European legislation as well as other international standards increasingly influence Swiss financial market regulation; the new Financial Services Act (FinSA) is the direct consequence. As expected, the Swiss legislator tailored the new business conduct rules towards the EU directive. The remaining questions, however, lie in the interpretation, application, and development of the new provisions by the regulatory authorities and courts.

By Peter Sester / Linus Zweifel (Reference: CapLaw-2016-6)