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FinSA – resolution of differences started

The EATC-S has begun the process of resolving differences with regard to the Financial Services Act and the Financial Institutions Act, and has reached Article 38 FinSA. In most cases, the Committee proposes agreement with the National Council. However, it still does not want to provide for the Federal Council to be able to deem other categories of clients to be professional (Art. 4 para. 5bis of the National Council version), and does not want to demand minimum standards of financial service providers in respect of basic training and continuing professional development (Art. 6). The councils had inserted a provision in Article 8 whereby compliance with the supervisory duties would also constitute compliance with identical duties under civil law. In the case of this disputed ‘dual provision’, the Committee proposes reverting to the Federal Council's draft version.

The remaining differences will be resolved at the November meeting, and the matter will then be addressed by the Council of States in the winter session.