Washington D.C., June 10, 2025 —

The Securities and Exchange Commission announced today that it will immediately resume processing new and pending registration applications of investment advisers with their principal office and place of business in Switzerland.

This announcement follows successful discussions between staff from the SEC and the Swiss Financial Market Supervisory Authority (FINMA) regarding (1) the ability of FINMA-supervised, SEC-registered investment advisers located in Switzerland to provide their books and records, including personal data, directly to SEC staff, and (2) the SEC’s ability to conduct on-site visits of these entities in Switzerland, consistent with the U.S. securities laws and Swiss law.

“I am very pleased to announce that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisers. These applications have languished for too many years, and it is well past time that we resume this process,” said SEC Chairman Paul S. Atkins. “Longstanding interest from foreign investment advisers in registration demonstrates the value of the U.S. regulatory framework, and we look forward to expanding access to U.S. capital markets. I thank my FINMA counterparts for their collaboration and welcome their actions to make this possible.”

Berne, June 10, 2025 —

Applications from Swiss asset managers being processed again in the USA

The US Securities and Exchange Commission (SEC) will resume processing applications from FINMA supervised Swiss entities who want to conduct business as Registered Investment Advisers (RIAs) in the USA.

Swiss entities that offer investment advice and wealth management services and want to conduct business in the USA on a cross-border basis must register with the SEC. Processing of new registration applications has been suspended by the SEC for several years. 

The SEC will resume processing new and pending applications from Swiss asset managers immediately. This is the result of discussions between FINMA and the SEC. FINMA and the SEC have clarified the modalities for examinations of Switzerland-based SEC-registered investment advisers that are also supervised by FINMA, consistent with the Swiss legislative framework (direct transmission of information under Art. 42c FINMASA and on-site examinations under Art. 43 FINMASA) and the U.S. securities laws.

Entities with a FINMA licence wishing to obtain further information on the supervisory cooperation may contact the following address: ria@finma.ch. 

International cooperation

Cooperation and engagement between the competent supervisory authorities is an essential prerequisite for financial institutions to conduct cross-border business. FINMA can provide administrative assistance within its mandate and pursuant to Swiss supervisory law and supports effective cooperation with foreign supervisory authorities. 

Contact

Serkan Isik, Spokesperson
Phone +41 (0)31 327 95 59
serkan.isik@finma.ch