Withdrawal of recognition

Insofar as the withdrawal of recognition of an SRO is being considered, this is performed by the FINMA, following prior warning. Pursuant to the provisions of Art. 37 FINMAG, recognition must be withdrawn if:

  • the SRO no longer fulfils the preconditions for the activity (cf. Art. 24 GwG), or
  • a serious breach of statutory supervisory provisions has been committed.

Following withdrawal, SRO member financial intermediaries are subject to the direct supervision of the FINMA. In this conjunction they must within a period of 2 months either:

  • join another SRO, or
  • apply to the FINMA for a licence or for direct supervision.

This elective option is not available to attorneys-at-law and notaries. They are required to join another SRO within 2 months on a mandatory basis.