The Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG) will enter into force on 1 January 2020. The FIDLEG provides for rules of conduct for financial service providers that are more restrictive the higher the need for customer protection. The FINIG aims at a predominantly uniform supervisory regime for all financial service providers. Financial service providers not previously supervised are now subject to authorisation by FINMA, the Financial Market Supervisory Authority. Independent asset managers and trustees in particular are newly affected by the licensing requirement.