Distribution / Offer
The term “distribution” and the rules related thereto have been abolished, however are still subject to regulation under the new law. Distributors are no longer required to have a FINMA license, however, this is compensated by the prudential supervision of all portfolio manager and the duty of client advisers to register in the adviser register. The distribution activity is now defined in Art 3 lit.c FinSA and defines among others, the following activity, carried out for a client, as a financial service (i) Acquisition or disposal of financial instruments.
Art. 3 lit. g FinSA, defines an offer as any invitation to acquire a financial instrument that contains sufficient information on the terms of the offer and the financial instrument itself.