(Reuters) -The U.S. will resume processing applications from Swiss entities aiming to become registered investment advisers in the U.S., the U.S. Securities and Exchange Commission and Swiss financial market regulator FINMA said in separate statements on Tuesday.

SEC had suspended new registrations for several years and would lift the ban with immediate effect after the watchdogs agreed on a direct transmission of information from Swiss institutions to SEC staff and on-site examinations, the statements said.

"I am very pleased to announce that the SEC stands ready to provide prompt consideration of the registration applications from Swiss investment advisers," SEC Chairman Paul S. Atkins said.

"I thank my FINMA counterparts for their collaboration and welcome their actions to make this possible."