FinSA / FinIA Assessment
On 15 June 2018, Parliament adopted the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). The final ordinances were published on 6 November 2019.
The purpose of FinSA is the cross-sector regulation of financial products and services, as well as their distribution. FinSA is also intended to improve and standardise customer protection. The Act is based on the European MiFID II Directive, but it differs in some areas (or goes less far than MiFID II).
The FinIA introduces a licensing requirement for asset managers and trustees, and combines the licensing rules for managers of collective assets, fund management companies and securities firms (securities dealers) in one piece of legislation.
How can you prepare yourself as a financial services provider for the imminent changes in order to continue successfully providing services to your clients?
Objective and scope
gwp's FinSA/FinIA Assessment aims to provide financial institutions with pragmatic answers to the following important questions:
For all affected sectors of the financial industry (banks, collective asset managers, asset managers, trustees):
- Determination of your company's position in connection with the provisions of the FinSA; presentation of action points per subject area using a heat map.
- Identification of pragmatic implementation options to fulfil the provisions of the FinSA, including an estimate of the potential cost impact.
Additionally for asset managers and trustees:
- Evaluation of your company with respect to the corporate governance requirements of the FinIA; presentation of action points per subject area by means of a heat map.
- Identification of pragmatic implementation options to meet the FinIA requirements, including an estimate of the potential cost impact.
We are happy to provide you an individual offer upon request.