LEFin-LSFin: des assujettis face aux nouveaux organes et organismes
The regulations governing financial institutions and services are bringing new actors – such as portfolio managers and trustees – within the scope of FINMA supervision, supported by a reformed self-regulatory framework. It is worth comparing the latter with the set of rules and organizational measures adopted for the registration of client advisors and the control of prospectuses for securities. Indeed, instead of unifying or at least fully harmonizing the regimes applicable to these various supervisory bodies, the lawmaker seems to have opted rather for tailor-made provisions, not without leaving several uncertainties and even gaps. In particular, although the law explicitly refers to the application of the federal administrative procedure to the bodies registering advisors and reviewing prospectuses, it is silent on the provisions governing the proceedings before the supervisory organizations introduced by Article 43a FINMASA and AMLA self-regulatory organizations (SROs)…
