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After years of a prolonged suspension, the U.S. Securities and Exchange Commission (SEC) has confirmed it will immediately resume processing registration applications from investment advisers based in Switzerland. This decision ends the regulatory limbo that has prevented new Swiss entrants from accessing U.S. markets.
The breakthrough follows direct discussions between the SEC and the Swiss Financial Market Supervisory Authority (FINMA). The two regulatory bodies reached a mutual understanding on how they will oversee cross-border activity, addressing previous SEC concerns regarding regulatory oversight, particularly concerning access to records and on-site inspections.
Under the new arrangement, Switzerland-based investment advisers supervised by FINMA and registered with the SEC can now directly transmit required documents, including those with personal data, to the SEC. Additionally, SEC staff will be able to conduct on-site inspections in Switzerland, consistent with both U.S. securities laws and relevant Swiss legal provisions.
This development brings significant relief to Swiss entities offering investment advice and wealth management services who are required to register with the SEC if they serve U.S. clients. The SEC had halted processing these applications for several years due to the unresolved issues, making it difficult for Swiss firms to expand their services in the U.S. market.
SEC Chairman Paul S. Atkins expressed his satisfaction with the agreement, stating that the SEC is ready to provide prompt consideration to the applications, which have “languished for too many years.” He also acknowledged FINMA’s collaboration in resolving the legal and procedural obstacles, highlighting the importance of the U.S. regulatory framework to foreign investment advisers.

Video courtesy of First Bank of Nigeria

Video courtesy of First Bank of Nigeria