SEC-FINMA - Swiss Wealth Managers Can Serve US Clients Again

SEC-FINMA Accord: Swiss Wealth Managers can once again access the U.S. market in the U.S.

Key Implications:

• Direct access to U.S. clients and markets is restored

• New process for transmitting sensitive documents, allows SEC inspections in Switzerland

After years of regulatory deadlock—rooted in conflicting data privacy standards and oversight requirements—the recent agreement between the U.S. Securities and Exchange Commission (SEC) and FINMA, the Swiss Financial Market Supervisory Authority, means Swiss asset managers are once again able to register with the SEC and access the world’s largest wealth management market.  

This is a long-awaited breakthrough. Since 2018, the inability to register with the SEC has been a significant barrier to growth, limiting cross-border business and frustrating firms that had reached the $25 million AUM threshold for U.S. registration.  After being excluded from offering their services to US investors, this breakthrough is a strategic opportunity for Swiss wealth managers seeking to diversify client portfolios and tap into the world’s largest capital market. 

The new framework resolves regulators’ core issues: Swiss advisors can now share client records, including personal data, directly with the SEC, and U.S. regulators can conduct on-site inspections in Switzerland—both in line with Swiss and U.S. law. Swiss firms can now confidently pursue American clients, ensuring robust investor protection without undermining Swiss data sovereignty. 

For Swiss wealth managers, this development not only enhances cross-border business but also reinforces Switzerland’s reputation as a trusted global financial hub. The reopening of the U.S. market is a catalyst for growth, innovation, and deeper client relationships on both sides of the Atlantic.

Read more here:

1. https://www.barrons.com/advisor/articles/swiss-advisors-regulation-sec-cb58e536?
2. https://www.finma.ch/en/news/2025/06/20260610-mm-ria-sec/ 
3. https://fxdailyreport.com/sec-resumes-registration-process-for-swiss-asset-managers/
4. https://www.financemagnates.com/institutional-forex/sec-reopens-door-to-swiss-asset-managers-after-years-of-regulatory-freeze/
5. https://za.investing.com/news/world-news/us-to-resume-processing-swiss-investment-adviser-applications-93CH-3751546

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