It is the opinion of the MFSA that Switzerland does not currently offer the relevant framework although recognises that the Swiss authorities are progressing to implement this.
As a result of this decision Pension Trustees in Malta are being given until the 1st of October 2019 to disengage and transition Members with an appointed Swiss Investment Adviser/Asset Manager to an Investment Adviser or DFM, who meet the licensing requirements under the Rules. This applies for all existing Members residing in or outside Switzerland.
Next steps?
Swiss based IFA firms may wish to seek an EU IFA Network that can offer them MiFID permissions to be able to continue to service their client books.
Alternatively, clients being looked after by Swiss Based IFA firms may be required to seek an EU Based IFA Firm with the appropriate licences to able to provide them with ongoing servicing.
Conclusion
Not ideal as it is the client that is placed at risk here… but this is not without solution.
Blacktower Financial Management (International) Limited is MIFID licenced and passported throughout the EU. Not only that it holds Terms of Business with most of the Malta based Retirement Practioners.
We also run an IFA Network – Nexus Global – giving you the ability to access the EU Market for your EU based clients.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
still pondering over the question! 
The latest Purchasing Managers Index (PMI) survey describes widespread growth across the UK economy, with notable upturns in the services and manufacturing sectors.