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FINMA has granted BX Swiss AG the first licence as registration body for client advisers, with effect from 20 July 2020. It is to be expected that further registration bodies will be authorised by FINMA. The registration bodies will maintain a register of advisers as defined by the Financial Services Act (“FINSA”). Client advisers of financial service providers must register with a registration body if they are not subject to supervision and provide their services in Switzerland.
The authorisation of the first registration body marks the start of a 6-month transitional period: affected client advisers must submit an application to be recorded in the register of advisers by 19 January 2021 to avoid a heavy penalty by the financial regulators.
lecocqassociate is available to assist you regarding the above. Feel free to contact Dominique Lecocq (info@lecocqassociate.com) for any question.
