The in-depth reform of Switzerland's fnancial market regulatory and supervisory framework is now well underway and will take effect upon entry into force of the Financial Institutions Act and Financial Services Act. Publication of the fnal versions of the Acts and their respective Ordinances is expected to occur this year, with entry into force now scheduled for 1 January 2020. Notwithstanding the significant and steady progress made in agreeing upon and clarifying the terms of the Acts as well as understanding their implications, the future reception of trustees under the Financial Services Act remains unclear for many professionals within the trust industry and financial industry at large. The purpose of this article is to explore and reflect on the different manners in which the Financial Services Act is likely to affect and shape the business carried out by trustees. It also aims at discussing possible interpretations of the legislation and suggesting further avenues for reflection.