Switzerland overhauls trust sector with new rules

Switzerland will introduce a new regulatory system for the trust sector in January 2020, marking the "beginning of a new era" for trustees active on Swiss soil. The most relevant regime for trustees is set out in the final version of the Financial Institutions Ordinance (FinIO), adopted this week by the Swiss Federal Council. Both Swiss trustees and foreign trustees with a presence in Switzerland, will benefit from a three-year transition period to comply with the applicable regulatory requirements and submit an authorisation application.  The education and professional experience ...