New Draft FINMA Circular On Conduct Rules For Financial Service Providers

On May 15, 2024, FINMA launched a consultation on a new circular (the Draft Circular) outlining its supervisory practice with regard to certain conduct requirements under the Financial Services Act (FinSA) and the Financial Services Ordinance (FinSO). The Draft Circular mainly sets out FINMA's expectations in relation to transparency obligations towards clients. It will apply directly to financial service providers in the sense of the FinSA that are subject to supervision by FINMA or a supervisory organisation within the meaning of Art. 43a of the Financial Market Supervision Act (FINMASA). However, it will also be relevant for other financial services providers in the sense of the FinSA. The consultation period ends on July 15, 2024.