SEC Reopens Doors to Swiss Asset Managers—Because Even Regulators Need Alpine Cash
Wall Street''s watchdog just rolled out the red carpet—again—for Swiss buy-side firms. After a freeze that had wealth managers sweating over their fondue pots, the SEC is back in the registration-processing game.
Why the thaw?
Speculation swirls, but insiders whisper it''s less about regulatory harmony and more about pressure from banks tired of explaining compliance hurdles to clients with nine-figure portfolios.
The fine print:
No concessions on actual rules—just faster paperwork. Because nothing says ''global finance'' like bureaucratic whiplash wrapped in diplomatic niceties.
One Zurich-based exec quipped: ''At least the SEC moves faster than Swiss trains.'' Ouch.
The Securities and Exchange Commission announced that it will immediately resume processing new and pending registration applications of investment advisers with their principal office and place of business in Switzerland.
This announcement follows successful discussions between staff from the SEC and the Swiss Financial Market Supervisory Authority (FINMA) regarding (1) the ability of FINMA-supervised, SEC-registered investment advisers located in Switzerland to provide their books and records, including personal data, directly to SEC staff, and (2) the SEC’s ability to conduct on-site visits of these entities in Switzerland, consistent with the U.S. securities laws and Swiss law.
“I am very pleased to announce that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisers. These applications have languished for too many years, and it is well past time that we resume this process,” said SEC Chairman Paul S. Atkins. “Longstanding interest from foreign investment advisers in registration demonstrates the value of the U.S. regulatory framework, and we look forward to expanding access to U.S. capital markets. I thank my FINMA counterparts for their collaboration and welcome their actions to make this possible.”
Source: SEC
