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.
Chapter 1 Amendment of Other Legislative Instrumen
Art. 102
The amendment of other legislative instruments is set out in Annex 11.
Chapter 2 Transitional Provisions
Art. 103 Client segmentation
(Art. 4 FinSA) 1 Financial service providers have a duty in connection with client segmentation to implement the present Ordinance within two years of its entry into force. 2 Portfolio managers who are members of a self-regulatory organisation in accordance with Article 24 of the Anti-Money Laundering Act of 10 October 1997 and are entered in the commercial register can be classified as professional clients in accordance with Article 4 paragraph 3 letter a FinSA, even if they do not have authorisation from FINMA in accordance with Article 5 paragraph 1 of the Financial Institutions Act of 15 June 2018.
Para. 2 — SR 955.0 Para. 2 — SR 954.1
Art. 104 Required knowledge
(Art. 6 FinSA) Client advisers must possess the required knowledge within two years of entry into force of the present Ordinance.
Art. 105 Code of conduct
(Art. 7–18 FinSA) 1 Financial service providers must satisfy the duty to provide information, review, document and render account as well as the duty to ensure transparency and care in client orders in accordance with Articles 7–18 FinSA within two years of entry into force of the present Ordinance. 2 Financial service providers who wish to satisfy the duties in accordance with Articles 7–18 FinSA prior to expiration of the two-year period after entry into force of the present Ordinance must notify their audit company of this irrevocably in writing, indicating the chosen time. 3 Until the time indicated in accordance with paragraph 2, the relevant financial service providers are subject to the codes of conduct in accordance with: a. Article 11 of the Stock Exchange Act of 24 March 1995; b. Article 20 of the Collective Investment Schemes Act of 23 June 2006; (CISA) in the version of 1 March 2013; c. Articles 21–23 CISA d. Article 24 CISA in the version of 1 January 2014; e. Article 120
Para. 3 let. a — AS 1997 68 Para. 3 let. b — SR 951.31 Para. 3 let. b — AS 2013 585 Para. 3 let. d — AS 2013 585 Para. 3 let. e — AS 2013 585 Para. 3 let. f — SR 956.1 Para. 4 — AS 2013 585 Para. 6 — AS 2013 585
Art. 106 Organisation
(Art. 21–27 FinSA) 1 Financial service providers must satisfy the organisational requirements in accordance with Articles 21–27 FinSA within two years of entry into force of the present Ordinance. 2 Financial service providers who wish to satisfy the duties in accordance with Articles 21–27 FinSA prior to expiration of the two-year period after entry into force of the present Ordinance must notify their audit company of this irrevocably in writing, indicating the chosen time. 3 Until the time indicated in accordance with paragraph 2, the relevant financial service providers are subject to the organisational provisions in accordance with: a. Article 11 of the Stock Exchange Act of 24 March 1995; b. Article 20 CISA in the version of 1 March 2013; c. Articles 21–23 CISA; d. Article 24 CISA in the version of 1 January 2014; e. Article 120 paragraph 4 CISA in the version of 1 March 2013; f. the minimum standard of self-regulation recognised by FINMA in accordance with Article 7 paragraphs 1
Para. 3 let. a — AS 1997 68 Para. 3 let. b — SR 951.31 Para. 3 let. b — AS 2013 585 Para. 3 let. d — AS 2013 585 Para. 3 let. e — AS 2013 585 Para. 3 let. f — RS 956.1 Para. 4 — AS 2013 585
Art. 107 Registration body
(Art. 31 and 95 para. 2 FinSA) If on entry into force of the FinSA there is no corresponding registration body in place, the period for registration with the registration body will commence only after licensing of a registration office by FINMA or after designation of a registration body by the Federal Council. The period is deemed to be observed on submission of the application.
Art. 108 Ombudsman's offices
(Art. 77 and 95 para. 3 FinSA) If on entry into force of the FinSA there is no corresponding ombudsman's office in place, the period for affiliation will commence after recognition of the ombudsman's office by the FDF or after establishment of an ombudsman's office by the Federal Council. The period is deemed met on submission of the application.
Art. 109 Prospectus for securities
(Art. 95 FinSA) 1 In the case of securities for which a public offer was made or a request was made for admission to trading on a trading venue or DLT trading facility, the duty to publish an approved prospectus shall take effect six months after licensing of a reviewing body by FINMA, but by no earlier than from 1 October 2020. 2 Until such time, insofar as no prospectus in accordance with FinSA is produced, the following apply: a. for public offers in Switzerland: the provisions of the Code of Obligations on issue prospectuses in the version of 16 December 2005 (Article 652a) and in the version of 1 January1912 (Article 1156); b. for admission to trading: the prospectus provisions in accordance with the regulations of the respective trading venues or DLT trading facilities.
Para. 2 let. a — SR 220 Para. 2 let. a — AS 2007 4791 Para. 2 let. a — AS 27 317
Art. 110 Key information document for real estate funds, securities funds and other funds for traditional investments
(Art. 95 FinSA) Until 31 December 2022: a. a simplified prospectus according to Annex 2 of the Collective Investment Schemes Act of 22 November 2006 (CISO) in the version of 1 March 2013 may be produced and published in place of a key information document according to Annex 9 for real estate funds offered to retail clients after the entry into force of the FinSA; b. the simplified prospectus (key investor information) according to Annex 3 CISO in the version of 15 July 2011 may be produced and published in place of a key information document according to Annex 9 for securities funds and other funds for traditional investments offered to retail clients after the entry into force of the FinSA.
Amended by No I of the O of 3 Dec. 2021, in force since 1 Jan. 2022 (AS 2021 835). let. a — SR 951.311 let. a — AS 2013 607 let. b — AS 2011 3177
Art. 111 Key information document for structured products and other financial instruments
(Art. 95 FinSA) 1 Until 31 December 2022, a simplified prospectus according to Article 5 paragraph 2 CISA in the version of 1 March 2013 may be produced and published in place of a key information document according to Annex 9 for structured products offered to retail clients after the entry into force of the FinSA. 2 For the other financial instruments offered after the entry into force of the FinSA, the duty to produce a key information document applies from 1 January 2023.
Art. 111 — Amended by No I of the O of 3 Dec. 2021, in force since 1 Jan. 2022 (AS 2021 835). Para. 1 — SR 951.31 Para. 1 — AS 2013 585
Chapter 3 Commencement
Art. 112
This Ordinance enters into force on 1 January 2020.