Financial market licensing duty

In Swiss financial market law, banks, securities firms, fund managers, insurers, certain fintech providers and other regulated actors may need authorisation before offering services. Whether a licence is required depends on the activity, business model, client base, assets handled and territorial nexus to Switzerland. FINMA licensing typically examines organisation, governance, capital, risk management, fit and proper persons, compliance and audit arrangements. Operating without required authorisation can trigger supervisory measures, liquidation, criminal exposure and reputational harm.