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ARTICLE · 17 JUNE 2025

SEC Resumes Processing Applications For Swiss Investment Advisers

Lenz & Staehelin
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On June 10, 2025, the U.S. Securities and Exchange Commission (SEC) announced that it will resume processing applications for Swiss financial institutions seeking to operate...

GlobalFinance and Banking
Shelby R. Du Pasquier
Shelby R. Du Pasquier
François Rayroux
François Rayroux
Isy Isaac Sakkal
Isy Isaac Sakkal
Delphine Meylan
Delphine Meylan
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On June 10, 2025, the U.S. Securities and Exchange Commission (SEC) announced that it will resume processing applications for Swiss financial institutions seeking to operate as Registered Investment Advisers (RIAs) in the United States. This decision marks a significant shift after years of suspension. It is the result of recent discussions between FINMA and the SEC that aimed at aligning examination procedures with both Swiss and U.S. regulatory frameworks.

Introduction

Swiss financial institutions that offer advisory and wealth management services and seek to conduct business in the U.S. on a cross-border basis must register with the SEC as registered investment advisers (RIAs), unless an exemption applies. The SEC had suspended the processing of new registration applications from Swiss entities for several years due to a perceived conflict between Swiss and U.S. laws and regulations, mainly regarding the direct transmission of information and on-site

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