Top Tips for Staying on Top of FINMA Regulatory Changes

If you're a trust or corporate services firm in Switzerland, it's crucial to keep up with regulatory changes imposed by FINMA. Read our top 10 tips on how to stay informed and compliant.

1.    Establish a Regulatory Monitoring System: Implement a system to monitor and track regulatory changes issued by FINMA. Leverage trust administration software, subscribe to regulatory news updates, and follow FINMA's official communication channels for real-time updates.

2.    Stay Informed: Encourage your compliance team to actively engage in continuous learning. Attend industry conferences, seminars, and training sessions focused on regulatory compliance, specifically addressing FINMA's updates and guidelines.

3.    Foster a Culture of Regulatory Compliance: Promote a culture of compliance within your firm. Ensure all employees understand the importance of adhering to regulatory requirements and staying informed about FINMA's changes. Encourage open communication and discussions about regulatory updates.

4.    Engage with Industry Associations: Join industry associations and forums that provide insights into regulatory changes affecting the trust industry. Stay connected with peers, share experiences, and stay abreast of the latest developments and best practices.

5.    Maintain Strong Relationships with Legal and Compliance Experts: Establish relationships with legal and compliance experts specialising in Swiss financial regulations. Seek guidance and support from external consultants or law firms with expertise in FINMA regulations to interpret and navigate regulatory changes effectively.

6.    Conduct Regular Compliance Reviews: Schedule periodic compliance reviews to assess your firm's adherence to FINMA's regulations. Identify any gaps or areas for improvement and take proactive measures to address compliance issues. Regular reviews demonstrate your commitment to regulatory compliance.

7.    Implement Trust or Corporate Services Administration Software: Leverage trust administration software solutions specifically designed to track and manage regulatory changes. These solutions automate regulatory monitoring, provide alerts for updates, and facilitate compliance reporting and documentation.

8.    Collaborate with Internal Stakeholders: Promote collaboration between your compliance team and other departments within your trust firm. Foster open communication channels to share information about regulatory changes, ensuring a coordinated approach to compliance requirements.

9.    Engage with FINMA Directly: Actively engage with FINMA through their communication channels. Attend seminars and events where you can interact with FINMA representatives, gain insights into regulatory updates, and participate in public consultations.

10.    Continuously Assess and Update Compliance Procedures: Regularly review and update your trust firm's compliance procedures and policies to align with FINMA's regulatory changes. Ensure that your internal controls, risk assessments, and reporting mechanisms remain up to date.

By following these top tips and leveraging trust administration or corporate services software, your firm can stay informed about regulatory changes made by FINMA. This proactive approach to compliance will help your firm operate within the bounds of the law and maintain a strong reputation in the Swiss market.