For some financial products, Swiss legislation provides for reporting requirements similar to those laid down in European regulations. With our services, you can create and distribute the corresponding documents without significant additional effort.
Based on the Swiss legislation, the “Bundesrat” passed the Swiss Financial Services Act (FinSA) together with the Financial Institutions Act (FinIA)on June 15th 2018, financial institutions in the Swiss market need to adhere to financial market regulations, which are quite similar to the European regulations MiFID II and PRIIPs.
This includes in particular:
The Swiss FinSA covers a similar scope to European PRIIPs, most important to note though is that OTC products are not covered by the Swiss FinSA. Of course, this does not release the point of sales from the responsibility to hand out a PRIIP KID to an EEA (European Economic Area) resident, even if booked by a Swiss bank.
For distributors the key challenge derives from the manufacturer’s dilemma surrounding the question on whether PRIIP KIDs or Swiss Finish KIDs will need to be collected and distributed to clients.
The failsafe strategy here clearly results in employing a cleversoft service guarantee solution which is:
Additionally, cleversoft allows you a state-of-the-art-integration in various software systems leveraging standard adaptors and integrations such as:
One key question on the manufacturing side is surrounding the topic whether it is worth the effort to produce Swiss Finish KIDs or to just use the European PRIIP KIDs for the Swiss market. Manufacturers who have already set up an infrastructure for producing PRIIP KIDs are tempted and typically advised to follow this route.
For manufacturers who still want to produce Swiss FinSA KIDs, yielding a higher benefit to the customer in the sense of being more comprehensible than European PRIIP KIDs, potentially gaining a competitive edge on other manufacturers, cleversoft offers a comprehensive solution suite based on its experience with PRIIP and German “Produktinformationsblatt (PIB)” production docCreator™
The docRepository™ solution enables you to obtain PRIIP KIIDs and all other regulatory documents, such as PIB, FinSA Key Information Documents, etc.
The OTC KID generator creates and provides PRIIP KIDs for OTC products, such as forward exchange contracts or interest rate options.
Swiss docRepository FinSA banking distribution clients
Our team has years of industry experience to help you through the entire regulatory compliance software procurement process – from A to Z.