Draft Financial Institutions Act and Draft Financial Services Act: new prudential requirements for independent asset managers

The Swiss Federal Council has opened an unprecedented legal chapter in the area of financial services by publishing on 27 June 2014 two draft laws: the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA). The FinSA provides for new rules governing both the provision of financial services and the offering of financial instruments. The FinIA, on the other hand, governs the supervision of all financial services providers, in particular those carrying out an asset management activity.