Source: https://fidlegsolution.ch/index.php/en/news
Timestamp: 2019-04-21 16:05:07+00:00

Document:
Pursuant to art. 2 para. 1 of the new Financial Institutions Act (FinIA), asset managers who are currently "only" subject to the Ant Money Laundering Act (AMLA) will be deemed to be financial institutions which, on the basis of art. 5 para. 1 FinIA, require a licence from FINMA and, on the basis of art. 7 para. 2 FinIA, are supervised by a supervisory organisation. In addition, based on art. 7 para. 1 FinIA, they must also fulfill the general requirements set out in section 2 of FinIA (i.e. art. 5 - 16 FinIA) and the specific requirements for asset managers (i.e. art. 17 - 23 FinIA).
In issues 11/2018 and 12/2019 we have discussed the regulatory aspects of retrocessions according to MiFID II / MIFIR (here) and FinSA (here). In addition, we also took a look at the civil law aspects. However, this does not mean that the story of retrocessions is over, quite the opposite. Rather, at the end of 2018 it was extended by a significant chapter. In a new, groundbreaking decision, the Swiss Federal Supreme Court also looked at retrocessions from a criminal law point of view – very much to the detriment of the recipients of retrocessions.
This issue of FIDLEG SOLUTION - News 12/2018 brings closer to you the provisions of FinSA on retrocessions and compares them with the provisions of MiFID II / MIFIR as presented in the last issue of FIDLEG SOLUTION - News 11/2018. It also takes a look at the civil law provisions, the case law and the self-regulation currently in force.
This issue of FIDLEG SOLUTION - News 11/2018 brings closer to you the provisions of MiFID II on retrocessions (also called inducements) which can also apply to Swiss financial services providers. In the next issue of FIDLEG SOLUTION - News we will then analyse the rules on retrocessions according to Swiss law, in particular the new Swiss Financial Services Act (FinSA) and the new Financial Institutions Act (FinIA).

References: art. 2
 art. 5
 art. 7
 art. 7
 art. 5
 art. 17