Geneva, 07 July 2020
FINMA has just issued a long-awaited decision on supervisory organisation (SO) as defined by the two new Acts, the Financial Services Act (LSFin) and the Financial Institutions Act (LEFin).
OSIF, the Financial Institutions Supervisory Organisation, has received its licence and will thus be able to perform its mission of specific prudential supervision of portfolio managers and trustees as of today.
Having been in charge of establishing this new body since 2018, the Working group set up by ARIF, Association Romande des Intermédiaires Financiers, welcomes this licence granted to OSIF and thanks FINMA for this recognition. The Working group has been able to work hand-in-hand with the authorities, portfolio managers and trustees in order to provide a supervisory organisation that measures up to FINMA’s requirements.
In order to keep its costs down, OSIF will initially benefit from the infrastructure of ARIF, which has a long and distinguished reputation for 20 years in Switzerland.
Portfolio managers and trustees who will request their affiliation to OSIF by latest 31th of December 2021 will benefit from preferential terms.
A more detailed announcement will be made by the end of July 2020 in order to specify the modalities of being supervised by OSIF.
ARIF will continue its activity of MLA supervision of the other financial intermediaries.