Swiss regulatory body FINMA has granted a new supervisory licence for one of the organisations which will oversee portfolio managers and trustees.

FINMA is authorising the not-for-profit Organisme de Surveillance pour Intermédiaires Financiers & Trustees (SO-FIT) as the country’s third regulatory body, under the new Financial Institutions Act (FinIA) and the Financial Services Act (FinSA).

Its new licence was effective from Tuesday (11 August). SO-FIT is a reiteration of the firm that previously held this responsibility, OAR-G.

FINMA also granted two further licences to supervisory organisations – Org...