Wednesday, June 21, 2017
The National Council’s Economy and Taxation Commission has confirmed the submission solution of the Council of States. That is gratifying. The proposed system is SME-friendly and internationally accepted. The Commission also recognizes with this solution that the independent asset managers create added value for the financial center and clients.
In the opinion of the WAK-N, the UVV should, as already decided by the Council of States, have a license from FINMA and be supervised by a supervisory organization.
The VSV welcomes this solution and will continue its work on the new supervisory regime. The Commission’s decisions improve legal certainty and allow independent asset managers to better plan their own future. The VSV will accompany its members into the new supervisory world and, together with partners, set up an umbrella organization for UVV according to the new rules.
The new supervisory model introduced by the branch associations of the financial sector on the initiative of the VSV seeks to subject independent asset managers to FINMA’s authorization requirement; However, ongoing supervisory and auditing activities should not be carried out independently by FINMA alone, but primarily by supervisory organizations approved by FINMA. Thus, a solution suitable for SMEs could be found, which is also internationally recognized.
The new solution is expected to come into force in 2019. The Finance Department has already convened the working groups to draw up the regulations. The SAAM is represented in the working groups and will work to ensure that the will of the legislator is respected at the level of the regulations.