The Swiss Financial Market Supervisory Authority (FINMA) reported that the US Securities and Exchange Commission (SEC) will immediately resume processing new and pending applications from FINMA-supervised Swiss entities seeking to register as Registered Investment Advisers (RIAs) in the United States, ending a suspension that had lasted for several years. Swiss entities providing investment advice and wealth management services that want to conduct cross-border business in the United States must register with the SEC. The restart follows discussions between FINMA and the SEC that clarified how Switzerland-based SEC-registered investment advisers that are also supervised by FINMA will be examined, aligning the approach with Swiss legislative requirements for direct transmission of information under Article 42c of the Financial Market Supervision Act and on-site examinations under Article 43, as well as with US securities laws.
Swiss Financial Market Supervisory Authority (FINMA) 2025-06-10
Swiss Financial Market Supervisory Authority and US Securities and Exchange Commission agree examination modalities as SEC restarts processing Swiss Registered Investment Adviser applications
The Swiss Financial Market Supervisory Authority (FINMA) announced that the US Securities and Exchange Commission (SEC) will resume processing applications from FINMA-supervised Swiss entities seeking to register as Registered Investment Advisers (RIAs) in the US. This follows discussions clarifying examination procedures for Swiss SEC-registered advisers, aligning with Swiss and US regulatory requirements.