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Nightmare for Swiss Based Financial Advisers and their EU clients?

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.

Other News

Investing in the future – Ecommerce

SmartphoneThere is no doubt that ecommerce is one of the most exciting investment sectors that exists today. Every aspect of our lives is affected by ecommerce. It is fast, high profile, and the numbers are breathtaking:

  • Amazon processed nearly $89 billion in sales from 240 million customers;
  • Visa and MasterCard have over 1,600 million credit cards in circulation;
  • Apple and Google are now worth more than many entire countries.

Amazing as those number are, they pale into insignificance when you consider that the total ecommerce market was estimated to be $1.6 trillion in 2015. However, 20 years ago it didn’t exist, but it is forecast to grow to $3.5 trillion per annum by 2019.

Read More

Set sail with a yacht loan: All there is to know about boat finance

Yacht in DockNothing says High Net Worth Individual quite as succinctly – or indeed as spectacularly – as owning a superyacht. However, for those who are not quite yet up to owning their own version of the world-record breaking £2.8 billion History Supreme, there are plenty of more modest yet still luxurious options.

The difficulty with securing such a vessel though is that even if you have the money, finding the right way to structure both the yacht loan and the ownership arrangements can be difficult. This is made even more complex, due to cross-border wealth management concerns so often inherent in obtaining yacht financing.

Read More

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