Swiss asset managers are once again welcome in the U.S. market after a long period of restriction. This shift comes as the U.S. Securities and Exchange Commission (SEC) resumed reviewing registration applications from Swiss investment advisers, reopening access that had been closed for some time.

This change ends a long period where new Swiss firms could not access U.S. markets. It follows the agreement between the SEC and the Swiss Financial Market Supervisory Authority (FINMA) on how to manage cross-border oversight. This decision is good news for Swiss firms that offer investment advice and wealth management services to U.S. clients, as they previously required SEC approval to do so.

New Agreement Clears Way For Swiss Advisers To Rejoin U.S. Market

The SEC had stopped handling applications from Swiss advisers due to concerns about oversight, including access to records and site visits. The new agreement now solves those problems.

FINMA stated that Swiss firms under its supervision can now apply to work in the U.S. as Registered Investment Advisers. These firms can also send important documents, including those with personal data, directly to the SEC.

The agreement also allows SEC staff to visit firms in Switzerland, in accordance with both U.S. and Swiss laws. Key Swiss legal rules, such as those in the Financial Market Supervision Act, support this setup.

According to Atkins, many foreign advisers have always trusted the U.S. regulatory system, and FINMA’s cooperation helped remove the legal roadblocks.

Improved Cooperation Aims To Boost Swiss Access And Oversight

The SEC and FINMA now share a system that enables both to perform their duties effectively without violating their respective national laws. This clears the way for cross-border investment advisers to return to stable operations.

The update may encourage Swiss firms to expand their reach into the U.S. or more easily serve American clients. Earlier, the freeze on registrations had slowed their growth and made cross-border work harder. Now, with better coordination between the two regulators, Swiss advisers can more confidently return to the U.S. market.

The United States Securities and Exchange Commission (SEC) is an independent agency within the federal government. It was established in response to major financial market problems and is mainly responsible for enforcing rules that prevent market manipulation.

Formed under a section of the Securities Exchange Act, the SEC enforces several key financial laws, including the Securities Act, the Trust Indenture Act, the Investment Company Act, the Investment Advisers Act, and the Sarbanes–Oxley Act, along with other related regulations.