Swiss Regulatory Organizations
Member of a self-regulatory organization
In Schedule D SECTION 1.M. of the SEC registration ADV Part 1, the Swiss SEC RIA provides information on Registration with Foreign Financial Regulatory Authorities.
Swiss SEC RIAs are either registered directly with FINMA, the Swiss Financial Market Supervisory Authority or are a member of one of the self-regulatory organizations (SROs) which in turn are officially recognized by FINMA.
The qualified custodian bank with which you hold your Swiss bank account will also be regulated by FINMA.
There are six SROs in Switzerland providing numerous supervisory, inspection, audit, training and advisory services to investment advisers.
Anti-Money Laundering Act
In addition to the direct supervision by FINMA in the fight against money laundering and terrorist financing, the Anti-Money Laundering Act (AMLA) also provides for the indirect supervision of certain financial intermediaries by self-regulatory organizations (SROs).
The task of the SROs is to draw up the regulations governing implementation of the obligations under the AMLA and to ensure that the institutions affiliated to them comply with their obligations. The SROs themselves are subject to supervision by FINMA, which is therefore responsible for recognizing or withdrawing recognition from SROs, approving regulations and ensuring that the SROs actually enforce their implementation. FINMA can conduct on-site checks at an SRO or instruct an audit firm to carry out the checks on its behalf.
In its third round of mutual evaluations of member countries, the Financial Action Task Force (FATF) assessed the Swiss system of self-regulation in the area of anti-money laundering to be appropriate and comparable to a system of state regulation.