINMA, in its capacity as supervisory authority, will also publish implementing ordinances to the FinSA and the FinIA, which will contain more technical aspects concerning the implementation of FINMA’s supervisory functions.
Furthermore, FinSA and FinIA will also have a substantial impact on the Collective Investment Schemes regulations (CISA / KAG, CISO / KKV, CISO-FINMA / KKV-FINMA).