The Swiss authorities engaged in an ambitious enterprise when they included trustees in the (Draft) Financial Institutions Act. In effect, they undertook to comprehensively regulate and supervise an office centered around an institution not merely unknown under Swiss law, but also governed by underlying principles alien to its legal tradition. The implementation of this regulatory and supervisory framework requires a precise definition of the notion of trustee. The purpose of this article is to explore the definition of a trustee as currently outlined in the (Draft) Financial Institutions Act, reflect on which trust industry actors will require an authorization to carry out their activities in, within or from Switzerland following entry into force of the Act and present the upcoming applicable supervisory framework.