FINMA clarification in case of late submission of the licence application to the SO

In its communication of 11 August 2022, FINMA announced that no deadline extension will be granted for institutions that are late: "Institutions that have not yet submitted their licence application to an SO, despite the corresponding calls to action, must accept that they may miss the end of the transitional period at the end of the year through their own fault. Accordingly, they also no longer qualify for a possible deadline extension pursuant to Article 74 para. 4 FinIA. In any case, they should now submit the licence application without delay".

The situation is therefore critical for asset managers and/or trustees who have not submitted their licence application. It is necessary to act now without further delay !