Financial Market Regulation The Swiss Financial Services Act (FinSA)

The Swiss Financial Services Act (FinSA)

The Swiss Financial Services Act (FinSA) entered into force in January 2020. With a transition period of two years, most of the requirements will be applicable as of January 2022.

FinSA mainly governs the provision of financial services as well as the offering of financial instruments and is intended to strengthen investor protection. In terms of content, FinSA is closely aligned with the European regulatory reforms and mainly covers the following areas:

  • Enhancement of investor protection
  • Transparency of financial products
  • Revision of organizational requirements for the provision of services

FinSA applies to financial services provided to clients domiciled in Switzerland as well as to financial services provided in Switzerland e.g. to foreign domiciled clients.

Credit Suisse is authorized to operate as a bank in Switzerland and we are committed to ensure compliance with FinSA by the end of 2021. Our supervising authority is the Swiss Financial Market Supervisory Authority (FINMA) with address in:
Laupenstrasse 27
3003 Bern
Switzerland

What it means for you as our client

Classification

FinSA differentiates between retail clients and professional clients. The ‘professional clients’ category comprises a subcategory of ‘institutional clients’. Retail clients are all clients that are not classified as professional clients.

We are planning to classify clients within the two-year transition period under FinSA. If you are not informed otherwise, you will be classified as a retail client and will benefit from the highest level of investor protection once FinSA is fully implemented. Dependent on a client’s volume of financial assets and (in some cases) his/her knowledge and experience, a client can declare to be treated as a professional client and get access to additional financial products and services. Please contact your relationship manager or take a look at this factsheet for further information.

Transparency

As of 2022, our clients with safekeeping accounts will benefit from an increased transparency throughout the investment cycle:

  • Key Information Documents: prior to the trade, retail clients will receive standardized fact sheets for investment products, including details of risks and costs;
  • Advisory minutes: after every advisory meeting with his/her relationship manager, retail and professional clients will be able to request the delivery of minutes documenting the suitability of the advice given;
  • Reports: clients will receive annual reports on portfolio performance, including cost structures and compensation.

Satisfaction

Your satifsfaction is our priority. If you are not entirely satisfied with our service, we want to hear from you as soon as possible. Please contact us:
Credit Suisse
Client Feedback specialist unit
YSPI
8070 Zurich
Switzerland
Fax +41 (0)44 333 62 99

If you are not fully satisfied with our proposed solution, Credit Suisse is affiliated to the Swiss Banking Ombudsman, an independent agency responsible for mediation proceedings with our clients. You can find the relevant contact details of the Ombudsman here.