FinIA (Financial Institutions Act)
The Swiss Financial Institutions Act (FinIA, SR 954.1) has been in force since 1 January 2020. It requires a FINMA licence for institutions that manage third-party assets: portfolio managers, trustees, managers of collective assets, fund management companies and securities firms.
Portfolio managers and trustees are not supervised by FINMA day to day: ongoing supervision is carried out by a supervisory organisation (SO) authorised by FINMA. Firms already active before 2020 had a transition period to obtain their licence.
FinIA sets requirements on organisation (management, risk management, internal control), proper conduct of business and minimum capital. It works together with FinSA, which governs the relationship with the client.
Official source : RS 954.1 (fedlex.admin.ch)
See also
In the directory: Independent asset managers in Geneva · Private banks in Geneva · Family offices in Geneva