The Swiss Funds Association SFA (SFA) regards the latest position paper on distribution rules published by FINMA as a good approach. The SFA supports the measures aimed at improving the transparency of certain financial products at the point of sale as well as to make all erstwhile unsupervised asset managers subject to the prudential supervision of FINMA.
To improve client protection in financial market law, FINMA proposes in its position paper that a package of regulatory measures be introduced. SFA welcomes in particular the creation of a level playing field for all financial products, and making all asset managers subject to legal regulation and FINMA supervision.
“Product-neutral regulation of distribution at the point of sale has long been an issue raised by the SFA. We are pleased that the standards that have applied to funds for many years are now to be taken as an example, so to speak, for other financial products,” says SFA President Martin Thommen.
“We have also been calling for some time for asset managers to be brought under FINMA’s supervision, provided that this is implemented in a pragmatic and measured manner,” says SFA CEO Dr. Matthäus Den Otter. “As regards product regulation, however, we expect the still existing “Swiss finish” in the regulation of collective investment schemes to be consistently waived in favor of a cross-product approach.”
Within the framework of the upcoming legislative work, the SFA will bring to bear its experience amassed over many years as the association of funds and their asset managers and its commitment to the highest standards of investor protection.
