Affiliation with a SRO or direct supervision by the FINMA

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:

• direct supervision by the Swiss Financial Market Supervisory Authority (FINMA)
• affiliation with a Self-Regulating Body (SRO) that is recognized by the Swiss Financial Market Supervisory Authority (FINMA) 

The authorisation obligation and the affiliation obligation are treated equally. In the first case, the Control Authority authorises the financial intermediary activities of the asset manager directly subject to it and supervises the fulfillment of duties according to the AMLA and the implementation guidelines. In the second case, affiliation in an SRO replaces the authorisation obligation by the public authorities. The asset manager affiliated with an SRO is supervised exclusively by the SRO in regard to the fulfillment of obligations according to the AMLA and the implementation guideline. There are eleven SRO's recognized by the Swiss Financial Market Supervisory Authority.

SRO SAAM: Exclusively for independent asset managers

The SAAM's SRO differs from other SRO's in that it accepts only independent asset managers among its members and no other types of financial intermediaries. Correspondingly, the Code of Ethics and Professional Conduct of the SRO forming the core of SAAM's self-regulation are entirely targeted oriented upon independent management. They contain not only the obligations that the active members must maintain in the area of money laundering prevention, but also ethical professional rules for the practicing of a serious and professional asset management. Through this comprehensive supervision through the SRO, membership in the SAAM becomes a recognized seal of quality.

Exceptions from the supervision obligation

Financial intermediaries who do not professionally manage the assets for third parties are exempt from the supervision obligation of an SRO or the Swiss Financial Market Supervisory Authority (FINMA).

The criteria for professional conduct are listed in the Ordinance of the Swiss Financial Market Supervisory Authority of 6 November 2008 on the Prevention of Money Laundering and Terrorist Financing in the Rest of the Financial Sector.