Any individual or company seeking to manage clients’ money or take money from investors, underwrite insurance policies, or set up and manage a collective investment scheme requires authorisation from FINMA. Only where statutory requirements have been met are licences issued. Authorised companies are then supervised.
Moreover, is finma a regulator?
FINMA is Switzerland’s independent financial-markets regulator. Its mandate is to supervise banks, insurance companies, financial institutions, collective investment schemes, and their asset managers and fund management companies.
Subsequently, who regulates banks in Switzerland?
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland.
What is finma compliance?
FINMA communicates important information to supervised institutions, providing them with guidance on regulatory matters. FINMA guidance sets out to encourage supervised institutions to be proactive and forward-looking, supporting them in their compliance with financial market legislation. …
What is finma license?
The most common type of authorisation granted by FINMA is a licence to engage in a given financial-market activity. … FINMA also licenses portfolio managers and trustees. However, compliance with licensing requirements is not monitored directly by FINMA but by a supervisory organisation ( SO ).
Who regulates trust companies in Switzerland?
These have, until now, been regulated for anti-money laundering purposes, with trust companies subject to the rules of the Swiss financial regulator (Finma) or an approved self-regulatory organisation, which is in turn under the direct supervision of Finma, writes Saffery Champness’ Daniel Hawson.
Where is finma located?
Bern
Why are Swiss goods so expensive?
Originally Answered: Why is Switzerland so much more expensive than its surrounding countries? Because the standard of living and the wages are much higher. You pay more, which leads to people getting paid more, which leads to people being able to afford the prices.