Financial Services Act and Financial Institutions Act: what changes to expect for independent asset managers?

Since the 2008 financial crisis, the regulators have been reviewing the financial services regulation in order to, among other things, reduce systemic risks and enhance investor protection. On 27 June 2014, the Federal Council has therefore launched the much-anticipated consultation on the Financial Services Act (“FSA”) and the Financial Institutions Act (“FIA”). The consultation will end on 17 October 2014.