Switzerland’s financial regulatory authority has modified some financial rules, and the REYL Intesa Sanpaolo’s teams are ready to advise clients on the changes
The country is home to some of the world’s largest banks and family offices that, between them, manage a quarter of global wealth. The numbers are staggering and continue to grow. Switzerland has fared extremely well during the Covid-19 pandemic, with record amounts of net new monies flowing into private banks over the last two years.
In addition, Swiss financial institutions have a long history of investing in offshore funds and in all types of financial instruments so, for fund managers looking to raise assets, both the potential of the Swiss financial markets and the strong, but favourable, regulatory landscape, make the country an attractive destination for investments.
Together with the attractive investor landscape, the rules for a fund manager coming to Switzerland are pragmatic and easy to comply with. Larger financial institutions can be contacted freely, while to approach other smaller investors, the fund managers may need to appoint a Swiss representative and a paying agent. With REYL Intesa Sanpaolo, this can be in place very easily and swiftly.
Understanding regulatory requirements
The REYL Intesa Sanpaolo Fund Representation Solutions (FRS) department assists international fund managers to understand the regulatory framework and requirements and helps them define a plan of action to enter the Swiss market. The department’s staff consists of seasoned financial professionals with experience as allocators and fund managers.
The banking group is acutely aware of the challenges faced by the investment managers, and their main objective is to make things simple. FRS can act as a Swiss fund representative and, as the bank is part of the group, can act as the Swiss paying agent as well. This helps to simplify both information and processes for managers, as they only have to deal with one company.
REYL Intesa Sanpaolo has always taken a holistic approach towards its clients, and therefore always strives to provide a solution through the group’s other business lines. They work by the maxim, ‘no conversation is off the table’. For example, the bank can provide assistance and information through their Wealth Management, Corporate Advisory or Investment teams. In addition, as part of a global banking group, it has an almost inexhaustible number of resources to draw on, to assist its clients.
New regulations
The new FinSA regulations came into full force at the beginning of 2022, and it has modified a number of requirements within the Swiss regulatory landscape, particularly with regard to the local market, but also some changes for international players. With every set of new or supplemental financial regulations, there is a period of uncertainty, especially around hard-to-understand ‘grey’ areas, until the new rules are completely understood and embedded into the market.
REYL Intesa Sanpaolo realise that the greatest added value for its clients has been as a source of up-to-date market information, and as a sounding board to test their business plans to enter, or remain, in Switzerland.
The group is experienced in a broad range of business sectors and understands the issues clients may face. They provide guidance, with the most appropriate answers to requirements and with solutions to any issues that may arise. They see their role as much more than just a resource for regulatory coverage and information. They want to work in partnership with their clients, and to help them navigate all the intricacies of the new rules.
Ultimately, it wants its clients to be successful in their business designs and plans in Switzerland and wants international fund managers to realise that the Swiss financial market continues to be an attractive and financially sound destination for their funds. They see their client’s success as their own. With REYL Intesa Sanpaolo, doing business in Switzerland is easy and cost-effective.
Further information:
For more details, please visit REYL Intesa Sanpaolo
To read the June 2, 2020 FRS press release: REYL & Cie launches Fund Representation Solutions
