Finsa Professional Client Definition
Maureen Quartaro
FinSA mainly governs the provision of financial services as well as the offering of financial instruments and is intended to strengthen investor protection. In terms of content, FinSA is closely aligned with the European regulatory reforms and mainly covers the following areas:
Please familiarize yourself with the information in this brochure prior concluding a contract or investing into a financial instrument and contact your relationship manager if you have any questions.
You can also obtain a physical copy of the brochure from your relationship manager.
In relation to the provision of financial services, costs and fees may be incurred both by Credit Suisse and third parties. We distinguish between costs and fees that are charged directly to your account and financial instrument costs.
Please note that the safekeeping and transaction fees disclosed therein apply to clients without a portfolio management and/or advisory agreement. You can also obtain a physical copy of the price lists from your relationship manager. If you sign a portfolio management and/or advisory agreement different pricing models apply. You will obtain respective price lists from your relationship manager prior agreement closing or strategy change.
As a retail client the advisory minutes will be send to you automatically after each contact concerning investment recommendation with the Relationship Manager or Investment Advisor. The dispatch for professional clients will only be executed on demand from the client. Professional clients have the possibility to waive the right for creating and receiving advisory minutes.
The scope for advisory minutes are all advised retail and professional clients, when the service is provided from Switzerland. All advised transactions and all recommendation types (i.e. buy, hold, sell, not to buy) for financial instruments are in scope of FinSA.
The KID is a standardized document, which provides a brief and simplified overview about the key features, risks and costs of a financial instrument. In addition, it facilitates the comparison of different instruments.
In case of non-advised transactions, we only provide you with a KID if it has been made available by the manufacturer of the financial instrument. For transactions in the context of a portfolio management agreement, no KID will be provided.
Credit Suisse has established Best Execution arrangements for retail and professional clients that describe the principles, duties, and responsibilities to take all sufficient steps to systematically obtain the best possible result when either directly executing transactions on clients' behalf or transmitting client orders to intermediaries for execution.
Your EAM would act solely based on your instructions and is neither an employee nor a representative of Credit Suisse. Please be aware that Credit Suisse cannot take responsibility for the regulatory compliance of the EAMs it cooperates with.
For clients managed by an EAM some particularities apply (not exhaustive):
Furthermore, depending on the above-mentioned classification, when providing investment advice for specific financial instruments, the EAM should provide information on financial instruments prior to an investment decision and must document the advice given (advisory minutes).
Credit Suisse is committed to providing you transparency on all aspects of your relationship with us. Please refer to your relationship manager if you would like additional information, in particular with regard to:
Credit Suisse is committed to providing you with the highest level of service. If you are not entirely satisfied, we urge you to contact us at your earliest convenience so that we can seek to take all steps necessary to rectify these concerns.
In contrast to business literature, before the entering into force of the FinSA/FinSO, there was no clear definition for the term "professional treasury" in any financial market laws, which led to delimitation problems. With the introduction of art. 3(8) FinSO, for the first time, the term was codified as follows: a company or a private investment structure (these FAQ use the term: private investment vehicle [PIV]) is deemed to have a professional treasury if, within or outside the company, it entrusts, on a permanent basis, the management of its funds to a professionally qualified person with experience in the financial sector. The regulation specifies whether that person may be employed within/internally or outside the company/externally. However, it does not specify as to whether a professional treasury is given by mandating a financial expert or a financial service provider or asset manager within the meaning of art. 2(1) FinSA or whether further professional requirements are to be fulfilled in order to be considered as professional treasury.
Professional accounting, regardless of whether a spouse does the accounting, or an asset management mandate (for maintaining value or optimizing returns), can probably not be considered as sufficient on its own.
Cash and treasury management generally covers liquidity planning and the disposition of liquid assets, hence the activity that controls a company's cash holdings, corresponding cash flows and cash management.
In view of the risks to mis-classify a client as professional client and, based thereon, the need for a conservative assessment of the criteria, it cannot be assumed that engaging an external asset manager as such qualifies as having a professional treasury, unless the criteria laid out for the professional treasury are fulfilled, in particular, regarding cash and treasury management. Whether the asset management mandate/agreement specifically covers cash and treasury management must therefore be assessed based on the concrete circumstances.
The FinSA Q&A: Client Classification - Prof. Treasury is for financial service providers providing their services in Switzerland or to clients in Switzerland. If you are a financial service provider, this product helps you understand the FinSA client classification requirements and implement them.
This product is intended for Swiss financial service providers and financial institutions and provides general information on the FinSA and related laws as of the date of finalization. Our objective is to provide the UBS' perspective of the law in order to help support a better understanding of the new regulatory framework in Switzerland. This product can be used either for implementing the new regulatory framework or as the basis of your own internal knowledge management. This product is not for use outside of Switzerland.
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FinSA stipulates that financial service providers must classify their clients into retail clients, professional clients or institutional clients. Institutional clients are a defined subset of professional clients and include banks, insurance companies and other financial intermediaries subject to prudential supervision in Switzerland or abroad.
Which possibilities do you have in terms of Opting In and Opting Out.
FinSA provides a range of Opting In and Opting Out possibilities for clients of financial services providers,whereby the following options are available to them:
Opting Out, since private clients have at their disposal assets of at least CHF 2 million and therefore are high-net-worth retail clients
Opting Out for private investment structures with professional treasury operations created for high-net-worth retail clients
This website is not intended towards professional clients who are not institutional clients according to Art. 4 para 4 FinSA and who wish to declare to be treated as retail clients according to Art. 5 para 5 FinSA (opting in).
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The Fund materials below must be preceded or accompanied by a prospectus, which is the exclusive offering document for CAPM SICAV. By proceeding, you acknowledge you have reviewed the prospectus. If not, a prospectus can be requested via email. Please review the following summary of risk factors, as well as the prospectus, for a full list of risks associated with investing in the Fund before making any investment decision.
Material on this website is a marketing communication. It is not a contractually binding document or offer. Please refer to the Prospectus of the Fund and do not base any final investment decision on this communication alone. The information contained on this website is aimed at professional clients within the meaning of Article 4.1(10) of the Markets in Financial Instruments Directive 2014/65/EU ("MiFID II") ("Professional Client"). This information does not constitute an offer or invitation to invest and no person resident in the European Economic Area (EEA) other than a Professional Client should act or rely on this information. This document is not intended for retail clients, any other individual (retail investor) or legal entity other than to professional clients within the meaning of MiFID II.
Please refer to the governing, constitutional, offering and/or subscription documents applicable to the fund/ product for clarity on compensation and the level of protection afforded to professional clients. In the EEA, marketing material on this website has been distributed by AlpInvest Partners B.V. AlpInvest Partners B.V. is not advising you on the merits of the funds or products it promotes. No representative of AlpInvest Partners B.V. is permitted to lead you to believe otherwise. You should take your own investment, tax and legal advice as you think fit.
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