Financial Services Regulation in Europe, 2nd edition, chapter 39 - Switzerland

Published: 10 October 2008
  • Summary of the relevant regulatory bodies and their powers in over 40 countries in Europe
  • Country by country consideration of the key regulatory issues
  • Quick research section in a Questions and Answers format
  • Full commentary cross-referenced from, and expanding on, the Questions and Answers section

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Insights

Insights – 29.07.2025

OFAC sanctions enforcement against Interactive Brokers: Important compliance lessons (also) for Swiss financial institutions

OFAC sanctions enforcement against Interactive Brokers: Important…

On 15 July 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") announced a settlement with Interactive Brokers LLC ("IB"), a U.S.-based global brokerage firm. The case, which resulted in a penalty of nearly USD 12 million, arose from compliance deficiencies related to sanctions screening, client location controls and oversight of introducing brokers. Although the enforcement action concerns U.S. regulations, it offers highly relevant lessons for Swiss financial institutions. In particular, the case illustrates how U.S. authorities evaluate the effectiveness of sanctions compliance frameworks in digital and cross-border contexts. OFAC's findings underscore the importance of integrating technical access controls (e.g., IP filtering), robust screening and escalation procedures, as well as careful oversight of third-party introducers.

Insights – 12.06.2025

SEC resumes processing applications for Swiss investment advisers

SEC resumes processing applications for Swiss investment advisers

On June 10, 2025, the U.S. Securities and Exchange Commission (SEC) announced that it will resume processing applications for Swiss financial institutions seeking to operate as Registered Investment Advisers (RIAs) in the United States. This decision marks a significant shift after years of suspension. It is the result of recent discussions between FINMA and the SEC that aimed at aligning examination procedures with both Swiss and U.S. regulatory frameworks.
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