The Swiss Financial Market Supervisory Authority (FINMA) today published an update on the licensing of portfolio managers.
FINMA notes that at 31 December 2023 it has approved 1,149 (70%) of the licence applications from portfolio managers and trustees received before 31 December 2022, while 63 institutions (4%) have withdrawn their applications. The remaining 487 applications (26%) are more complex and will take longer to finalise.
If an institution that is continuously affiliated to a self-regulatory organisation has submitted its licence application to FINMA together with proof of its affiliation with a supervisory organisation (SO) before the end of the transitional period, it may continue to operate.
A large number of change requests requiring authorisation (994) were submitted in 2023, implying a significant workload for FINMA.
