Fintech 2026

SWITZERLAND Law and Practice Contributed by: Lukas Morscher and Lukas Staub, Lenz & Staehelin

3. Robo-Advisers 3.1 Requirement for Different Business Models In Switzerland, financial advisers that provide financial advice or investment management online, so-called robo-advisers, are growing in popularity. In particular, those between the ages of 24 and 35 are expected to make up the customer base of online investment solu - tions, since they often adopt new technologies quickly and prefer self-service approaches. There are sev - eral companies that pursue a robo-adviser business model based on mathematical rules or algorithms and allocate, manage and optimise clients’ assets. With regard to automated investment advice, there are no specific applicable rules or regulations. Swiss law is generally technology-neutral and principle-based. FINMA actively contributes to a fintech-friendly legal environment. FINMA regards innovation as key to Switzerland’s competitiveness as a financial centre, but adopts an essentially neutral approach to cer - tain business models and technologies. FINMA has therefore been enhancing the regulatory framework to facilitate client onboarding via digital channels and has reviewed whether specific provisions in its ordi - nances and circulars disadvantaged some technolo - gies, concluding that very few such obstacles existed. Therefore, FINMA has adopted its guidelines for asset management and has removed the requirement that asset management agreements have to be conclud - ed in writing. Also, FINMA has eased the rules of the onboarding process for new businesses via digital channels. 3.2 Legacy Players’ Implementation of Solutions Introduced by Robo-Advisers Concerning legacy players’ implementation of solu - tions introduced by robo-advisers, see 3.1 Require- ment for Different Business Models . 3.3 Issues Relating to Best Execution of Customer Trades Under FinSA, financial service providers need to ensure that client orders are always executed in the best possible way with regard to the financial terms, timing of execution and other terms and conditions. Providers define, in a best execution policy to be

follow-up report, the FATF attested that Switzerland has made “progress in addressing the technical com - pliance deficiencies identified”. In September 2025, the Swiss Parliament adopted new legislation that will, among other things, introduce a mandatory transparency register on beneficial own - ers of legal entities and expand AMLA’s applicability to certain advisors, including lawyers. This legislation, which is expected to enter into force in the second half of 2026, will address the outstanding deficiencies in the Swiss AML regime identified by the FATF. 2.16 Reverse Solicitation FinSA generally applies to the provision of financial services in Switzerland or to Swiss residents (see 2.2 Regulatory Regime ). However, it contains a reverse solicitation exemption, whereby financial services pro - vided to clients in Switzerland by foreign financial ser - vice providers are not covered/governed by FinSA if: • the entire client relationship or individual/specific financial services have been requested by clients on their express initiative; • the relevant specific financial service has not been advertised or solicited by any other means to the relevant client prior to such client’s enquiry; and • the service in question does not go beyond the scope of the original request. Therefore, the reverse solicitation results in a narrow exemption and customarily is not sufficient to serve as a business model, as it does not allow the systematic provision of services in the Swiss market. Note that reverse solicitation is not relevant for most other Swiss financial market acts (eg, AMLA) as these only apply in case of the service being provided in or from Switzerland (ie, these acts do not apply to cross- border service provision; see also 5.2 Regulation of Cross-Border Payments and Remittances ).

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