FINMA granted the Trustee License to STAIGER’s subsidiary Trustena GmbH

We are very pleased to announce, that FINMA granted our subsidiary company, Trustena GmbH, the licence to act as a professional Trustee. Across Switzerland, only 18 institutions have been granted such a licence.

The Financial Institutions Act (FinIA), which came into effect on 1 January 2020, introduces new supervisory rules for financial institutions. For the first time these rules also apply to professional trustees who have previously not been subject to such regulation.

As of 1st of January 2023, Trustees domiciled or resident in Switzerland must meet all the organisational, financial and personal requirements of the FinIA.

Institutions that were already operating before the FinIA Regulations came into force and did not submit an application to FINMA by the end of 2022, will no longer be allowed to conduct their business (in a professional capacity) as of 1 January 2023. Those who intentionally or negligently engage in unauthorized activities will face supervisory (listing on a public warning list, forced liquidation of the company) and criminal law (fine of up to CHF 250,000) consequences.

Please do not hesitate to contact us if you have any questions regarding the regulation and licencing of trusts.