FIDLEG
In November 2015, the Federal Council adopted the dispatch on the Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG). With FIDLEG, the Swiss Federal Council and Parliament seek to strengthen the protection of investors by improving transparency and reducing the information asymmetry between financial services institutions and clients. It is also an answer to the EU’s evolving regulation of financial markets, as FIDLEG aims to harmonise rules to create a level playing field for activities comparable to those governed by the MiFID II legislative framework. At its core, FIDLEG sets out a code of conduct, which substantially expands the rules for investment advice and information disclosure. On 15 June 2018, the Swiss Council of States and the Swiss Federal Council have adopted FIDLEG & FINIG in the final vote of the summer session. FIDLEG entered into force in early 2020. The ordinances and several other official interpretations such as implementation guidelines, helping to clarify and detail the requirements, were published in 2018. (source: Deloitte).