Amendments to the CISO-FINMA as of beginning of January 2021
With an effective date as of 1 January 2021 the Eidgenössische Finanzmarktaufsicht (FINMA) amended the Ordinance on Collective Investment Schemes-FINMA (CISO-FINMA) to include the publication and information duties of the Swiss representatives of foreign collective investment schemes.
As previously requested by the authority, all communications published in the fund’s home country must be published in the designated Swiss publication media at the same time and with the same content (including the usual Swiss requirements), in accordance with the principle of equal treatment of the investors. Prior to the amendments, everything considered material changes for investors in Switzerland which were not included in the home country publication, needed to be reflected in an additional publication for Switzerland only.
As of 1 January 2021, the FINMA contents with the same information included in home state publication (including Swiss requirements), meaning that a separate publication including further changes considered material in Switzerland only will no longer be required.
Amendments to the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) in connection with the ombudsman affiliation requirement as of 1 February 2021
The current conditions require all financial service providers to be affiliated to an ombudsman. As of 1 February 2021, the requirements regarding the ombudsman affiliation will be modified as this will apply only to the financial service providers that serve retail clients and high-net-worth retail clients who have declared themselves to be professionals. Financial service providers serving solely institutional or professional clients (excluding high-net-worth retail clients who have declared themselves to be professionals) will not need to be affiliated to an ombudsman.
The links to the latest versions of the FinSA and FinIA are available here: Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) and the announcement regarding this change is available here.
Please feel free to contact us should you require any additional information.
Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.
© 2021 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.