The granting of authorisation to establish a branch of a foreign financial institution may be made contingent upon a guarantee of reciprocity. The reciprocity condition applies to financial institutions that wish to establish a branch in Switzerland that employs persons who perform any of the following activities in the name of the foreign financial institution on a permanent commercial basis in Switzerland or from Switzerland: a. asset management or trustee activities; b. portfolio management for collective investment schemes or occupational pension schemes; c. securities trading; d. conclusion of transactions; or e. client account management.
"Art. 2 Scope of application
1 Financial institutions within the meaning of this Act are as follows, irrespective of their legal form:
a. portfolio managers (Article 17 paragraph 1);
b. trustees (Article 17 paragraph 2);
c. managers of collective assets (Article 24);
d. fund management companies (Article 32);
e. securities firms (Article 41).
2 This Act does not apply to:
a. persons who manage solely the assets of persons with whom they have business or family ties;
b. persons who manage assets solely within the context of employee participation schemes;
c. lawyers, notaries and their auxiliaries insofar as their activity is subject to professional confidentiality in accordance with Article 321 of the Swiss Criminal Code3 or Article 13 of the Lawyers Act of 23 June 20004, as well as the legal entities into which these persons are organised;
d. persons who manage assets within the framework of a legally regulated mandate;
e. the Swiss National Bank and the Bank for International Settlements;
f. occupational pension schemes and other occupational pension institutions (occupational pension schemes), employer-sponsored foundations (employer-sponsored welfare funds); employers who manage the assets of their occupational pension schemes; employer and employee associations which manage the assets of their association schemes;
g. social security institutions and compensation funds;
h. insurance companies as defined in the Insurance Supervision Act of 17 December 20045;
i. public insurance institutions in accordance with Article 67 paragraph 1 of the Federal Act of 25 June 19826 on Occupational Old Age, Survivors' and Invalidity Pension Provision;
j. banks pursuant to the Banking Act of 8 November 19347 (BankA).
[...]
Art. 52 Duty to obtain authorisation
1 Authorisation from FINMA is required by financial institutions that have their registered office abroad (foreign financial institutions) and that wish to establish a branch in Switzerland that employs persons who perform any of the following activities in the name of the foreign financial institution on a permanent commercial basis in Switzerland or from Switzerland:
a. asset management or trustee activities;
b. portfolio management for collective investment schemes or occupational pension schemes;
c. securities trading;
d. conclusion of transactions; or
e. client account management.
2 Foreign fund management companies may not establish branches in Switzerland.
3 The Federal Council may sign international treaties allowing financial institutions from the treaty states to open a branch without requiring authorisation from FINMA if both sides recognise the equivalent nature of the respective regulation of financial institutions' activity and the supervisory measures.
[...]
Art. 54 Requirement of reciprocity
FINMA may make the granting of authorisation to establish a branch of a foreign financial institution additionally contingent upon a guarantee of reciprocity with the states in which the foreign financial institution or the foreigners with qualified participations have their place of residence or registered office.[...]" (Federal Act on Financial Institutions (RO 2018 5247, 15 June 2018), last amended on 18 February 2020, Articles 2, 52 and 54 [unofficial translation])
Federal Act on Financial Institutions (RO 2018 5247, 15 June 2018), last amended on 18 February 2020, Articles 2, 52 and 54
[<a href="https://www.fedlex.admin.ch/eli/cc/2018/801/en">Act</a>]