On 12 June 2018, the National Council resolved the last differences on the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). Thus, the FinSA and the FinIA are ready for the final votes, which will take place on Friday, 15 June 2018.
With the resolution of the National Council, the last outstanding differences have now also been resolved:
- Self-regulation on the training and education of client advisors: The National Council accepts the Council of States’ resolution to delete without any restrictions the regulation according to which financial service providers should define industry-specific minimum standards for training and education programs of client advisors. It will thus be the responsibility of the Federal Council to define the requirements for the education and training programs for the client advisors for all financial service providers.
- Equivalent penalties in relation to the basic information sheet: The National Council also accepts the Council of States‘ resolution that the legal penalties foreseen for false declarations, concealment of material facts and non-publication / publication not in due time of the basic information sheet shall be the same as for the same offences in relation to the prospectus.
- Exclusion of the right of withdrawal in "door-to-door business": Finally, the National Council also accepts the Council of State’s resolution that the regulations regarding “door-to-door business” (article 40a CO) should not apply to insurance contracts and legal transactions that are concluded by financial institutions and banks under existing financial services agreements in accordance with FinSA.
Regarding FinIA, all differences were already adjusted by the Council of States and the National Council at the beginning of June 2018.
- An early adoption of both laws and thus an entry into force of FinSA and FinIA in 2019 can be expected.
- The consultation draft for the ordinances of FinSA and FinIA is expected for autumn 2018.