The SEC is back in action, processing Swiss investment advisers' applications after a long hiatus. This move opens the door for more international players in U.S. markets.
Key Points
•📅 Immediate Action: SEC resumes processing applications right away
•🤝 Successful Talks: Discussions between SEC and FINMA made this possible
•📈 Market Access: Swiss advisers can now tap into U.S. capital markets
•🔍 Transparency: Advisers must provide books and records directly to SEC
•🌍 Global Collaboration: SEC can conduct on-site visits in Switzerland
📜 The Announcement
The SEC has decided to immediately resume processing new and pending registration applications for investment advisers based in Switzerland. This follows productive discussions between the SEC and FINMA.
🤝 Behind the Scenes
Successful discussions between SEC staff and FINMA were crucial. They focused on ensuring that Swiss advisers could provide their books and records, including personal data, directly to SEC staff, and that the SEC could conduct on-site visits in Switzerland, adhering to both U.S. and Swiss laws.
💬 Official Statements
SEC Chairman Paul S. Atkins expressed his enthusiasm, stating, "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." Atkins also emphasized the value of the U.S. regulatory framework and welcomed the collaboration with FINMA.
