The Swiss Financial Market Supervisory Authority (FINMA) intends to adopt a circular on the rules of conduct under the Swiss Financial Services Act (FinSA).
A consultation procedure is ongoing. The adoption of the circular is scheduled for the second trimester of 2024, whereas the entry in force is planned for the third trimester of 2024.
FinSA and its rules of conduct
Any financial service provided in Switzerland or to Swiss investors falls within the scope of FinSA, and its ordinance, i.e. the Financial Services Ordinance (FinSO).
Several years after FinSA's entry into force, there is a
significant need to interpret FinSA and FinSo and clarify important
questions for practitioners and market players.
This also concerns the rules of conduct under FinSA, which apply to
financial service providers.
FINMA often uses circulars to provide additional clarity on the
interpretation of Swiss financial market law and will use this
instrument again in the context of FinSA rules.
Such a circular could lead to potential changes for Swiss or
foreign financial service providers.
Next steps
The consultation procedure is ongoing. The adoption of the circular is scheduled for the second trimester of 2024 and, according to the FINMA, the circular should enter into force in the third trimester of 2024.
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