Notification duty

The entry in the advisor register establishes an obligation of the client advisor to report to the registration body.

Client advisors shall notify the registration body within 14 days according to art. 41 FinIO:

  • the change of their name;
  • the change of name or address of the financial service provider for whom they work;
  • the change of their function and position in the organization;
  • the change of their fields of activity;
  • completed training and further education;
  • the change of the ombudsman's office;
  • the complete or partial termination of the professional indemnity insurance;
  • the termination of the activity as client advisor;
  • convictions for criminal acts under the financial market laws pursuant to Article 1 of the Financial Market Supervision Act of 22 June 2007 (FINMASA) or for criminal acts against assets pursuant to Articles 137-172 of the Criminal Code;
  • an activity prohibition ordered against them in accordance with article 33a FINMASA or a professional prohibition in accordance with article 33 FINMASA;
  • comparable convictions or judgements of foreign authorities.

If a client advisor doesn't meet the conditions, his or her entry in the register will be deleted.