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Securities and Exchange Commission, FINMA
The US Securities and Exchange Commission said yesterday that it will “immediately” resume processing new and pending registration applications of investment advisors with their principal office and place of business in Switzerland. 

The regulator announced the decision after talks its staff had with the Swiss Financial Market Supervisory Authority. The talks covered, firstly, the ability of FINMA-supervised, SEC-registered investment advisors located in Switzerland to provide their books and records, including personal data, directly to SEC staff, and secondly, the SEC’s ability to conduct on-site visits at these entities in Switzerland, consistent with the US securities laws and Swiss law.

SEC registrations enable such Swiss firms to operate in US markets and can also help them look after US clients outside the US. 

“I am very pleased to announce that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisors. These applications have languished for too many years, and it is well past [the] time that we resume this process,” SEC Chairman Paul S Atkins, said.

“Longstanding interest from foreign investment advisors in registration demonstrates the value of the US regulatory framework, and we look forward to expanding access to US capital markets. I thank my FINMA counterparts for their collaboration and welcome their actions to make this possible.”

The SEC’s step, this publication understands, comes after SEC examinations of Swiss SEC-registered RIAs last year where delivering the requested data was mandatory for the US regulator.

Anne Liebgott, founder of wealth management, private banking and other services for US, Canadian and other clients, praised the SEC announcement: "The SEC’s decision to resume the registration process for Swiss-based investment managers is a welcome development. At a time when the US appears to be leaning into a more protectionist posture, it’s encouraging to see a clear signal that cross-border collaboration is still valued – particularly in wealth management.

"This move reopens the door for Swiss firms to serve US-domiciled clients with the global diversification, stability, and high-touch service that define Swiss-based investment management, reinforcing the country’s position as a trusted hub for international investors," she said. 

Liebgott's publications include AW Switzerland, AW United Kingdom, AW Asia Pacific|Middle East.