The new Swiss financial services legislation came into force at the beginning of 2020. After a transitional period of two years, which will come to an end on 31 December 2021.
Reverse Solicitation in Switzerland
Reverse solicitation designates the circumstances in which a
financial intermediary provides certain services to a client upon
the latter s request, without prior solicitation by the
financial intermediary. Where the financial intermediary can rely
on reverse solicitation, it generally avoids licensing requirements
and regulatory duties.
The concept is not specific to Swiss law. For instance, EU law
defines reverse solicitation in article 42 of MiFID II (EU
Directive3 2014/65 of 15 May 2014) as a situation where a client initiates at its own exclusive initiative the provision
of an investment service or activity by a financial intermediary.
According to the European Securities and Markets Authority (ESMA),