Authorisation granted to Portas Capital Ltd by the Swiss Financial Market Supervisory Authority
19.01.2023
FINMA grants authorisation where asset managers fulfil the statutory prerequisites. These are set out in the Federal Act on Financial Institutions (FinIA), the Ordinance on Financial Institutions (FinIO) and the FINMA Ordinance on Financial Institutions (FinIO-FINMA).
The aim of FINMA in granting licences to asset managers is to protect investors. In this regard, every asset manager must, amongst other things, conduct corporate management according to detailed rules. In addition, new rules on risk management apply in addition to the obligation to comply with a large number of legal requirements.
Experts anticipate that, out of the original 2,500 asset management companies in Switzerland, only around half will obtain this licence from FINMA. Companies involved in asset management without a licence are no longer permitted to provide these services.
FINMA granted this licence to Portas Capital Ltd at the start of January of this year. Overall, the Board of Directors, the Executive Board and employees worked for a number of months in relation to the issue of the licence.
As of now, in the interest of clients, functions, such as e.g. risk management, compliance, etc. will be outsourced to independent, professional partners, which will cooperate closely with the company. In addition, the Board of Directors will be enlarged with the appointment of three independent members. Data protection and confidentiality rules will naturally continue to apply. The process relating to the issue of the licence was efficient and unproblematic for us. This important step in the development of our company represents a milestone, which should bring further growth for Portas Capital Ltd.
Thank you for your trust. We look forward to continuing positive cooperation also in future.
Team Portas Capital Ltd, January 2023