July 2020

The purpose of this Newsflash is to inform you that the Swiss Financial Market Supervisory Authority ("FINMA") has authorized the first client advisors registration body. This first authorization triggers the start of the registration obligation under the Swiss Financial Services Act ("FinSA"). Furthermore, FINMA has also granted the first licenses as supervisory organizations responsible for the supervision of portfolio managers and trustees under the Swiss Financial Institutions Act ("FinIA").