SWITZERLAND Law and Practice Contributed by: Jürg Frick, Luca Dal Molin, Philippe Gobet and Carla Bertossa, Homburger
FINMA’s Circular on the Rules of Conduct under FinSA On 1 January 2025, a new FINMA circular on the rules of conduct under the FinSA entered into force (circular 2025/2 “Rules of Conduct under the FinSA/FinSO”). In particular, the circular specifies the information requirements set out in the FinSA and the disclosure requirements with regard to conflicts of interest. FATCA Switzerland and the USA signed a new FATCA Agree - ment on 27 June 2024, which provides for a switch to a Model 1 IGA. The implementing laws in Switzerland are expected to come into force on 1 January 2027. CRS Subject to parliamentary approval, Switzerland intends to implement the Crypto-Asset Reporting Framework (CARF) as of 1 January 2026.
ties does not constitute personal data in the scope of the DPA. In addition, supervised institutions (including AIFs and fund managers) have a general duty to report to FIN - MA any incident that is of substantial importance to the supervision. Pursuant to FINMA Guideline 05/2020 of 7 May 2020 and FINMA Guideline 03/2024 of 7 June 2024, supervised institutions must inform FINMA immediately (within 24 hours of detection and initial assessment of criticality) via their (key) account man - ager of any cyber attacks on their critical functions. A report must be submitted to FINMA within 72 hours, including the critical functions, business processes or assets affected, the type of attack and the adminis - trative, operational and/or technical countermeasures with their expected time of effectiveness. 4.13 Anticipated Changes for Investors Revision of the AMLA In the context of the current revision of the AMLA (see 3.11 Anticipated Changes for Fund Managers ), it is particularly noteworthy that, under the revised AMLA, financial intermediaries will be required to implement organisational measures to prevent the violation or circumvention of sanctions under embargo legislation.
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