From the magazine SZW-RSDA 6/2019 | S. 618-638 The following page is 618

Grenzüberschreitendes Angebot von Finanzdienstleistungen und -produkten? Die Eidgenossenschaft schlägt zurück

Until recently, Switzerland applied a strict territorial approach to regulating financial services with a handful of a notable exceptions. After facing protectionist movements from other jurisdictions, the new Financial Services Act (FIDLEG, LSFin, FinSA) marks a clear ­departure from this approach. This article surveys the impact of the new regulation at the point of sale and at the point of production. It analyses how the FinSA ­regulates financial services providers who provide ­services to clients in Switzerland and subjects client ­advisors of foreign service providers to a registration duty unless they only serve professional and institutional clients and work for financial institutions that are under prudential supervision in its home country. It also considers the changes the regulation at the point of production. It also examines how the duty to prepare a prospectus approved by a Review Body applies to all public offerings for securities in Switzerland regardless of the…

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