Anyone interested in operating in the financial markets in Switzerland, especially as a bank, investment dealer, fund management company, fund manager, representative or distributor must first, as a rule, obtain FINMA’s authorisation to do so. Likewise, the distribution of foreign funds to non-qualified investors in Switzerland requires funds to be registered with FINMA and the appointment of both a representative and paying agent based in Switzerland.
Our experience has shown us how vital it is to provide all of the necessary documentation prior to submitting an application to FINMA so as to ensure that the approval procedure is completed within a reasonable timeframe. To this end, a thorough knowledge of the relevant legislation and administrative practices is essential. FINMA has quite a considerable degree of leeway in interpreting such legislation. It has therefore established consistent procedures and regularly issues circulars and publications aimed at keeping the market informed accordingly. The team at T&CO is familiar with these procedures and can help its clients to prepare their application file, draw up the necessary documents (prospectus, KIID, organisational policies, etc.) and draft the authorisation application to be submitted to FINMA.
Once the authorisations and/or approvals required to carry on business have been obtained, the holders of such authorisations and/or approvals have a duty of disclosure towards FINMA in the event of any changes in status. By law, any such changes must be submitted to FINMA for approval prior to their implementation. T&CO’s people are accustomed to such procedures and can help its clients to prepare their application file, draw up the necessary documentation and draft the change request to be submitted to FINMA.