The FinSA and FinIA are part of the new regulatory financial market architecture. The purpose of both laws is to create a level playing field, boost the competitiveness of the financial centre and improve client protection.
The FinSA contains rules on providing financial services and offering financial instruments for all financial service providers and makes it easier for clients to enforce their claims against financial service providers. A differentiated supervisory regime for financial institutions (portfolio managers and trustees, managers of collective assets, fund management companies and securities firms) will be introduced with the FinIA.
Parliament adopted both bills in the final votes on 15 June 2018. The referendum deadline expired unused in autumn 2018. In parallel, work has begun on the ordinance provisions. The two new laws, together with their implementing provisions, have come into force on 1 January 2020.