Transition Regime

Transition regime

For most of the new ob­li­ga­ti­ons in­tro­du­ced in the laws and or­di­nan­ces that ca­me in­to force on 1 Ja­nu­a­ry 2020, two-ye­ars tran­si­ti­on pe­ri­ods ap­ply (un­til 31 De­cem­ber 2021). This al­so ap­plies to the new con­duct ru­les and or­ga­ni­sa­tio­nal ob­li­ga­ti­ons. For fi­nan­ci­al ser­vice pro­vi­ders that wish to be­ne­fit from this tran­si­tio­nal pe­ri­od, the for­mer be­ha­viou­ral and or­ga­ni­sa­tio­nal ob­li­ga­ti­ons exi­sting as at 31 De­cem­ber 2019 ac­cord­ing to art. 20 - 24 of the for­mer CI­SA ap­ply un­til they ha­ve im­ple­men­ted the new ob­li­ga­ti­ons un­der Fin­SA. This does not on­ly in­clu­de com­pli­an­ce with the CI­SA and its im­ple­men­ting or­di­nan­ce CI­SO, but al­so com­pli­an­ce with the re­le­vant self-re­gu­la­ti­on is­sued by SFA­MA re­cognis­ed as a mi­ni­mum stan­dard by FIN­MA.


The re­gu­la­to­ry re­qui­re­ments for the con­clu­si­on of dis­tri­bu­ti­on agree­ments will the­re­fo­re re­main in place. The sa­me ap­plies to the re­ten­ti­on of the re­pre­sen­ta­ti­ve and pay­ing agent, in­de­pen­dent whe­ther the for­eign fund is dis­tri­but­ed on­ly to qua­li­fied in­ve­stors (so-cal­led “born” or “per se” qua­li­fied in­ve­stors).


Plea­se con­tact us if you ha­ve any questi­ons in con­nec­tion

with the tran­si­ti­on pe­ri­ods.