Source: https://www.swissbanking.org/en/media/news/timetable-for-implementation-of-the-finsa-finia
Timestamp: 2020-01-28 18:56:29
Document Index: 322136026

Matched Legal Cases: ['Art. 4', 'Art. 103', 'Art. 6', 'Art. 104', 'Art. 7', 'Art. 105', 'Art. 21', 'Art. 106', 'Art. 28', 'Art. 95', 'Art. 107', 'Art. 68', 'Art. 72', 'Art. 77', 'Art. 95', 'Art. 108', 'Art. 35', 'Art. 95', 'Art. 109', 'Art. 58', 'Art. 95', 'Art. 110', 'Art. 111', 'Art. 111', 'Art. 95', 'Art. 105', 'Art. 144', 'Art. 105', 'Art. 106', 'Art. 5']

Timetable for implementation of the FinSA / FinIA — Swiss Bankers Association
Timetable for implementation of the FinSA / FinIA On 6 November 2019, the Federal Council decided to bring into force per 1 January 2020 the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) together with the corresponding Financial Services Ordinance (FinSO), Financial Institutions Ordinance (FinIO) and the Supervisory Organisation Ordinance (SOO). https://www.swissbanking.org/en/media/news/timetable-for-implementation-of-the-finsa-finia https://www.swissbanking.org/en/media/news/timetable-for-implementation-of-the-finsa-finia/@@download/image/Finanzmarktarchitektur.jpg
This gives Switzerland a balanced and up-to-date overall policy in the area of investor protection. Among other things, the FinIA will close the gaps that remain in the supervision of portfolio managers. The FinSA, in turn, governs the entire relationship between financial services providers and clients at the point of sale under a single law.
Financial services providers will therefore soon be subject to new rules and duties which must be implemented. The individual duties under the FinSA are subject to variable transitional periods, which can in principle be divided into three categories: a two-year transitional period starting from 1 January 2020 applies for the majority of the duties. Other duties, however, are subject to a transitional period of six months starting from the time of a certain event. Only a few duties have no transitional period and will come into force on 1 January 2020. The following table provides an overview of the transitional periods for individual duties.
Transitional periods for FinSA
Duty under FinSA
No transitional period:
mandatory by 1.1.2020
Variable transitional period 6 months from appointed date
Transitional period 2 years from entry into force of FinSA/ FinSO: mandatory by 1.1.2022
Art. 4 FinSA
Art. 103 FinSO
Required knowledge for client advisors
Art. 6 FinSA
Art. 104 FinSO
Art. 7-18 FinSA
Art. 105 FinSO
Art. 21-27 FinSA
Art. 106 FinSO
Duty to register for client advisors
Art. 28 FinSA
Art. 95 para. 2 FinSA / Art. 107 FinSO
Indication of advertising
Art. 68 FinSA
Art. 72-73 FinSA
Duty of affiliation with an ombudsman’s office
Art. 77 FinSA
Art. 95 para. 3 FinSA / Art. 108 FinSO
General duty to publish prospectus
Art. 35 et seq. FinSA
Art. 95 para. 4 FinSA / Art. 109 FinSO
KIDs for real estate funds, securities funds and other funds for traditional investments, which will be offered to private clients after entry into force of FinSA
Art. 58 et seq. FinSA
Art. 95 para. 4 (b) FinSA / Art. 110 FinSO
KIDs for structured products, which will be offered to private clients after entry into force of FinSA
Art. 111 para. 1 FinSO
KIDs for other financial instruments, which will be offered to private clients after entry into force of FinSA
Art. 111 para. 2 FinSO
Alignment SESTA / CISA / CISO with FinSA / FinSO
Art. 95 para. 4 FinSA / Art. 105 para. 3 FinSO / Art. 144 CISO
SESTA: Federal Act on Stock Exchanges and Securities Trading, Stock Exchange Act (SR 954.1)
CISA: Federal Act on Collective Investment Schemes, Collective Investment Schemes Act (SR 951.31)
CISO: Ordinance on Collective Investment Schemes, Collective Investment Schemes Ordinance (SR 951.311)
[1] If financial services providers wish to fulfil these duties prior to the two-year deadline following the entry into force of the FinSO, they must irrevocably inform their auditor thereof in writing, indicating the chosen point in time. (Art. 105 para. 2 FinSO).
[2] If financial services providers wish to fulfil these duties prior to the two-year deadline following the entry into force of the FinSO, they must irrevocably inform their auditor thereof in writing, indicating the chosen point in time. (Art. 106 para. 2 FinSO).
[3] If there is no corresponding registration body in place when the FinSA comes into force, the duty of affiliation will come into effect from the time a registration body is approved by FINMA or from the time a registration body is designated by the Federal Council.
[4] If there is no corresponding ombudsman’s office in place when the FinSA comes into force, the duty of affiliation will come into effect from the time the ombudsman’s office has been recognised by the FDF or from the time an ombudsman’s office has been established by the Federal Council.
[5] Please consult the Explanatory Report.
[6] For two years after the FinSA has come into force, a simplified prospectus as set out in Annex 2 / 3 CISO can be drawn up and published instead of a KID as set out in Annex 9 FinSO.
[7] For two years after the FinSA has come into force, a simplified prospectus pursuant to Art. 5 para. 2 CISA can be drawn up and published instead of a KID as set out in Annex 9 FinSO.
[8] Ensures the extension of the existing rules in the area of best execution and collective investment schemes until implementation of the FinSA / FinSO or until the end of the two years following the entry into force of the FinSA / FinSO.
Head of Financial Market Law