Archive

21
Jun
2017

FinSA/FinIA - consideration by EATC-N nearly concluded

The EATC-N has concluded its considerations of FinSA. The consideration of the FinIA have been nearly concluded by the commission.  With respect to both bills., the EATC-N’s proposals are broadly in agreement with the Council of States. However, certain issues were disputed in the committee’s consideration, and there are now minority proposals in those areas. The details on the issues to be discussed can be found in the Parliamentary Services media release.

The EATC-N will hold its final vote on the matter at its meeting of 14/15 August 2017. Subsequently, the summary will be published. It is planned that the National Council will consider this item of business in the 2017 Autumn Session.

Parliamentary Services media release

22
Feb
2017

FinSa/FinIA – first decisions of EATC-N

During its last meeting the EATC-N has approved the introduction of the two bills, FinSA and FinIA. Now, the commission has started its detailed considerations of the matter which have been conducted up to article 10 of the FinSA. The commission will continue its considerations during its next meeting held on 3./4. April 2017.

Press release EATC-N

7
Feb
2017

GIPS - Country Sponsor Communique

February 2017

The third edition of the GIPS Country Sponsor Communique contains a message by Carl Bacon, CIPM, GIPS Executive Committee chair, and an interview with the Mexico GIPS Country Sponsor representative, Sebastian Miralles Acuna

GIPS Country Sponsor Communique

25
Jan
2017

EATC-N - Introduction of FinSA and FinIA

At its meeting on 23 January 2017, the EATC-N began its consideration of the Financial Services Act and the Financial Institutions Act. It started by conducting a hearing, to which SFAMA was also invited. The introduction of the two bills was not disputed. Meanwhile, a proposal for the FinIA to be sent back to the Federal Council for review, with the supervision of financial services providers being allocated to FINMA, was rejected. The committee will commence its detailed consideration at its meeting on 20/21 February 2017.

Media release EATC-N (German)

19
Jan
2017

FTA - Automatic exchange of information

The FTA has published the final version of its Directive on the automatic exchange of information

AIA-Wegleitung

Directive EAR

20
Oct
2016

The European Securities and Markets Authority (ESMA): MiFID II Q&As

On 10th of October 2016 ESMA published its first MiFID II Q&As on investor protection topics (please see here).

ESMA intends to review these Q&As on a regular basis to update them where required and to identify if, in certain areas, there is a need to convert some of the material into ESMA Guidelines and recommendations.

The topics discussed in this first iteration cover

-          Best execution
-          Suitability and appropriateness
-          Recording of telephone conversations and electronic communications
-          Record keeping
-          Investment advice on an independent basis
-          Underwriting and placing
-          Inducements (research)

MiFID II will enter into application on 3 January 2018 and will strengthen the protection of investors by both introducing new requirements and strengthening existing ones.

20
Oct
2016

The European Securities and Markets Authority (ESMA): AIFMD passport

AIFMD: ESMA is continuing its preparations for the introduction of the AIFMD passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) but it is still unclear when the passport will become a reality.

On 11 October 2016, Steven Maijoor, the Chair of ESMA, briefed the European Parliament’s Economic and Monetary Affairs Committee on ESMA’s next steps, which are to:

  • continue its assessment of Bermuda and Cayman Islands with a view to reaching a definitive conclusion on whether to extend the passport to those countries
  • start to assess a third group of non-EU countries, when it has more clarity on the next steps envisaged by the co-legislators
  • focus on putting in place the extensive framework foreseen by the co-legislators in case the passport is indeed extended to one or more non-EU countries.

ESMA notes that this last element includes making preparations for the significant role for ESMA in the functioning of the passporting system and the strengthened supervisory cooperation that will be crucial to its success.

In a separate development, ESMA clarified on 12 September 2016 its Advice from July 2016 on the application of the AIFMD third country passport with respect to the assessment of the Isle of Man. The clarification does not change ESMA’s general advice on the potential extension of the passport to the Isle of Man, namely that it found that the absence of an AIFMD-like regime made it difficult to assess whether the investor protection criterion is met.

6
Jul
2016

FINMA Guidance 01/2016

Financial Market Infrastructure Act: FINMA's next steps

FINMA Guidance - explanation

FINMA Guidance 01/2016

29
Jun
2016

Federal Council extends transitional periods for financial market infrastructures

During its meeting today, the Federal Council adjusted the Financial Market Infrastructure Ordinance. The transitional periods for financial market infrastructures were extended by a year in line with developments in the EU.

Media release of the Federal Council

29
Jun
2016

FinSA/FinIA - Start of detailed debate

The EATC-S has started its detailed debate of the Financial Services Act and the Financial Institutions Act. In this context, the EATC-S has commissioned the Federal Administration with respect to further details. On 29 August the debates will continue. Currently, it is still open whether the EATC-S will be able to conclude its debate on that date. If this is the case, the matter would be ready for discussion by the Council of States in the next session taking place in autumn.

The Commission decided to inform the public about its specific proposals only once the detailed debate has been concluded.

Media release of the EATC-S (German version)

14
Apr
2016

European Commission – Delegated Acts for MiFID II

On 7 April 2016, the European Commission published part of the long awaited Delegated Acts for MiFID II. 

This first set of Delegated Acts for MiFID II is based on an ESMA's Technical Advice and covers three topics: safeguarding of client financial instruments and funds, product governance requirements and inducements (“Delegated Directive”). This Delegated Directive is a first step only. For the time being, the Commission is continuing with the finalisation of more than 30 level II measures to provide greater certainty for firms’ implementation strategies.

Delegated Acts for MiFID II

ESMA's Technical Advice

12
Apr
2016

ESAs has published its proposal for PRIIPs RTS

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs) has finalised its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs).

The new rules have been submitted to the European Commission for endorsement. They will come into force on the 31 December 2016.

In order to help the industry to be prepared for the implementation of the new PRIIPS regulation, which will have cross border implications, the SFAMA is in the process of elaborating a FAQ which will be updated on a continued basis. The FAQ will, among others, contain issues which have been discussed and answered at the SFAMA PRIIPs Round Tables on 21 and 23 of March 2016.

Proposal for RTS on KIDs for PRIIPs

8
Apr
2016

ESMA - Final guidelines on sound remuneration policies under the UCITS Directive and AIFMD

ESMA has published its final Guidelines on sound remuneration policies under the UCITS Directive and AIFMD and has provided that the Guidelines will apply from 1 January 2017, subject to the transitional provisions stated therein.

9
Dec
2015

FINMA publishes its Financial Market Infrastructure Ordinance

The Swiss Financial Market Supervisory Authority FINMA has published its own ordinance on financial market infrastructure. The ordinance contains the implementing provisions on reporting requirements for securities trading, on clearing duties for derivatives, as well as on disclosure and takeovers. It will enter into force on 1 January 2016, along with the Federal Council’s Financial Market Infrastructure Act and the associated ordinance.

FINMA media release

25
Nov
2015

Federal Council brings Financial Market Infrastructure Act into force as at 1 January 2016

During its meeting today, the Federal Council brought the Financial Market Infrastructure Act (FMIA) and the Financial Market Infrastructure Ordinance (FMIO) into force as at 1 January 2016. Consequently, new rules that are consistent with the current international standards in the area will apply in Switzerland for financial market infrastructures such as trading venues and central counterparties, as well as for derivatives trading.

Media release of the Federal Council

25
Nov
2015

Federal Council adopts dispatch on automatic exchange of information in tax matters between Switzerland and EU

Today, the Federal Council adopted the dispatch on the agreement regarding the automatic exchange of information (AEOI) in tax matters with the EU and submitted it to Parliament for approval.

10
Aug
2015

Circular 25/2015

Invitation to SFAMA’s Q&A-Session on AIFMD with focus on ESMA’s Advice in relation to the application of the AIFMD passport to non-EU AIFMs and AIFs

SFAMA Circular 25/2015

Invitation to SFAMA’s Q&A-Session on AIFMD with focus on ESMA’s Advice in relation to the application of the AIFMD passport to non-EU AIFMs and AIFs
4
Aug
2015

Circular 24/2015

AIFMD – Switzerland’s Efforts have been positively acknowledged by ESMA

SFAMA Circular 24/2015

AIFMD – Switzerland’s Efforts have been positively acknowledged by ESMA
30
Jul
2015

ESMA - AIFMD passport for non-EU AIFMs and AIFs

Today ESMA published its Advice in relation to the application for the AIFMD passport for non-EU AIFMs and AIFs, and its Opinion on the functioning of the passport for EU AIFMs and the national private placement regimes (NPPRs).

ESMA assessed six jurisdictions – Guernsey, Hong Kong, Jersey, Singapore, Switzerland and the United States of America (USA). The Advice concludes that no obstacles exist to the extension of the passport to Guernsey and Jersey, while Switzerland will remove any remaining obstacles with the enactment of pending legislation. No definitive view has been reached on the other three jurisdictions due to concerns related to competition, regulatory issues and a lack of sufficient evidence to properly assess the relevant criteria.

The Advice and Opinion, required under AIFMD, will now be considered by the European Commission, Parliament and Council.

The SFAMA AIFMD Working Group is analysing the consequences of this Advice. We will inform you per Circular shortly.

ESMA Advice and Opinion

20
Jul
2015

Media release 10/2015

Decline on Swiss fund market

SFAMA Media release 10/2015

Decline on Swiss fund market