Financial Services Ordinance (FINSO)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only, has no legal force.
Art. 1 Subject matter
This Ordinance governs the requirements: a. for honesty, diligence and transparency in the provision of financial services; b. for the offering of securities and other financial instruments.
Art. 2 Territorial scope of application with regard to financial services
(Art. 3 let. c and d FinSA) 1 This Ordinance applies to persons who provide financial services on a professional basis in Switzerland or for clients in Switzerland. 2 The following are deemed not to be provided in Switzerland: a. financial services provided by foreign financial service providers under a client relationship entered into at the express initiative of a client; b. individual financial services requested of a foreign financial service provider at the express initiative of clients.
Art. 3 Definitions
(Art. 3 let. a, b, c, d, g and h and 93 FinSA) 1 Claims arising from an account or custody agreement for payment or physical delivery of foreign currencies, fixed-term deposits or precious metals are not deemed to be financial instruments within the meaning of Article 3 letter a FinSA. 2 The acquisition or disposal of financial instruments within the meaning of Article 3 letter c item 1 FinSA is deemed to be any activity addressed directly at certain clients that is specifically aimed at the acquisition or disposal of a financial instrument. 3 The following in particular are not deemed to be a financial service within the meaning of Article 3 letter c FinSA: a. consultation on structuring or raising capital as well as on business combinations and the acquisition or disposal of participations and the services associated with such consultation; b. the placement of financial instruments with or without a firm commitment as well as the associated services; c. financing within the scope of
Art. 4 Client segmentation
(Art. 4 FinSA) 1 Where several clients are entitled to assets, they are to be assigned jointly for these assets to the respective client segment affording the greatest client protection. 2 Clients acting through an authorised person may agree with the financial service provider in writing or in another form demonstrable via text that they be assigned to a segment in accordance with the knowledge and experience of this person.
Art. 5 Assets eligible for opting out
(Art. 5 para. 2 FinSA) 1 Eligible assets within the meaning of Article 5 paragraph 2 FinSA are financial investments held directly or indirectly by the retail client, specifically: a. sight or time deposits with banks and securities firms; b. certificated and uncertificated securities, including collective investment schemes and structured products; c. derivatives; d. precious metals; e. life insurance policies with a surrender value; f. restitution claims from other assets held in trust specified in this paragraph. 2 Direct investments in real estate and claims from social insurance schemes as well as occupational pension assets do not qualify as financial investments within the meaning of paragraph 1. 3 Retail clients jointly holding assets which reach the values stipulated in Article 5 paragraph 2 FinSA can only jointly declare their wish to opt out. 4 The necessary knowledge and experience in accordance with Article 5 paragraph 2 letter a FinSA must be possessed by at least one per