SEC to Resume Processing of Registration Applications From Swiss-Based Investment Advisers
The SEC has resumed processing registration applications for Swiss investment advisers following a regulatory agreement with FINMA regarding data access and on-site inspections.
The SEC announced the resumption of registration processing for Swiss-based investment advisers after resolving data and inspection conflicts with FINMA. The agreement allows for the direct provision of books and records to the SEC and permits on-site visits in compliance with U.S. and Swiss laws. While no specific fraud amounts were cited, the move resolves years of application delays for foreign advisers seeking U.S. market access.
The Securities and Exchange Commission has announced the immediate resumption of processing new and pending registration applications for investment advisers headquartered in Switzerland. This decision follows successful coordination between the SEC and the Swiss Financial Market Supervisory Authority (FINMA) to resolve long-standing procedural hurdles. The agreement enables FINMA-supervised advisers to provide books and records, including personal data, directly to SEC staff. Furthermore, the SEC can now conduct on-site inspections in Switzerland in accordance with both U.S. and Swiss legal frameworks. SEC Chairman Paul S. Atkins noted that these applications had languished for years and praised FINMA for their collaboration. This regulatory milestone aims to expand access to U.S. capital markets for Swiss entities. Although no specific fraud charges were detailed, the move facilitates smoother regulatory oversight for foreign advisers.
Extracted insights
- person paul s. atkins
- agency sec chairman paul s. atkins
- agency Securities and Exchange Commission
- organization Swiss Financial Market Supervisory Authority
- Securities and Exchange Commission Announce resumption of processing new and pending registration applications of investment advisers with their principal office and place of business in Switzerland
- Securities and Exchange Commission Have Discussions with the Swiss Financial Market Supervisory Authority (FINMA) regarding 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
- Securities and Exchange Commission Have Discussions regarding the SEC’s ability to conduct on-site visits of these entities in Switzerland, consistent with the U.S. securities laws and Swiss law
- SEC Chairman Paul S. Atkins Say that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisers
- SEC Chairman Paul S. Atkins Say that these applications have languished for too many years, and it is well past time that we resume this process
- SEC Chairman Paul S. Atkins Say that longstanding interest from foreign investment advisers in registration demonstrates the value of the U.S. regulatory framework
- SEC Chairman Paul S. Atkins Thank my FINMA counterparts for their collaboration and welcome their actions to make this possible
The Securities and Exchange Commission announced today that it will immediately resume processing new and pending registration applications of investment advisers with their principal office and place of business in Switzerland. This announcement follows successful discussions between staff from the SEC and the Swiss Financial Market Supervisory Authority (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 U.S. securities laws and Swiss law. “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,” said SEC Chairman Paul S. Atkins. “Longstanding interest from foreign investment advisers in registration demonstrates the value of the U.S. regulatory framework, and we look forward to expanding access to U.S. capital markets. I thank my FINMA counterparts for their collaboration and welcome their actions to make this possible.”
The Securities and Exchange Commission announced today that it will immediately resume processing new and pending registration applications of investment advisers with their principal office and place of business in Switzerland. This announcement follows successful discussions between staff from the SEC and the Swiss Financial Market Supervisory Authority (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 U.S. securities laws and Swiss law. “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,” said SEC Chairman Paul S. Atkins. “Longstanding interest from foreign investment advisers in registration demonstrates the value of the U.S. regulatory framework, and we look forward to expanding access to U.S. capital markets. I thank my FINMA counterparts for their collaboration and welcome their actions to make this possible.”