The proposed Financial Services Act will
introduce new regulatory conduct rules and a new regime for the
offering of securities
On November 4 2015, the Swiss Federal Council presented the
draft Financial Services Act (FinSA) and submitted it to the
Swiss Parliament together with its comments (the Dispatch).
FinSA will impose several new requirements on financial
services providers: it contains a set of regulatory conduct
rules, regulates cross-border financial services, and
introduces a registration requirement for individual client
advisors. Furthermore, it will introduce a comprehensive Swiss
prospectus regime for the first time. In the Dispatch, the
Swiss Federal Council stated that the substance of the new
rules aligns with EU rules while at the same time accounting
for market practice in Switzerland....