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.