06.11.2019 – The Financial Services Act (FinSA) and Financial Institutions Act (FinIA) are part of the new financial market architecture. Both acts will create uniform competitive conditions for financial intermediaries and improve client protection.
The FinSA contains rules for offering financial services and distributing financial instruments. The FinIA sets the authorisation conditions and organisational requirements for financial institutions subject to prudential (official) supervision.
Parliament adopted both bills in the final votes on 15 June 2018. The FinSA was accepted by 138 votes to 57 (National Council) and 41 votes to 0 (Council of States); the FinIA passed with 139 votes to 56 (National Council) and 44 votes to 0 (Council of States). During its meeting on 6 November 2019, the Federal Council brought the FinSA and the FinIA – together with the implementing ordinances – into force with effect from 1 January 2020.