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SEC Resumes Processing of Registration Applications From Swiss-Based IAs

"I am very pleased to announce that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisers. These applications have languished for too many years, and it is well past time that we resume this process."
Paul S. Atkins, SEC Chair
"I am very pleased to announce that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisers. These applications have languished for too many years, and it is well past time that we resume this process."
Paul S. Atkins, SEC Chair

The SEC announced that it will "immediately resume processing new and pending registration applications of investment advisers with their principal office and place of business in Switzerland" that are supervised by the Swiss Financial Market Supervisory Authority ("FINMA").

The SEC said the "announcement follows successful discussions between staff from the SEC and (FINMA) regarding (1) the ability of FINMA-supervised, SEC-registered investment advisers located in Switzerland to provide their books and records, including personal data, directly to SEC staff, and (2) the SEC's ability to conduct on-site visits of these entities in Switzerland, consistent with the [US] securities laws and Swiss law."

Processing of new and pending registration applications has been suspended by the SEC for several years. 

Primary Sources

  1. SEC: Press Release: SEC to Resume Processing of Registration Applications From Swiss-Based Investment Advisers
  2. FINMA: News: Applications from Swiss asset managers being processed again in the USA

Tags

Regulated Activities
Cross-Border Regulatory Process
Regulated Entities
Adviser / CTA / CPO
Body of Law
Securities Law
Jurisdiction
US - Federal , European Union or Non-U.S. Country
Impacted Foreign Jurisdiction
Switzerland
Organization
SEC