The Swiss Financial Market Supervisory Authority FINMA licenses and supervises banks, insurers, securities firms, fund managers and, since 2023, independent asset managers and trustees. The articles collected here explain FINMA's mandate and instruments, the licensing procedure and the organisation a supervised institution needs, enforcement proceedings and their consequences, and the development of Swiss supervisory law. They also show which activities of foreign groups in Switzerland require a licence, which do not, and how to structure a business so that the question is answered before it starts rather than in the course of an investigation.
FINMA licenses and supervises banks, insurers, securities firms, fund managers, asset managers and trustees, and it can withdraw licences, confiscate profits and bar individuals from the industry. Knowing which activities require a licence is the first question for any financial business in Switzerland, and the answer determines the timetable of the whole project.
Financial market supervision in Switzerland rests on several federal acts, including the Banking Act, the Financial Institutions Act, the Financial Services Act and the Anti-Money Laundering Act. FINMA applies these rules through ordinances, circulars and its daily supervisory practice. Many firms are also examined by audit companies acting on its behalf, so a new business should budget for both the licensing process and the ongoing audit costs.
Before launching a financial service, a foreign company should establish whether its activity requires a licence, a registration or membership of a self-regulatory organisation. Asset managers and trustees, for example, are supervised on an ongoing basis by supervisory organisations authorised by FINMA. FINMA also responds to enquiries about licensing requirements, and a well-prepared request can remove months of uncertainty for a new venture.
A licence application requires a credible business plan, adequate capital, a sound organisation with independent control functions and managers who guarantee proper business conduct. FINMA also expects the business to be managed effectively from Switzerland, which influences where directors and key staff should be based. Planning the governance structure early avoids the cost of redesigning the company after the authority has reviewed the file.
The articles explain FINMA's mandate and instruments, the licensing of asset managers and trustees, the licences needed by crypto businesses, the development of Swiss supervisory law and the new rules on transparency and anti-money laundering.
Licences for crypto businesses in Switzerland
Switzerland does not have a single crypto licence. A crypto business needs the licence that corresponds to what it actually… Read more Digital Assets · FundamentalsHow FINMA classifies tokens: payment, utility and asset tokens
Whether a token issue in Switzerland is subject to securities law, banking law or anti-money laundering rules depends on what… Read more AML and Compliance · New LawFrom 1 October 2026: the transparency register and the revised Anti-Money Laundering Act
On 1 October 2026 the Federal Act on the Transparency of Legal Entities and the revision of the Anti-Money Laundering… Read more Supervision · PracticeLicensing an asset manager: procedure and supervisory organisation
Since 1 January 2020, independent portfolio managers and trustees in Switzerland have needed a licence from the Swiss Financial Market… Read more Supervision · FundamentalsFINMA's powers and their limits
The Swiss Financial Market Supervisory Authority (FINMA) licenses and supervises banks, insurers, portfolio managers, trustees and other financial intermediaries. This… Read more Wealth Management · PracticeWealth management under FinSA and FinIA: the regulatory frame in practice
Since 1 January 2020 independent asset managers in Switzerland require a licence. The transition reshaped the market visibly: of 1,864… Read more Banking Secrecy · HistorySwiss banking secrecy: enacted in 1934, ended in 2017 — and what is left of it
Swiss banking secrecy was never an absolute secret, and it has not disappeared. What entered into force in 1934 was… Read more