Independent asset managers haven't been allowed to do business without a Finma license since the beginning of the year. Those who've applied have been given a grace period. Finma provides a status update.
The Swiss Financial Market Supervisory Authority (Finma) issued a total of 950 licenses through the end of June to applicants, allowing them to operate as supervised independent asset managers (EAMs) and trustees, according to an announcement Friday.
While that represents progress on the 670 licenses issued up to the end of last year, Finma and self-regulatory organizations still have more applications to work through, having received 1,749 in total.
Post-Deadline Submissions
Of the 1,699 applications received by the end of 2022, 888 asset managers and 43 trustees received licenses, including eight institutions as both asset managers and trustees.
A further 50 applications were received after the December 31 cut-off date, of which Finma approved ten, including one institution trading as an asset manager and as a trustee.
Industry Turning Point
The measure marks a turning point for the Swiss EAM industry, which has experienced increased consolidation among financial SMEs for the first time in years. 1,060 institutions informed the authority last year that they wouldn't submit applications.
