Legal services for asset managers, portfolio managers and trustees

Asset management in a changing world

The asset management sector is under pressure from a host of factors: fierce competition, tighter regulation and shrinking margins, alongside sustainable‑finance initiatives, the rise of robo‑advisors and ongoing industry consolidation.We guide you through these challenging times. We have supported many asset managers, portfolio managers and trustees in their licensing process with supervisory organisations and FINMA. We are the sparring partner of smaller asset and portfolio managers to multinational companies in their day-to-day business.

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Our multidisciplinary team

We are a highly experienced team with backgrounds in the finance industry for banks, asset managers, law firms and regulators. Drawing on practical experience in Switzerland and abroad, we understand the challenges asset managers, portfolio managers and trustees face and can propose practicable solutions.

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Our services

We are your partner for all legal and regulatory matters of asset managers, portfolio managers and trustees. We have guided numerous companies through the authorisation process with FINMA and have many years of hands-on experience. We support smaller companies and multinational asset managers, portfolio managers and trustees alike.

Discover our comprehensive range of services, including legal and compliance, tax, ESG, data protection, IT and cyber security. Rely on throughout every stage: from initial development to ongoing compliance to ensure your business flourishes in the ever-evolving financial landscape.

Your benefits

Deep understanding of the Swiss asset management business
Holistic and integrated approach
End-to-end lifecycle support – from licensing to daily operations
Combined expertise in traditional and crypto asset management models
Interdisciplinary know how

We can support you with the following services:

We help you determine the optimal structure for your business and ensure compliance with the legal and regulatory requirements.

We guide you through the licensing process for asset manager, portfolio manager or trustee status with supervisory bodies and FINMA and assist implementing the most suitable setup for your institution.

We manage any changes that affecting your FINMA license, handling all communication with supervisory organisation and FINMA on your behalf.

We design and implement a robust legal framework and compliance procedure, including drafting policies, processes and process descriptions.

We prepare feasibility studies or submit ruling requests (so called no-action letter) to the relevant authorities.

We advise on drafting and implementing AML and KYC documentation and procedures.

We offer expert guidance on establishing and structuring financial products, including collective investment schemes and structured products.

We support fund management companies, SICAV and SICAFs in appointing and licensing a custodian bank for their collective investment schemes with FINMA.

We assist with cross-border activities and help you mitigate international risks.

We draft asset management and advisory agreements, general terms and conditions and other legal documentation for your client relationships.

We identify potential tax implications for your company and employees and provide tailored advice. You can find our dedicated tax offering here.

Our in-house corporate lawyers set up your company and register it in the commercial register.

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Get legal support for any aspect of banking, FinTech or blockchain

L-QIF

On June 15, 2018, Switzerland introduced a fintech licence as part of its banking law to encourage innovation. This new provision, Article 1b, allows financial sector entities to accept public deposits of up to CHF 100 million without investing these deposits or paying interest. The aim is to lower market entry barriers for fintech companies. The fintech licence is versatile, accommodating a range of business models rather than being limited to specific types. Consequently, it opens opportunities for future, unknown business models to thrive under these relaxed regulatory requirements.

PwC's Regulatory Radar for asset managers, portfolio managers and trustees

Since the global financial crisis, regulatory reform has become a top priority for financial institutions, leading to a significant increase in the scope and number of regulations worldwide. This surge in regulatory changes poses particular challenges for international financial corporations, which must navigate overlapping and sometimes contradictory rules. Timely awareness of regulatory updates is essential to avoid missing critical topics such as FinSA, which can drastically alter the financial services industry. In response to these challenges, the Regulatory Radar has been developed as a web-based solution that provides tailored summaries and analyses of regulatory initiatives, helping organisations respond effectively. PwC's extensive monitoring network ensures that users receive comprehensive updates on regulatory developments across various jurisdictions, ultimately aiding in timely and adequate compliance measures.

The future of the financial world from a regulatory perspective

On May 9, 2023, the Finance Forum Liechtenstein was held in Vaduz, focusing on "The financial world of the future," featuring expert speakers discussing regulatory changes in finance. PwC Switzerland partners emphasised the complexities of new regulations, including MiFID II/MiFIR, MiCA and ELTIF, which have emerged since the financial crisis, impacting financial institutions' compliance efforts. While MiFID II/MiFIR and MiCA aim to enhance market stability and investor protection, the ELTIF reform seeks to facilitate financing for SMEs through targeted deregulation. Key changes in MiFID II and MiFIR include improved market data transparency and a ban on payment for forwarding client orders, while the MiCA regulation establishes a framework for crypto-assets and service providers. The revised ELTIF regulation, effective from January 2024, aims to broaden investment opportunities and simplify access for private investors, addressing previous restrictions that hindered its adoption.

Regulatory developments

Synopsis of the most important regulatory developments in the banking and asset management industry.

This report analyses the latest regulatory trends impacting the banking and wealth management sectors and includes comments to important aspects, changes and status.