The Financial Institutions Act of 15 June 2018 (“FinIA”), the Financial Services Act of 15 June 2018 (“FinSA”) and their implementing ordinances entered into force on 1 January 2020. Most of the requirements go into effect in January 2022. Financial Institutions therefore still have time to make their compliance arrangements during 2021.
While FinIA governs the requirements for financial institutions, FinSA seeks to protect the clients of financial services providers and to establish comparable conditions for the provision of financial services by financial service providers. Due to the uncertainties regarding the application of FinIA and FinSA to trustees, this factsheet comments on the questions STEP Zurich is frequently asked.
See attached factsheet and link to FINMA:
STEP Zurich Committee
The Federal Council adopted the dispatch on amending the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA). The aim of the proposal is to implement the recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).
Verein STEP referring to the Federal Acts on Financial Institutions and Financial Services entered into force on January 1, 2020 and in particular to the new rule for the regulated trustees to submit their activity to FINMA and to one of several FINMA-recognised Supervisory Organisation (hereinafter as “SO”), herewith
Erstpublikation im EXPERT FOCUS 2019/9, S. 630ff.
Über den Sinn der Einführung eines neuen Rechtsinstituts im Schweizer Recht
Artikel NZZ März 2019
Trusts sind in angelsächsischen Ländern verbreitet, beispielsweise in der Nachlassplanung. Auch in der Schweiz werden ausländische Trusts verwendet. In Bundesbern wird derzeit darüber debattiert, ob ein Schweizer Trust eingeführt werden sollte. Die Meinungen gehen selbst in der Branche auseinander.
Artikel NZZ Mai 2018
Die Schweiz braucht Instrumente für die Nachlassplanung, nicht aber das angelsächsische Trustrecht.
Gastkommentar von Michael Fischer und Natalie Peter
Article written by Dr Johanna Niegel and Roderik JP Strobl about "The history of STEP in Switzerland" in the past 25 years
The Swiss Association of Trust Companies SATC was formed in 2007 and is a Swiss association including many of Switzerland’s largest trust companies.
SATC sees regulation as one of the main paths to promote the credibility and standing of Swiss trustees and the Swiss ‘trust industry’ in the international wealth management arena.
Since it was formed SATC has been reviewing and developing its stance on regulation. This paper represents the agreed position of the SATC membership.