With the Financial Institutions Act (FinIA), which came into force on 1 January 2020, trustees and independent asset managers are now subject to an authorisation requirement and supervision. The new regulation affects trustees and asset managers who carry out their activities on a professional basis in or from Switzerland for persons without family or economic ties. Existing trustees and asset managers must report to FINMA by 30 June 2020 and must meet the legal requirements by 31 December 2022.
Andrea Dorjee-Good and Paula Custer
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