More than 60 Swiss banks and asset managers are registered with the US Securities and Exchange Commission (SEC) and fall under its supervision. However, since the change of administration in the US, the SEC has largely halted its examinations in Switzerland, as finews.com has learned from affected parties.
Swiss companies registered as «Registered Investment Advisors» (RIA) with the US Securities and Exchange Commission (SEC) are currently struggling to get through to their contacts in the US.
finews.com has heard this from various asset managers and banks.
From Gensler to Atkins
The radio silence is most likely due to the fact that the agency is undergoing significant upheaval. Former SEC Chairman Gary Gensler frequently clashed publicly with the new President Donald Trump and resigned in time for the transition of power on January 20 following Trump’s election victory.
Currently, longtime SEC official Mark T. Uyeda is leading the agency on an interim basis until Trump’s designated successor, Paul Atkins, is confirmed by the Senate. Atkins previously led the SEC under President George W. Bush from 2002 to 2008 before moving into private enterprise.
61 Swiss Firms Registered with the SEC
With his firm, Patomak Global Partners, Atkins has spent the past 15 years advising banks and crypto firms. He is known as a staunch opponent of the aggressive approach his predecessor Gensler took on digital assets.
Currently, 61 Swiss banks and asset managers are registered with the SEC, allowing them to serve US clients from Switzerland. The SEC has not issued any new licenses to Swiss applicants since 2018.
Examinations in Switzerland
The reason for this is that SEC examinations, sometimes conducted on Swiss soil, have raised concerns in Switzerland regarding data protection, banking secrecy, and sovereignty issues.
When US regulators will resume overseeing their Swiss registrants remains an open question. The new man at the helm has made one thing clear: his top priority is the crypto sector.
