Swiss regulator grants licence as supervisory organisation to SO-FIT
FINMA has thus authorised a third supervisory organisation under FinIA and FinSA.
Switzerland’s Financial Market Supervisory Authority (FINMA) today announces that it has granted SO-FIT a licence as a supervisory organisation. This is the third license issued by FINMA to a supervisory organisation under FinIA and FinSA.
FINMA is granting the Organisme de Surveillance pour Intermédiaires Financiers & Trustees (SO-FIT) currently being set up in Geneva a licence as a supervisory organisation with effect from August 11, 2020. In addition, the regulator is recognising SO-FIT as a self-regulatory organisation. SO-FIT’s application for a licence was submitted by the Organisme d’Autorégulation des Gérants de Patrimoine (OAR-G). SO-FIT will succeed OAR-G.
The supervisory organisations will be responsible for the supervision of portfolio managers and trustees in the future. FINMA has also received two further licence applications from supervisory organisations, which were submitted later.
As FinanceFeeds has reported, the Swiss regulator granted the Organisme de Surveillance des Instituts Financiers based in Geneva (OSIF) and the Organisation de Surveillance Financière based in Neuchâtel (OSFIN) licences as supervisory organisations (SOs) with effect from July 6, 2020. The organizations will be responsible for the supervision of portfolio managers and trustees.
With the enactment of the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA) the supervision of portfolio managers and trustees became subject to new regulation. Independent portfolio managers and trustees now require authorisation from FINMA. However, they will be monitored by the SOs with regard to compliance with the obligations laid down in the FinIA and FinSA, as well as compliance with AMLA rules. The SOs also require authorisation from FINMA and will be supervised by FINMA. If there are any violations FINMA is responsible for enforcing financial market law.
