OSIF will inform and assist the members of ARIF, directly subordinated financial intermediaries (DSFIs), new candidates and all the other IWMs from the entry into force of the law until they obtain their licence from FINMA.

The vocation of OSIF will be to:

Promoting in-service training

ARIF has anticipated the training obligations that the LSFin/LEFin will place on IWMs as from 2020 by giving these financial intermediaries the option of embarking now on a programme that will train/prepare them for SAQ-CWMA certification. This programme, which was set up in partnership with the Institute for Studies in Finance and Banking (ISFB), will be available to them from January 2019.
Further information at www.arif.ch and www.isfb.ch

The consequence for wealth managers, trustees and commercial testers:

Membership of a supervisory body is a precondition for authorization

The audit frequency may be extended – depending on the risk – up to a maximum of 4 years

A standardized report will have to be remitted to the SB in the years when no audit is conducted