Non-professional Membership

I. Criteria of professional activity

 

In its Ordinance on the Professional Practice of Financial Intermediation (GwV), the Swiss Federal Council 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:

 

If a financial intermediary meets at least one of the criteria for professional activity as defined by GwV:

  • 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. Non-professional financial intermediaries (Non-professional Membership)

 

Financial intermediaries in the alternative finance (parabanking) sector who are not professionally active under the terms of GwV, i.e. not obliged to be a member of a SRO or to enjoy FINMA approval, may join the VQF. 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 GwV) 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 GwV).
You find the regulations for the "non-professional" membership status in the section VQF Downloads.

  

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". 

 

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). You find further information and documents in the section VQF Downlaods.

 

 

 


 

 

Please note that only the German version is legally binding.