The new acts have created a standard set of rules, regulations and conditions for financial service providers doing business in Switzerland.
For the first time, Switzerland has cross-sector, risk-based supervision of financial institutions, in-line with EU rules and regulations. Specifically, FinSA and FinIA contain rules of conduct that financial services firms must comply with and standardise the authorisation rules.
Our compliance support services include:
Firm registration and licensing
- Support in FINMA registration and licence approval process
- Preparation and filing of documentation
- Set up internal organisation
- Training of personnel, client advisors
- Identification, disclosure, dealing with conflicts of interests, incl. publication of compensation paid to third parties
- Monitor service provider chain – outsourcing
Internal Control System (ICS)
- Set up and maintenance
- Segregation of functions and duties
- Monitoring and reporting
- Design and implement investor relations strategy and program
- Advise on private and institutional investor communication requirements
- Identify and address issues and concerns among investors and institutional partners
Anti Money Laundering (AML)
- Review account opening procedures, identity and source of funds checks, KYC checks, suspicious activity detection, investigation and reporting, training
- Review and improve current AML program
- Review and improve monitoring and reporting
- Management and board of director reporting
- Identify and respond to cross-border issues and requirements
Sale of financial instruments
- Preparation of basic information sheet (BIS) – required in order to sell financial instruments
- New product Development
- Preparation of prospectus for publicly offered securities.
- Submission of prospectus to inspection authority (when FINMA finally form one)
- Proper division and allocation of clients to one of three segments:
1) Institutional clients
2) Professional clients
3) Retail clients
- Ongoing monitoring, maintenance and oversight of clients
An implemented, practical overall compliance concept is critical, when reviewing, developing or implementing, we will carry out the following:
- Analysis of legal and compliance risks, processes and controls
- Assessment of existing legal and compliance organisation / framework
- Improve compliance organization as required
- Create internal guidelines, directives, regulations, forms, controls and reports
- Implement compliance training
Internal Control System
Setting up an effective Internal Control System (ICS) is now mandatory under the Financial Services and Financial Institutions Acts. The ICS is the sum of control measures (governance) that an organisation has in place to monitor business processes and procedures. The focus is on achieving corporate goals, safeguarding process security and identifying or preventing errors and irregularities, whether deliberate or accidental.
Most regulatory and compliance functionality flows from the ICS. Under the FinSA and FinIA acts, financial institutions are required to have the internal control system verified by an external auditor. The ICS needs to be aligned to the specific business needs and conditions of the firm. At a minimum, management must ensure that all processes related to financial reporting are documented and implemented in the ICS.
Aviolo developed its model to meet the specific needs of asset managers and trustees. If you do not yet have an ICS or yours needs upgrading, we can help with:
- Compliance with legal requirements
- More efficient and secure financial processes and avoidance of misstatements in the financial reporting
- Design structure, documentation and maintenance of the system and control mechanisms, using proprietary applications
Let us help you implement your ICS and support you in establishing the solution that’s right for you.