Español

Federal Act on Financial Services

The Federal Act on Financial Services ("FinSA") entered into force on January 1, 2020. The main objective of FinSA is to strengthen the protection of clients by setting the requirements governing the faithful, diligent, and transparent provision of services and financial instruments, in particular through increased information and documentation requirements.

The precise scope of client protection depends on the client's classification as a private, professional, or institutional client. Said classification of clients is established automatically by SSA Swiss Advisors AG ("SSA") based on the criteria contained in FinSA.

The purpose of this sheet is to provide general information within the framework of our financial services to our clients. However, your Advisor is at your entire disposal for any questions or requests for clarification in connection with this information.

  1. 1. General information

    1. 1.1. Information on SSA Swiss Advisors AG and its supervisory authority

      2. SSA, the Company, is a Swiss Asset Manager entity with its registered office in Zurich. The company is a wholly owned subsidiary of the Santander Group and it is a member of the Swiss Limited Corporation for Supervision (“AOOS") in its function as an Industry Organization for Asset Management ("IOAM"). As an AOOS IOAM member, the Company is subject, among other regulations, to the "Rules of Conduct” of the AOOS IOAM for the Practice of Asset Management ("Rules of Conduct") as recognized by the Federal Financial Market Supervisory Authority ("FINMA") and the code of conduct rules set out in the Federal Act on Financial Services ("FinSA").

      For all practical purposes, you will find the contact details of the latter below:

      SSA Swiss Advisors AG
      Uraniastrasse 34
      CH-8001 Zurich
      +41 (0) 44 206 60 40
      Federal Financial Market Supervisory Authority FINMA
      Laupenstrasse 27
      3003 Bern
      +41 (0) 31 327 91 00
      AOOS contact details
      Rue Rousseau 30
      1201 Genève
      +41 (0) 22 343 40 00
      infogeneve@aoos.ch
      AOOS – Schweizerische Aktiengesellschaft für Aufsicht
      Clausiusstrasse 50
      8006 Zürich
      +41 (0) 44 215 98 98
      info@aoos.ch

    2. 1.2. Information on the mediation procedure

      3. In general, the Advisor is available to customers for any complaints they may have. However, in the event that a client and the Company are unable to find an amicable solution together, said client may apply to the “OFS" Ombud Finance Switzerland for mediation. This procedure is confidential and free, and in all cases, it must be as fair, rapid, and impartial as possible.

      However, we would like to draw your attention to the fact that the OFS does not intervene in principle until the client has first tried to reach an amicable agreement with the Company. For your convenience find the contact details below:

      OFS
      Rue du Conseil Général 10
      1205 Geneva - Switzerland
      +41 (0) 22 808 0451
      ombudfinance.ch

    3. 1.3. Client Classification

      4. SSA is required by law to classify its clients into three categories where applicable: private, professional, and institutional clients.

      The level of client protection will depend on the client’s classification. The said classification is based on the client’s individual circumstances:

      • Private clients receive the highest level of investor protection and are provided with more comprehensive information in terms of risks, product characteristics and advice, but as consequence they have limited access to certain financial instruments and services.
      • Professional clients are deemed to be sophisticated investors and therefore have the necessary knowledge and experience to invest in all asset classes and to be financially able to bear the investment risks associated with the financial service, while ensuring their risk profile is respected.
      • Institutional clients are typically other financial intermediaries which are deemed to possess a very high level of knowledge and experience and hence do not need to be protected especially through the FinSA investor protection requirements.

      1. 1.3.1. Change in client classification

        2. Clients may declare in writing their wish to “opt out” (reduce their regulatory protection) or, alternatively, “opt in” (increase their regulatory protection).

        The following changes are permitted:

        Private clients

        High-net-worth natural clients and private investment structures clients may express in writing their wish to be treated as professional clients (“opting-out”), provided that the following criteria are met:

        • Based on education and professional experience or on the basis of comparable experience in the financial sector, the clients possess the necessary knowledge to understand risks associated with the investments AND
        • The clients have at their disposal eligible assets of at least 500,000 CHF; OR
        • The clients have at their disposal eligible assets of at least 2 million CHF

        Professional clients

        Occupational pension schemes and other institutions whose purpose is to serve occupational pensions with professional treasury operations and companies with professional treasury operations may express in writing that they wish to be treated as institutional clients (“opting-out”) or, on the other hand, all professional clients that are not institutional clients may declare in writing that they wish to be treated as private clients (“opting-in”).


        Institutional clients

        Institutional clients may declare in writing their wish to be treated as professional clients (“opting-in”).

        Should a client wish to “opt-in” or “opt-out”, he can do so by contacting his Advisor.

        The requirements with regards to ensuring suitability and appropriateness of a transaction vary depending on the category in which clients are segmented and the type of management mandate signed with SSA.



    4. 1.4. Information on general risks associated with financial instruments

      5. Any transaction involving financial instruments offers opportunities but also involves risks. It is important that clients know and understand these risks before any transaction in financial instruments or any subscription for the provision of a financial service.

      In this regard, the Swiss Bankers Association ("ASB") has recently updated its brochure on "Risks involved in trading financial instruments". This brochure contains general information on the main financial services offered in the investment field, as well as the risks inherent in trading financial instruments - buying, selling and holding. It also specifies the characteristics and risks of the main financial instruments and provides detailed information on certain specific financial instruments.

      We invite you to read the information contained in this brochure, which was given to you when you established the advisory relationship by signing the contract with the Company. In any case, the brochure on "Risks involved in trading financial instruments" is available in four languages (English, French, German and Italian) via the following link: www.swissbanking.org/fr/services/bibliotheque/directives


  2. 2. Specific information

    1. 2.1. Information on the financial services offered by the Company

      2. The information below provides an overview of the different financial services provided by the Company.

      1. 2.1.1. Financial service for the acquisition and disposal of financial instruments ("execution only")

        2. The financial service for the acquisition and disposal of financial instruments offered by the Company allows the client to buy or sell a financial instrument, independently of an investment advisory mandate or an asset management mandate. The client thus decides on his own which orders he intends to place and assumes the resulting risks, including when the orders thus placed do not correspond to his risk profile or his investment objectives. Therefore, the Company does not verify the suitability of the service or the suitability of the financial instrument.


      2. 2.1.2. Financial advisory service

        3. The Company provides the financial investment advisory service as part of an investment advisory mandate concluded with the client. Investment advice can take account of the client's entire portfolio or be specific to a transaction. As part of this financial service, the Company recommends one or more financial instrument (s) and the client makes the final investment decision.

        When the investment advice considers the client's entire portfolio, the Company is in principle required to verify the adequacy of the advice in relation to the financial situation, the investment objectives as well as the client's knowledge and experience. When the investment advice is specific to a transaction, the Company limits itself in principle to verifying the appropriateness of the financial instrument advised in relation to the knowledge and experience of the client.


      3. 2.1.3. Financial discretionary asset management service

        4. Based on a Discretionary mandate, the client entrusts his assets to the Company for their management in accordance with the client’s risk profile. Investment decisions are taken by the Company in accordance with the given mandate.

        As part of the financial asset management service, the Company is in principle required to verify the suitability of the investments in relation to the financial situation, the investment objectives as well as the knowledge and experience of the client. The risks associated with asset management depend on the investment strategies decided in accordance with the client's risk profile. All investment strategies involve risks, in particular currency, liquidity, interest rate, economic risks, concentration risks and even volatility risks.


    2. 2.2. Product information

      3. In addition to the "Risks involved trading financial instruments" brochure, product information documents - such as basic information sheets or prospectuses - are available for many financial instruments. These documents, on the condition they are provided by the sender, can be obtained from your Advisor.


    3. 2.3. Information on economic links with third parties

      4. In the context of the financial services provided by the Company, conflicts of interest may arise. Particularly in certain cases, the Company may receive or record additional payments, retrocessions, commissions, and any other type of benefit (pecuniary or non-pecuniary) from third parties or from affiliated companies of the Santander Group.

      The Company may also be required to make investments of the same nature for several clients simultaneously. In addition, the Company is authorized to deal with affiliated companies for the purchase or sale of financial instruments on behalf of the client, provided that these transactions are carried out at market price. The Company may buy or sell financial instruments issued by companies having financials relations with the Company or by companies affiliated with the Santander Group.

      The Company takes appropriate measures to avoid conflicts of interest between itself and the client or between its staff and the client. The Company also ensures, when these conflicts of interest cannot be avoided by proportionate organizational means, that the client's interests are adequately respected and describes to the client the circumstances rising the conflict of interest, the risks and the measures taken by the Company to reduce these risks. Where appropriate, the customer's consent will also be obtained if prejudice to the detriment of the customer cannot be avoided.


    4. 2.4. Cost information

      5. The financial services provided by the Company and by third parties involve fees and commissions. For more information, please consult the current price brochure. Your Advisor is also available if the client wishes to receive a statement of costs and commissions.