|
I. Legal regulation on professional activity::
Definition of professional activity: In its Ordinance on the exercising of professional activity in the context of the Anti-Money Laundering Act (VBF, SR 955.71), the Federal Financial Market Supervisory Authority (FINMA) defined when a financial intermediary becomes professionally active in the so-called "alternative financial sector" (Art. 2 Para. 3 AMLA) under the terms of the Anti-Money Laundering Act and in this case is compulsorily required to join a self-regulatory organisation (SRO) or to obtain FINMA approval:
VBF
Duties on entering into professional activity: If a financial intermediary meets at least one of the criteria for professional activity as defined by VBF:
 |
The financial intermediary must be affiliated to a self-regulatory organisation (e.g. VQF SRO) or must have submitted an application for approval to FINMA within 2 months, otherwise the activity is illegal. |
|
In addition to this, immediate compliance with duties of due diligence pursuant to the AMLA is required. |
|
Until the financial intermediary is affiliated to a self-regulatory organisation (or receives authorisation from FINMA) no new business relationships subject to the AMLA may be entered into and in the case of existing business relationships no transactions may be undertaken which are not absolutely essential for the preservation of assets (Art. 11 Paras. 1 and 2 VBF). |
II. VQF regulations for non-professional financial intermediaries
Financial intermediaries in the alternative finance (parabanking) sector who are not professionally active under the terms of VBF, i.e. not obliged to be a member of a SRO or to enjoy FINMA approval, may join the VQF under simplified conditions of admission. The idea behind this is that on entering into professional activity at a later date (on meeting one of the criteria for professional activity as defined by VBF) SRO membership will already exist and on entering into professional activity it will not be necessary for the member to suspend the building of his business until SRO membership is received (see Art. 11 Para. 2 VBF as well as the legal regulations described above).
The following regulations apply to “non-professional” membership status (in addition to the general SRO regulations):
III. Existing VQF membership::
If you are already a professional member of the VQF, you can apply to change to “non-professional SRO member” status:
IV. No existing VQF membership: :
If you are not already a member of the VQF, you can apply by submitting the application form for admission as a “non-professional SRO member”:
|
Application for non-professional membership after admission (including submission of other documents listed under "Joining " heading) |
VQF Doc-No. 400.4 |
However, even if you do not meet the criteria for professional activity you can still apply for membership as a professional SRO member (e.g. if you think that you will cross the boundary into professional activity within a short period of time following admission into the VQF):
|
Submission of other documents listed under "Joining" heading
(without applying for non-professional membership) |
|
|
