FinSA and its rules of conduct 

Any financial service provided in Switzerland or to Swiss investors falls within the scope of FinSA, and its ordinance, i.e. the Financial Services Ordinance (FinSO).

Several years after FinSA’s entry into force, there is a significant need to interpret FinSA and FinSo and clarify important questions for practitioners and market players.
This also concerns the rules of conduct under FinSA, which apply to financial service providers.

FINMA often uses circulars to provide additional clarity on the interpretation of Swiss financial market law and will use this instrument again in the context of FinSA rules.
Such a circular could lead to potential changes for Swiss or foreign financial service providers.

Next steps

The consultation procedure is ongoing. The adoption of the circular is scheduled for the second trimester of 2024 and, according to the FINMA, the circular should enter into force in the third trimester of 2024.

If you have any questions regarding financial regulatory laws in Switzerland, please do not hesitate to contact one of our colleagues mentioned below.