Regulating Innovation - Regulatory Framework For Fintech

The Swiss financial regulatory regime does not specifically address fintech. Rather, the legal framework governing the activities of fintech operators consists of a number of federal acts and implementing ordinances mainly in the areas of corporate law and financial market regulation, as well as circulars and supervisory messages issued by the Swiss Financial Market Supervisory Authority (Finma).

In particular, depending on their specific business models, fintech operators can become subject to the Banking Act (if engaging in activities involving the acceptance of deposits from the public); the Anti-Money Laundering Act (if active as a financial intermediary, for example in connection with discretionary asset management, payment services or lending); the Stock Exchange Act (if engaging in securities broker-dealer activities); the Collective Investment Schemes Act (if issuing or managing investment funds or engaging in other activities relating to collective