SEC Resumes Processing Registration Applications for Swiss-Based Investment Advisers

Strategic Insights -

The US Securities and Exchange Commission (SEC) announced on June 10, 2025, that it will immediately resume processing new and pending registration applications for investment advisers with their principal office and place of business in Switzerland. This decision follows discussions between SEC staff and the Swiss Financial Market Supervisory Authority (FINMA) regarding the ability of FINMA-supervised, SEC-registered investment advisers to provide books and records directly to SEC staff and the SEC's ability to conduct on-site visits in Switzerland. The SEC previously held registration applications from Swiss-based investment advisers in abeyance for years, pending resolution of these issues.

Key Takeaways:

  • The SEC has resumed processing registration applications for Swiss-based investment advisers, a decision made following discussions with the Swiss Financial Market Supervisory Authority (FINMA).
  • The SEC and FINMA have agreed that FINMA-supervised, SEC-registered investment advisers can provide their books and records, including personal data, directly to SEC staff.
  • The SEC has also agreed that it can conduct on-site visits of these entities in Switzerland, consistent with US securities laws and Swiss law.
  • This decision applies to investment advisers with their principal office and place of business in Switzerland.
  • Registration applications from other jurisdictions subject to broad privacy regimes, including the European Union's General Data Protection Regulation (GDPR), remain on hold at this time.
  • The SEC previously took a similar position with respect to UK-based investment advisers, who began to move forward with registration applications in September 2020.
  • Global financial services firms and industry participants have been frustrated for years by the hold on registration applications for Swiss-based investment advisers.

Statistics:

  • As of June 10, 2025, the SEC will resume processing new and pending registration applications for investment advisers with their principal office and place of business in Switzerland.
  • Since September 2020, the SEC had been processing registration applications from UK-based investment advisers due to agreements between the SEC and the UK Information Commissioner's Office.
  • The European Union's General Data Protection Regulation (GDPR) remains a barrier to registration for investment advisers in other jurisdictions.

Sources:

  • [Mayer Brown, June 10, 2025]
  • [SEC announcement, June 10, 2025]
  • [Finma, Swiss Financial Market Supervisory Authority]