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Switzerland: FINMA grants OSIF and OSFIN licences as supervisory organisations

The Swiss Financial Market Supervisory Authority ('FINMA') announced, on 7 July 2020, that, further to the implementation of the Financial Services Act of 15 June 2018 ('FinSA') and the Financial Institutions Act of 15 June 2018 ('FinIA'), it has decided to grant to the Organisme de Surveillance des Instituts Financiers ('OSIF'), based in Geneva, and the Organisation de Surveillance Financière ('OSFIN'), based in Neuchâtel, licences to act as supervisory organisations. In particular, FINMA highlighted that, from 6 July 2020, the OSIF and the OSFIN will be responsible for supervising the compliance of portfolio managers and trustees with FinSA, FinIA, and anti-money laundering regulations. In addition, FINMA noted that it will be responsible for enforcing financial markets legislation.

You can read the announcement here.

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