Questions about a client adviser’s duty to register and about the registration bodies

Certain client advisers must be entered in a register of advisers before providing financial services to clients in Switzerland.

Who must be registered

Client advisers of domestic financial service providers that are not subject to Swiss financial-market supervision must generally be registered. Client advisers of foreign financial service providers may also need registration if the provider is not comprehensively supervised abroad or if services are offered to private clients in Switzerland.

Who decides

The register is maintained by an authorised registration body. That body decides on entries and deletions and checks whether the adviser meets registration requirements. Registered advisers must notify changes to the facts on which registration is based.

Who is exempt

Client advisers of domestic supervised providers, such as banks and portfolio managers, do not need a separate adviser-register entry. Advisers of foreign providers may also be exempt if the provider is comprehensively supervised abroad and services are provided only to professional or institutional clients in Switzerland.