A

User account

The registration process first requires the creation of a user account, and its validation by clicking a link in the email sent to the email address provided.

ARIF’s Register of Advisers allows an entirely digital registration through its REGISTRATION PLATFORM. The process can be completed in a few minutes if the requested documents have been prepared and scanned so that they can be uploaded in PDF format to the registration platform.

Once your user account has been created, you will be able to access the registration form. The form can be completed at your own pace, and the information already entered can be saved until the form is fully completed.

The online platform is available in French and English. German and Italian will be added at a later date.

Please use the latest version of one of the following browsers: Chrome, Firefox or Safari. Support for other browsers cannot be guaranteed. 

B

Documents

List of documents to prepare :
Please note that, in the case of FINSA and professional skills training, you may make use of the faculty provided for in Article 104 FINSO to demonstrate this knowledge by 31 December 2021 the latest, if you are not able to do so immediately. If this proof is not provided within the deadline, you will be removed from the Register. Furthermore, until such proof is provided, the public Register will expressly mention that you have made use of this option. You will also have to indicate to which mediation body in accordance with Article 77 FINSA you or the financial services provider employing you are affiliated. For detailed information about the mediation bodies, please refer to the mediation tab on this website.

C

Employee or self-employed status

For the purposes of the registration form, an “employed adviser” is an adviser who, under any legal form (in particular an employment contract, agency or mandate contract), is permanently subordinate to a financial services provider. 

An independent adviser is an adviser who acts entirely on his own account and is not subordinate to a financial services provider whose products he distributes (e.g. an investment adviser acting on an individual basis directly towards end clients).

It should be noted that the two situations may coexist for the same adviser, who may act partly independently and partly be employed by one or more financial services providers.

The registration form makes it possible to distinguish between the three situations.

D

Insurance cover

Client advisers must provide proof that they are covered by professional liability insurance or other financial guarantees as set out in Articles 29 para. 1 let. b FinSA and 32 FINSO.

The policyholder of the insurance policy may be the customer advisor himself, if he is independent, or the financial services provider who employs him. The policy must be in force at the time of registration in the Register of advisors and for the duration of the registration.

The professional liability insurance must cover the civil liability related to the insured person’s business model, in all his fields and geographical radius of activity, and for all his employees, auxiliaries and bodies, for damage to assets resulting from breaches of professional duties of care committed by the financial services provider or by the customer adviser, or by his employees, auxiliaries and bodies, in the exercise of his activity, in particular resulting from an investment error, or from a breach of legal or contractual obligations.

The sum insured available to cover all claims over a year must amount to at least CHF 500,000. If the insurance is taken out by a financial services provider who employs several customer advisors, the sum insured is at least the following:

– for two to four counsellors: CHF 1,500,000;

– for five to eight counsellors: CHF 3,000,000;

– for more than eight counsellors: CHF 10,000,000.

The professional liability insurance must provide for an ordinary period of notice of at least three months. 

The professional liability insurance must also cover claims for damages made within one year of the end of the insurance contract, provided that the damage was caused during the term of the contract and no other insurance has a duty to pay benefits. 

In the case of policies with the so-called claims-made principle or the principle of occurrence of damage, the extension of the insurance cover is at least 5 years.

You will be asked to provide a copy of the insurance policy; the document must explicitly show that the above requirements are met.

If this is not the case, ARIF will ask you to obtain an explicit attestation from the insurer according to the attached model of insurance certificate. In the absence of such a certificate, if ARIF has to examine in detail the general conditions of the insurance policy, this work will be invoiced to you according to the time spent.

E

Equivalent collateral

Instead of an insurance policy, the client adviser or the financial services provider employing him or her may deposit with a Swiss bank within the meaning of the Banking Act an amount equal to the required insurance cover and have a certificate of bank deposit by the bank, according to the model provided, which is less than three months old. This certificate must be valid as long as the registration of the adviser. For foreign financial services providers who are subject in their country to prudential supervision equivalent to that prevailing in Switzerland, a third possibility exists: they must have a minimum capital equivalent to CHF 10,000,000, according to the audited accounts of the financial services provider. In this case, an attestation by the statutory auditor must be submitted in accordance with the model of certificate of financial statement provided, which is less than three months old. It must be repeated each time the registration is renewed.
For any questions regarding the Register, please contact us at registre@arif.ch or by phone at +41 22 310 07 35.