Authorisation from FINMA is required by financial institutions that have their registered office abroad (foreign financial institutions) and that wish to establish a branch in Switzerland that employs persons who perform any of the following activities in the name of the foreign financial institution on a permanent commercial basis in Switzerland or from Switzerland:
asset management or trustee activities;
portfolio management for collective investment schemes or occupational pension schemes;
securities trading;
conclusion of transactions; or
client account management.
Foreign fund management companies may not establish branches in Switzerland.
The Federal Council may sign international treaties allowing financial institutions from the treaty states to open a branch without requiring authorisation from FINMA if both sides recognise the equivalent nature of the respective regulation of financial institutions' activity and the supervisory measures.
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