In connection with the entry into force of the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) in January 2020, these laws require client advisers to enrol on a register: the Client Advisers’ Register.
The concept of client advisers is relatively broad and encompasses in particular current distributors of collective investment schemes, distributors of financial instruments and investment advisers, whether they are based in Switzerland or abroad.
ARIF has been authorised by FINMA since 14.09.2020 as a Client Advisers’ Register.
Client advisers have until 20 January 2021 to file an application for enrolment in the Register. If they fail to do so, they will no longer be allowed to continue their business activity.
ARIF’s entire team is at your disposal for any questions or assistance that you might wish to obtain.
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The FinSA defines client advisers as “any natural person who provides financial services on behalf of financial services providers or as a financial services provider” (Article 3 e) FinSA)
In other words, any natural person who provides a service in the financial field, such as for example investment advice, wealth management or distribution of financial instruments, including collective investment schemes, is deemed a client adviser.
However, not all client advisers are obliged to register in the client advisers’ register (see next question: “Who has to register in the client advisers’ register?”
Client advisers have to enrol in the client advisers’ register if they:
- are not subject to FINMA supervision (Article 3 LFINMA); and
- do not conduct their business activities on behalf of a company that is regulated by FINMA (Article 3 LFINMA).
The registration requirement applies to client advisers who are domiciled abroad and provide financial services in Switzerland, unless they provide their service in Switzerland to professional or institutional clients.
In other words, the following natural persons in particular are required to enrol in the client advisers’ register:
- investment advisers;
- distributors of collective investment schemes;
- distributors of other financial instruments, such as structured products, for example.
Any natural person who will be in contact with clients to offer them financial services is required to register.
It is important to note that, if a client adviser fails to register, he/she is not allowed to continue his/her business activity.