Swiss reporting duty for small non-financial counterparties (NFC-) postponed
The Swiss Federal Council has decided today on 14 September 2018, that the reporting duty for small non-financial counterparties (NFC-) shall commence on 1 January 2024. Therefore the transition period has been extended accordingly. This is five years later than the original commencement date.
The Swiss Federal Department of Finance will use this time to review the Financial Market Infrastructure Act (FMIA) in light of recent international and technological developments. The Federal Council wants the review, and any resultant adjustment to the FMIA, to be done before the reporting duty becomes effective for small non-financial counterparties (NFC-).
The reporting duties of other market participants are not affected.
At REGIS-TR we are committed to support our clients with their regulatory reporting duties. We continuously follow the evolution of the requirements and look forward to answering any query you may have.
For further information, participants may contact our client services support.