Here is the article in Markdown format:

Swiss Financial Advisors Face New Compliance Requirements from January 2020

From next year, financial service providers in Switzerland will need to adhere to new regulations and guidelines under the Financial Services Act (FINSA), aimed at strengthening consumer protection and market integrity. The changes come into effect on January 1, 2020.

New Requirements for Financial Instruments

• Prospectuses for financial instruments offered to the public in Switzerland must be reviewed and approved by a Prospectus Inspection Office before they can be distributed.
• Client advisors providing services to Swiss clients or clients resident in Switzerland will need to register with the Client Advisor Register maintained by a Registration Office.

Ombudsman Office Requirement

• All financial service providers with Swiss clients or clients in Switzerland will have to join an Ombudsman Office, which will handle complaints and disputes between clients and financial institutions.

Education Requirements for Client Advisors

• To enter the advisor register, advisors must prove they possess the necessary knowledge and skills by passing a client advisor test.
• The test is designed to ensure that advisors have the expertise required to provide high-quality services to their clients.

Rationale Behind the Changes

These changes aim to improve transparency and accountability in the financial sector, providing greater protection for Swiss consumers and investors. As the deadline approaches, it is essential for financial service providers and client advisors to familiarize themselves with the new requirements to avoid any potential penalties or disruptions to their business.

I hope this helps! Let me know if you have any further requests.