Main changes introduced by the newly adopted Swiss financial services regime for portfolio managers

The new legislative package regarding the provision of financial services in Switzerland has finally been adopted and is expected to take effect on 1 January 2020. As anticipated, portfolio managers active in Switzerland must now prepare to be subject to a supervisory regime and comply with new regulatory duties. Nearly three years after the publication of the Federal Council’s position paper on the Financial Services Act (‘FinSA’) and the Financial Institutions Act (‘FinIA’), these acts were passed by the Swiss Parliament on 15 June 2018. Both laws, along with their enabling legislation, are expected to take effect on 1 January 2020.