Employment in Financial Services
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05. Do any categories of employee have enhanced responsibilities under the applicable regulatory regime?
05. Do any categories of employee have enhanced responsibilities under the applicable regulatory regime?
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Switzerland
Switzerland
- at Walder Wyss
- at Walder Wyss
- at Walder Wyss
Specifically, employees holding executive, overall management, oversight or control functions in regulated companies are responsible for ensuring that the companies’ organization ensures the continued compliance with applicable financial market laws. Swiss financial market laws do not have enhanced responsibilities for different employee categories. Instead, a person’s fitness and propriety are assessed within the context of the specific requirements and functions of a given company, the scope of activities at that company, and the complexity of that company.
10. Are there any circumstances in which notifications relating to the employee or their conduct will need to be made to local or international regulators?
10. Are there any circumstances in which notifications relating to the employee or their conduct will need to be made to local or international regulators?
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Switzerland
Switzerland
- at Walder Wyss
- at Walder Wyss
- at Walder Wyss
As a general principle, supervised companies are required to ensure that persons holding, in particular, executive, overall management, oversight or control functions fulfil the requirements of the “fit and proper” test. Consequently, such persons must be of good repute and can guarantee compliance with applicable laws and regulations.
If a person cannot guarantee that the regulatory requirements are fulfilled at all times (eg, because of a material breach of its duties) the employing entity and its audit companies may be required to immediately report to FINMA, respectively, any incident that is of significance.
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Contributors
Belgium
Van Olmen & Wynant
Brazil
Tortoro Madureira & Ragazzi Advogados
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DS Avocats
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Kliemt.HR Lawyers
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Morgan Lewis & Bockius
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AZB & Partners
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Maples Group
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Cains
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Marván, González Graf y González Larrazolo
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Lexence
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TSMP Law Corporation
Switzerland
Walder Wyss
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Morgan Lewis & Bockius
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Morgan Lewis & Bockius
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Morgan Lewis & Bockius
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Switzerland
Walder Wyss