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FinSA and the new Ombudsman Office: between heaven and hell

This is a small revolution in the Swiss financial industry. As of 1st January 2020, the Federal Law on Financial Services (FinSA), the Law on Financial Institutions (FinIA) and the Law on the Control of Precious Metals (PMCA) will introduce an obligation for several professionals of the Swiss financial industry (in particular independent asset managers, trustees, collective asset managers, fund management companies, securities firms, client advisors and commercial assayers) to affiliate to an ombudsman office within six months of the recognition of such an office by the Federal Department of Finance (FDF).