Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes

¹For the pur­poses of this Art­icle, tasks are deemed to have been del­eg­ated if a li­censee pur­su­ant to para­graph 2 trans­fers ma­ter­i­al tasks to a third party and this res­ults in a change to the cir­cum­stances un­der which the au­thor­isa­tion was gran­ted.

²The fund man­age­ment com­pany, SICAV, as­set man­ager of col­lect­ive in­vest­ment schemes and rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes shall set out the tasks del­eg­ated to third parties in writ­ten agree­ments. These shall in­clude a pre­cise de­scrip­tion of the del­eg­ated tasks as well as the powers and re­spons­ib­il­it­ies, any au­thor­it­ies in re­spect of fur­ther del­eg­a­tion, the agent’s duty to give an ac­count of its activ­it­ies, and the con­trol rights of the li­censee.

³The or­gan­isa­tion­al struc­ture shall not be deemed ap­pro­pri­ate with­in the mean­ing of Art­icle 14 CISA if a li­censee pur­su­ant to para­graph 2:

a.

does not pos­sess the de­cision-mak­ing au­thor­ity with re­spect to cent­ral tasks that is ac­cor­ded to the board of dir­ect­ors or ex­ec­ut­ive board;

b.

does not have the ne­ces­sary per­son­nel and ex­pert­ise to se­lect, in­struct and mon­it­or agents and man­age their risks; or

c.

does not have the re­quis­ite rights of in­struc­tion and con­trol in re­spect of the agents, or does so only to a lim­ited ex­tent.

⁴The del­eg­a­tion of tasks may not hinder the audit by the audit com­pany or su­per­vi­sion by FINMA.

⁵Where tasks are del­eg­ated abroad, the li­censee must be able to demon­strate that it, the reg­u­lat­ory audit com­pany and FINMA are able to ex­er­cise their re­spect­ive rights and en­force them un­der the law. The reg­u­lat­ory audit com­pany must re­view the con­firm­at­ory doc­u­ment­a­tion be­fore out­sourcing takes place.

⁶Li­censees pur­su­ant to para­graph 1 shall set out the del­eg­ated tasks as well as in­form­a­tion on the scope for fur­ther del­eg­a­tion in their or­gan­isa­tion­al reg­u­la­tions.