Following the adoption of the Financial Service Act (FinSA)  and the Financial Institution Act (FinIA) by the Swiss Parliament on 15 June 2018, the Swiss Federal Council has now published the following three consultation drafts for the implementing ordinances to these two acts for consultation:

•         the Financial Services Ordinance (FinSO), which covers the duties of financial services providers regarding the provision of financial services, information and organizational requirements;
•         the Financial Institutions Ordinance (FinIO), which covers the authorization and supervision requirements for financial service providers;
•         the Supervisory Organization Ordinance (SOO) which defines the supervision principles for the newly created supervisory organizations

The ordinances and two laws will enter into force on 1 January 2020 .

Financial acts and ordinances will provide more uniformity in the competitive conditions and new business opportunities for the companies that will first act, optimizing efforts and costs; the attached presentation will provide an overview of the legislation aspects and  introduce our practical approach to analyse the required actions, taking into account the specific characteristics of the Financial Provider and its client's base.

Blue Wave Sourcing is ready to support Banks and Independent Asset Managers also in this new journey.