Swiss FINMA reminds portfolio managers about licensing deadlines
The Swiss Financial Market Supervisory Authority (FINMA) today issued a guidance to portfolio managers and trustees regarding their obligations to obtain licenses. The guidance outlines the necessary steps in the licensing process, sets out the corresponding timetable and provides recommendations for fulfilling the duties in accordance with the FinIA.
FINMA strongly recommends that all institutions submit their complete licence application to a supervisory organisation (SO) by 30 June 2022. This is to allow an adequate amount of time for the affiliation process. The confirmation of affiliation to an SO is an important milestone before a licence application can be submitted to FINMA.
Since 1 January 2020 portfolio managers and trustees must be licensed by FINMA and supervised by an SO. For existing portfolio managers and trustees, a transitional period applies until 31 December 2022, by which date FINMA must have received a licence application.
It is the responsibility of the institutions concerned to meet the applicable deadlines. The transitional period can only be extended in exceptional circumstances.