Client advisers of Swiss financial service providers not subject to supervision as well as of certain foreign financial service providers may only carry out their activity in Switzerland if they are entered in a Register of Advisers. This registration requirement applies in particular to client advisers who provide financial services that are not in themselves an activity requiring authorization, for instance investment advice or the acquisition or disposal of financial instruments for clients (formerly known as “distribution”).
The Register of Advisers is maintained by Registration Bodies approved by the Swiss Financial Market Supervisory Authority FINMA. Approved Registration Bodies are BX Swiss AG, Zurich, PolyReg Services GmbH, Zurich, and the Association Romande des Intermédiaires Financiers (ARIF), Geneva.
The conditions for registration in the Register of Advisers are met by anyone who can provide the following evidence:
- the existence of a professional indemnity insurance or of equivalent collateral;
- affiliation to an Ombudsman’s Office (as far as no exemption applies);
- absence of exclusion criteria (relevant criminal conviction, activity ban, ban on practicing a profession);
- Existence of the required knowledge according to art. 6 FINSA, i.e. (i) the professional expertise required to perform the activities and (ii) sufficient knowledge of the rules of conduct set out in the FINSA for rendering financial services. Thereby, professional expertise and knowledge of the rules of conduct must be evidenced separately.
AVELALAW will be pleased to assist you if you are in doubt whether or not you are subject to the duty to register as well as with the registration itself.
As mentioned, AVELALAW has been accredited by BX Swiss AG as provider of the course “AVELALAW AG – Initial Training in the field of FINSA Rules of Conduct”. This means that the completion of the course, i.e., the certificate issued upon completion, is accepted by BX Swiss AG, but also by the other Registration Bodies, the Polyreg Services GmbH and the ARIF, as proof of the necessary knowledge in accordance with Art. 6 FINSA in the field of the FINSA Rules of Conduct.