Regulatory Alerts2010-10-20
FINMA Circular 2008/17: Exchange of Information Between SROs and FINMA
The Swiss Financial Market Supervisory Authority (FINMA) issued Circular 2008/17 to mandate the exchange of information between recognized self-regulatory organizations (SROs) and the regulator regarding financial intermediaries' membership status. SROs must report all new affiliations and member withdrawals in quarterly submissions, while immediately notifying FINMA of rejected applications, withdrawn membership requests, expulsions, or any known violations of anti-money laundering obligations. The circular further requires SROs to inform affected parties about FINMA notifications and their legal duty to join an SRO or obtain a FINMA license, ensuring effective supervision of the non-banking financial sector.
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