Swiss regulator licenses ARIF as registration body for client advisers
This marks the second approval of a registration body pursuant to FinSA.
The Swiss Financial Market Supervisory Authority today announces that it has licensed the Association Romande des Intermédiaires Financiers (ARIF), headquartered in Geneva, as a registration body for client advisers. The license, effective from September 14, 2020, marks the approval of the second registration body pursuant to FinSA.
The registration bodies manage a register of advisers in accordance with FinSA and check that the client advisers entered in it have the necessary education and training. FINMA notes that it is responsible for the licensing but not for the prudential supervision of the registration bodies.
Client advisers of financial service providers not subject to supervision and providing their service in Switzerland must report for entry in the register within six months following the licensing of the first registration body.
As FinanceFeeds has reported, in July, FINMA 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 two organisations submitted their applications to FINMA in January 2020. The SOs will be responsible for the supervision of portfolio managers and trustees.