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Gossip from Switzerland

Posted on May 18, 2007 at 13:11 in Uncategorized by Francesc

Hi everybody

Some Swiss sources have informed me that the SFBC (Swiss Federal Banking Commission) made a request in its annual report to bring all collective investment companies, including FX companies, under the banking law.

This responds to their willingness to finally rule the FX market in Switzerland, where currently FX brokerage firms can legally act under the supervision of public authorities (SFBC) or private ones (such as Polyreg or ARIF) that are in fact more self-regulatory bodies against money laundering than client’s protection bodies.

Our sources have notified the new law will be effective within two to three years and FX companies will have a two-year period to adapt.

I hope these words will help to clarify a little bit what’s going on these days in Switzerland.

Francesc

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