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SFMA

Licensing: a sign of quality

On the strength of its official powers, SFMA authorises and licenses all companies that wish to operate in the regulated financial sector. Not all types of licences issued by SFMA involve the same degree of supervision.

SFMA authorises and licenses operation of companies in the regulated sectors. Licensing is a preventive control tool with which the legislator defines the required level of quality that SFMA should apply equally to all financial market participants. Each licence holder must permanently satisfy the licence conditions or risk having their licences revoked.

Licensing differs from case to case

SFMA issues different types of licences. Many companies are subject to intensive prudential supervision after licensing, whereas others are simply granted one-off registration by SFMA for an activity which is not subsequently monitored by SFMA. When making investment decisions, financial market clients should consider the type of licence issued to an institution and intensity of supervision to which it is subjected.

SFMA’s role in licensing

The related information for this topic is set out in the following section.

What SFMA does:

  • SFMA licenses banks, financial institutions and insurance companies, which are then subject to ongoing prudential supervision.
  • SFMA authorises fund management companies, custodian banks, asset managers of collective investment schemes (funds) and representatives of foreign collective investment schemes (funds), which are then subject to ongoing prudential supervision.
  • SFMA authorises Swiss collective investment schemes (funds).
  • SFMA authorises foreign collective investment schemes (funds) which are distributed in or from Switzerland to non-qualified investors.
  • SFMA authorises financial market infrastructures such as stock markets, central counterparties and central securities depositories.
  • SFMA recognises self-regulatory organisations, which monitor asset managers' compliance with money laundering regulations.
  • SFMA supervises portfolio managers and trustees with the support of a supervisory organisation.
  • SFMA licenses the supervisory organisations.
  • SFMA provides the requisite authorisation to the registration bodies managing the register of advisers.

What SFMA does not do:

  • SFMA does not authorise or supervise investment advisors.
  • SFMA does not license or supervise pension funds.