Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 74 Fin­IA)

¹Port­fo­lio man­agers and trust­ees which un­til entry in­to force of the Fin­IA were su­per­vised by FINMA as fin­an­cial in­ter­me­di­ar­ies dir­ectly sub­or­din­ated to it pur­su­ant to the AMLA⁴⁸ are no longer re­quired to be af­fil­i­ated to a self-reg­u­lat­ory or­gan­isa­tion in ac­cord­ance with Art­icle 24 AMLA if, with­in one year of entry in­to force of the Fin­IA, they:

a.

re­ceive con­firm­a­tion from a su­per­vis­ory or­gan­isa­tion that they are sub­ject to su­per­vi­sion in ac­cord­ance with Art­icle 7 para­graph 2 Fin­IA; and

b.

sub­mit an au­thor­isa­tion ap­plic­a­tion to FINMA.

²They shall sub­mit a re­port on their busi­ness activ­ity's com­pli­ance with the pro­vi­sions of the AMLA:

a.

to the su­per­vis­ory or­gan­isa­tion pri­or to be­ing sub­ject to su­per­vi­sion in ac­cord­ance with Art­icle 7 para­graph 2 Fin­IA; or

b.

to the self-reg­u­lat­ory or­gan­isa­tion pri­or to af­fil­i­ation ac­cord­ance with Art­icle 14 AMLA.