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Supervisory obligation

AMLA regulation

 | The Swiss independent asset managers are fundamentally subject to the Anti-Money Laundering Act (AMLA) as are all financial intermediaries (see Art. 2 Par. 3 AMLA). An asset manager may only become professionally active in Switzerland after he/she has subjected himself/herself to supervision of the adherence to the duties of the AMLA. The law offers a choice between:

 

 

Trade association for independent asset managers

 | Financial intermediaries who decide to join the SAAM's SRO automatically become members of the trade association – and are therefore obliged to comply with the Code of Conduct.  The Code of Conduct is recognised by the Swiss Financial Market Supervisory Authority (FINMA). It has also been recognised by the Swiss Federal Supreme Court as a professional standard. Independent asset managers may only use investment funds to a limited degree in their asset management unless they are members of a recognised industry organisation.

Exemption from the supervision obligation

Financial intermediaries who do not professionally manage the assets of third parties are exempt from the obligation to be supervised by an SRO or FINMA. The criteria for professional management are defined in the Anti-Money Laundering Ordinance.

Active members under state supervision

Financial intermediaries who are already regulated by a supervisory authority can voluntarily sign up to the SAAM Code of Ethics and Professional Conduct as an active member under state supervision.