Switzerland: Federal Council opened consultation on amendment to Financial Institutions Act, including fair marketing and advertising practice requirement

On 22 October 2025, the Federal Council opened a consultation on the amendment to the Financial Institutions Act, including fair marketing and advertising practice requirements, until 6 February 2026. The amendment applies to issuers and promoters of crypto-based assets with trading character or value-stable crypto-based payment means. It requires issuers operating under certain exemptions to clearly disclose in the whitepaper and related advertising. It also requires them to disclose that they are not supervised by the Swiss Financial Market Supervisory Authority, and that their assets are not value-stable payment means under Article 3(j) Swiss Federal Act on Financial Services, which defines an offer as being addressed to the public if it is aimed at an unlimited number of persons. It also requires disclosure that statutory investor protection does not apply. It requires advertising to be clearly identifiable with reference to the corresponding whitepaper and its source, and ensure that all promotional materials remain consistent with the whitepaper’s content.