FinSA and FinIA: a new architecture

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On 1 January 2020, two new laws entered into force that transformed the regulation of financial services and financial institutions in Switzerland: the Financial Services Act, FinSA, and the Financial Institutions Act, FinIA. They were the Swiss response to the European Markets in Financial Instruments Directive, MiFID II, and to the international movement towards stronger investor protection after the financial crisis of 2008. They were also an attempt to create a coherent architecture for the regulation of the financial sector, which had developed in a fragmented way over decades.¹

The Financial Services Act regulates the provision of financial services, regardless of the type of institution that provides them. It applies to banks, securities firms, portfolio managers, insurers in respect of certain products, and to client advisers, both Swiss and foreign. It defines the duties of financial service providers towards their clients, the requirements for prospectuses and key information documents, and the procedures for the resolution of disputes. The Financial Institutions Act regulates the licensing and supervision of financial institutions other than banks and insurers: securities firms, fund management companies, managers of collective assets, portfolio managers and trustees. Together, the two laws created a system in which the conduct rules apply uniformly to all providers of financial services, while the prudential rules depend on the type of institution.

Notes

Federal Act on Financial Services of 15 June 2018 (FinSA, SR 950.1) and Federal Act on Financial Institutions of 15 June 2018 (FinIA, SR 954.1), both in force since 1 January 2020, with implementing ordinances (FinSO, FinIO). To be verified. ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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FinSA and FinIA: a new architecture

Notes

Setting up or expanding in Switzerland?