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Investing.com -- The U.S. Securities and Exchange Commission (SEC) will resume processing applications from Swiss entities seeking to become registered investment advisers in the U.S., according to statements released by both the SEC and Swiss financial market regulator FINMA on Tuesday.
The SEC had suspended new registrations for several years but will now lift this ban with immediate effect.
This change comes after the two regulatory bodies reached an agreement on key issues, including direct transmission of information from Swiss institutions to SEC staff and the ability to conduct on-site examinations.
"I am very pleased to announce that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisers," SEC Chairman Paul S. Atkins said.
The agreement marks a significant development for Swiss financial institutions looking to expand their advisory services to U.S. clients.
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