Registration obligation

Since January 2021, client advisors must be registered in an advisor register in accordance with the FIDLEG in order to be allowed to offer their advisory services in connection with financial instruments. The registration obligation also applies in particular to robo-advisors and neo-brokers.

Examples:

• Persons offering investment advice (without a power of attorney to execute transactions in financial instruments on behalf of their clients) must register, regardless of whether they are acting in their own name or whether they are working for a company that is not subject to supervision in Switzerland.
• Persons who carry out an activity directly addressed to certain clients (end clients) which is specifically aimed at the acquisition or sale of any type of financial instrument (e.g. collective investment schemes or structured products) must register, regardless of whether they act in their own name or whether they work for a distributor of financial instruments who is not subject to supervision.
• For robo-advisors, the natural person responsible for the financial service or asset allocation may be registered as a substitute for the legal person.
• For neo-brokers, the natural person who primarily shapes the processing of transactions and has the knowledge to comply with the duties of conduct under FIDLEG can be registered. If this person cannot be determined or if the institution has not employed a person who is predominantly familiar with financial services and the associated duties of conduct under the FinSA, the highest management body (e.g. CEO or VRP) could serve as a substitute in analogy to civil law and be registered accordingly.

Requirements for registration:

In order to be registered as a client advisor in an advisor register, the following requirements must be met:

• Completion of education or training in accordance with Art. 6 FIDLEG
  
• Conclusion of professional liability insurance or other financial guarantees
  
• Affiliation with ombudsman's office (if private clients are served)
  
• Fulfilment of the guarantee requirements

Further information can be found in the FAQ's on the website of the RegFix adviser register.