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Glossary

Register of Advisers

The register of advisers lists client advisers who work in Switzerland for foreign providers or for Swiss providers not subject to supervision. Under the Financial Services Act, these client advisers must in principle be entered in the register before taking up their activity (Art. 28 para. 1 FinSA). A Swiss financial service provider that, for example, offers only investment advice needs no licence from FINMA (Art. 2 para. 1 FinIA) and is therefore not subject to supervision under Art. 3 FINMASA. The entry relates to the individual adviser and is not a licence. A wealth manager based in Switzerland needs a licence from FINMA (Art. 5 and 17 FinIA), so its client advisers are not required to register.

At a glance

  • Client advisers of a foreign financial service provider that is prudentially supervised abroad are exempt from the duty to register if, in Switzerland, they serve exclusively professional or institutional clients (Art. 28 para. 2 FinSA, Art. 31 FinSO). There is no such exemption for client advisers of Swiss financial service providers that are not subject to supervision.
  • Client advisers are entered in the register if they prove that they have sufficient knowledge of the code of conduct under the FinSA and the necessary expertise. They must also prove that professional indemnity insurance or equivalent collateral is in place and, where a duty to affiliate exists, that they are affiliated to an ombudsman (Art. 29 para. 1 FinSA). Client advisers are not entered if they have been convicted of certain financial market or property offences, or if they have been prohibited from performing the registrable activity or from practising a profession under FINMASA (Art. 29 para. 2 FinSA).
  • A registration body licensed by FINMA keeps the register (Art. 31 para. 1 FinSA). The contents of the register are public and can be consulted online (Art. 32 para. 5 FinSA).

Frequently asked questions

No. Swiss banks and wealth managers licensed by FINMA are subject to financial market supervision under Art. 3 FINMASA, so their client advisers are not required to register. Client advisers of Swiss financial service providers that are not subject to supervision must register. Client advisers of foreign financial service providers must also register unless the exemption under Art. 28 para. 2 FinSA and Art. 31 FinSO applies.

Part of the topic

Financial Advice

Sources: FINMA · Classified Compilation (fedlex), FinSA SR 950.1 · Classified Compilation (fedlex), FinSO SR 950.11 · Classified Compilation (fedlex), FinIA SR 954.1

This entry is for general information purposes only and does not constitute investment, legal or tax advice. It is a simplified summary of the legal position and tax treatment.