Swiss FINMA issues 950 licences to portfolio managers and trustees
As at 30 June 2023, the Swiss Financial Market Supervisory Authority (FINMA) has granted 950 licences to portfolio managers and trustees. It has received a total of 1,749 licence applications.
The 950 licences may be broken down as follows:
- 931 institutions (888 portfolio managers, 43 trustees), of which 8 institutions licensed as both portfolio managers and trustees, out of the 1,699 licence applications received by the end of 2022; plus
- 10 institutions, with one institution licensed as both portfolio manager and trustee, out of the 50 licence applications received since the beginning of 2023.
In its Guidance, FINMA explains its supervisory model. In particular, it emphasises that the supervisory organisations monitor the licensed portfolio managers and trustees in a risk-based manner. To this end, they are developing a rating system so that they can apply supervisory measures to each of the supervised institutions that are proportionate to the assessed level of risk.