“The Swiss Federal Council has made the decision to align the Swiss deadlines with those for the European PRIIPs KID. As a result, providing a KID will become mandatory from 1 January 2023.”
So no US ETFs ??
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That’s not news AFAIK and as long as you declare yourself a qualified investor and accept whatever disclaimer necessary you should still be able to buy US ETFs (but of course some brokers might not offer this possibility).
With the regulatory developments it is quite clear that buying US ETFs is getting more and more complicated for retail investors, see also YUH recently removing VT from their product portfolio.
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Isn‘t this just related to Swiss funds or funds traded in CH?
Check one of the many threads. Brokers can still offer them if they want in many cases (if it’s reverse solicitation for example).
What is reverse solicitation?
Reverse solicitation describes a cross-border situation (i.e. client sits in jurisdiction X whereas financial service provider is located in jurisdiction Y) where a client by himself reaches out to the foreign financial services provider and requests a specific financial product or financial service.
Reverse solicitation is a concept used to delineate application of jurisdictional legislation. E.g. for the Financial Services Act here in Switzerland: Art. 2 of the Financial Services Ordinance FinSO explains the territorial scope of application of the Financial Services Act FinSA. In relation to reverse solicitation, par. 2 of this article stipulates that reverse solicitation is not subject to FinSA/FinSO:
The following are deemed not to be provided in Switzerland:
“a. financial services provided by foreign financial service providers under a client relationship entered into at the express initiative of a client;
b. individual financial services requested of a foreign financial service provider at the express initiative of clients.”
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I don’t think reverse solicitation has to be cross border. It’s simply when a client reaches out to the broker and ask to trade something (unprompted).
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I agree in colloquial terms what you describe could also be understood as “reverse solicition”, but in a legal sense you’re refering to execution only type of scenarios. i.e. I want my local broker to buy ETF X for me, which the local broker hasn’t actively promoted to me. If the local broker were to promote a certain ETF to me, this could be considered investment advice.
Reverse solicitation is one of the four modalities of the cross-border provision of services according to Art. I para. 2 of the General Agreement on Trade in Services (GATS). Within the framework of the GATS
reverse solicitation is a constellation of service provision in which the of the provision of services in which not the service or the service provider, but rather the service recipient actively crosses the border.
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