Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

¹ The rep­res­ent­a­tion of a for­eign fin­an­cial in­sti­tu­tion that provides fin­an­cial ser­vices in ac­cord­ance with Art­icle 3 let­ter c of the FinSA⁴⁵ must:

a.

com­ply with the pro­vi­sions of the FinSA;

b.

enter its cli­ent ad­visers in a re­gister of ad­visers in ac­cord­ance with Art­icle 28 of the FinSA if they do not ex­clus­ively provide their ser­vices in Switzer­land to pro­fes­sion­al or in­sti­tu­tion­al cli­ents in ac­cord­ance with Art­icle 4 of the FinSA.

² The pro­hib­i­tion on es­tab­lish­ing a rep­res­ent­a­tion of a for­eign fund man­age­ment com­pany in ac­cord­ance with Art­icle 58 para­graph 2 of the Fin­IA⁴⁶ ap­plies ex­clus­ively to the rep­res­ent­a­tion's activ­it­ies in re­la­tion to the ad­min­is­tra­tion and man­age­ment of in­vest­ment funds.

³ If a for­eign fin­an­cial in­sti­tu­tion es­tab­lishes two or more rep­res­ent­a­tions in Switzer­land, it must ob­tain au­thor­isa­tion for each rep­res­ent­a­tion.⁴⁷

⁴ The for­eign fin­an­cial in­sti­tu­tion must ob­tain ap­prov­al from FINMA be­fore clos­ing a rep­res­ent­a­tion.⁴⁸