In a move that may reshape cross-border investment advisory flows, the U.S. Securities and Exchange Commission (SEC) has announced it will resume processing applications from Swiss entities supervised by FINMA seeking Registered Investment Adviser (RIA) status in the U.S.

The SEC had suspended new registrations for several years, but following a new agreement with FINMA, the process is now live again - effective immediately.

The two regulators clarified examination procedures to align with both Swiss financial law (Art. 42c & 43 FINMASA) and U.S. securities rules, enabling a smoother path for Swiss wealth managers to offer services to U.S. clients on a compliant, cross-border basis.

Beyond Swiss RIAs, this may hint at a more open regulatory stance - one that forward-looking prop firms and fintech startups should keep on their radar as they plan U.S. entry strategies.

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