Insights

In the "Finance Forum Zürich" special edition of the Handelszeitung of 26 June 2025, Fabian Schmid, Head of Regulatory & Compliance Financial Services, analyzes current developments in the Swiss financial market. He explains why Switzerland is well positioned from a regulatory perspective yet still faces important reform needs.

As part of the review of the Credit Suisse crisis, on 6 June 2025 the Federal Council set out the key parameters for comprehensive amendments to laws and ordinances aimed at further developing the existing regulatory and supervisory system in a targeted manner. The aim is to strengthen the financial centre and significantly reduce the risks for the government, taxpayers and the economy as a whole in the event of future crises.

The Federal Council wants to ratify the Council of Europe's AI Convention What challenges will the financial sector face?

Investitionen in Private Markets haben in den letzten Jahren auch in der Schweiz stark an Bedeutung gewonnen. Der regulatorische Rahmen sollte mit dieser Entwicklung Schritt halten.

After the AI Act came into force in the EU in August last year, AI regulation in Switzerland is now also becoming more concrete.

The Swiss Financial Market Supervisory Authority (FINMA) has finalised and published the circular on rules of conduct under the Financial Services Act (FinSA). This will enter into force on 1 January 2025 and aims to create uniform standards for the provision of information and support to clients in the financial services sector. There is a transitional period until 30 June 2025 for the implementation of certain requirements. The circular was discussed intensively during the consultation and criticised by industry representatives. FINMA has taken up various points from the consultation and amended them in the final version but has retained all the essential core content of the draft.

The FINMA requirement for explainability of AI-supported business models in the financial industry presents auditors with new challenges.

This article informs you about the recently published draft of the new FINMA circular on the duties of conduct under the FinSA (Financial Services Act). On the one hand, this circular represents an important step towards further clarifying the existing regulations and facilitating their practical implementation; on the other hand, its implementation will lead to a need for adaptation on the part of most financial service providers. The Swiss Financial Market Supervisory Authority (FINMA) is ultimately aiming to increase legal certainty for financial service providers and improve investor protection.

What asset managers of collective assets need to know about the new regulations.

Various amendments to the Collective Investment Schemes Ordinance (CISO) came into force on 1 March 2024. Most of the changes relate to the introduction of the new L-QIF, which we have already reported on separately. However, other significant amendments to the CISO have also been made. These also apply to existing institutions that do not manage L-QIFs and affect various aspects such as the management of liquidity risks.

The legal basis for the Limited Qualified Investor Fund (L-QIF) came into force on 1 March 2024 with the amendments to the Collective Investment Schemes Act (CISA) and the Collective Investment Schemes Ordinance (CISO). Based on the Luxembourg RAIF, this is intended to introduce a more flexible fund in Switzerland, as it already exists in various forms in EU countries. The aim is to strengthen the Swiss fund centre and make it more competitive.

Artificial intelligence (AI) has been on the regulatory radar screen in Switzerland at least since the Federal Council's announcement in November 2023. At the same time, FINMA has formulated initial regulatory expectations for financial service providers when dealing with AI. The AI regulatory process in the European Union (EU) is even further advanced. The final version of its AI regulation ("AI Act") is expected in the first quarter of 2024. These developments also require Swiss financial service providers who wish to use AI systems to familiarise themselves with the planned regulation.

FINMA Circular 2023/1 “Operational risks and resilience – banks” comes into force on 1 January 2024. When the revised FINMA Circular comes into force, significant adjustments will be made in the areas of information and communication technology (ICT) risk management and critical data risk management. New requirements for ensuring operational resilience must also be observed. What are the most important aspects of the circular and what significance does it have for FinIA institutions?

What financial service providers have to consider in regulatory change management from the auditor's point of view.

In the April issue of B2B Magazine, Fabian Schmid and Anael Rosalen shed light on the special features of de minimis portfolio managers and their differences from portfolio managers of collective assets.

Are you looking for a suitable partner for your compliance education and training? You already have an established compliance training concept, but would like to train your employees on selected regulatory topics in cooperation with proven experts? We offer you the planning, organisation and implementation of individual training events tailored to your company for yourself and your employees.