The Swiss Federal Council's Message on the forthcoming Financial Services Act (FinSA) published in November 2015 will require Swiss financial service providers to comply with a number of significant requirements. According to this Message, the main aspects of the FinSA are the creation of a level playing field for all Swiss financial service providers and the improvement of investor protection.
Moreover, the FinSA is expected to provide a legal base which is equivalent to the international rules dealing with similar topics. This is as much to safekeep the reputation of Switzerland as a financial center as it is a prerequisite for market access across borders. However, for most financial service providers the new FinSA requirements and duties will bring an implementation effort with it that should not be underestimated.
© 2016 KPMG Holding AG is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved.