Financial Institutions Act (FinIA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only, has no legal force and may not be relied on in legal proceedings.
Art. 61 Competence
1 Portfolio managers and trustees are supervised by FINMA in consultation with a supervisory organisation under FINMASA, subject to consolidated supervision by FINMA in accordance with Articles 30 and 49 of the present Act or Article 1 paragraph 1 FINMASA. 2 Ongoing supervision of portfolio managers and trustees will be performed by FINMA-approved supervisory organisations. 3 Managers of collective assets, fund management companies and securities firms are supervised by FINMA. 4 Where no supervisory organisation exists in accordance with paragraph 1, supervision is performed by FINMA.
Para. 1 — SR 956.1
Art. 62 Auditing of portfolio managers and trustees
1 Portfolio managers and trustees must appoint an audit firm in accordance with Article 43k paragraph 1 FINMASA to perform an annual audit, provided that this audit is not conducted by the respective supervisory organisation itself. 2 The supervisory organisation may increase the audit frequency to a maximum of four years taking account of the activity of those supervised and the associated risks. 3 In the years without a periodic audit, portfolio managers and trustees shall submit to the supervisory organisation a report on their business activity's compliance with the legislative provisions. This report may be delivered in a standardised format.
Para. 1 — SR 956.1
Art. 63 Auditing of managers of collective assets, fund management companies, securities firms, financial groups and financial conglomerates
1 The managers of collective assets, fund management companies, securities firms, financial groups and financial conglomerates must: a. appoint an audit firm licensed by the FAOA under Article 9a paragraph 1 AOA to carry out an annual audit under Article 24 FINMASA; b. have their annual accounts, and if applicable their consolidated accounts, audited by an audit company subject to state oversight in accordance with the ordinary auditing principles set out in the Swiss Code of Obligations (CO). 2 FINMA may establish an audit frequency of several years for the audit in accordance with paragraph 1 letter a taking account of the activity of those supervised and the associated risks. 3 In the years without a periodic audit, financial institutions in accordance with paragraph 1 shall submit a report to FINMA on their business activity's compliance with the legislative provisions. This report may be delivered in a standardised format. 4 The fund management company shall appoint the same audit
Para. 1 let. a — SR 221.302 Para. 1 let. a — SR 956.1 Para. 1 let. b — SR 220
Art. 64 Duty to provide information and to report in the case of delegation of significant functions
1 If a financial institution delegates significant functions to other persons, these shall be subject to the duty to provide information and to report in accordance with Article 29 FINMASA. 2 FINMA may conduct audits of these persons at any time.
Para. 1 — SR 956.1
Art. 65 Suspension of voting rights
In order to enforce Article 11 paragraphs 3 and 5, FINMA may suspend the voting rights attached to equities or shares held by qualified participants.
Art. 66 Liquidation
1 If FINMA withdraws authorisation from a financial institution, this shall result in liquidation in the case of legal entities and general and limited partnerships and in deletion from the commercial register in the case of sole proprietorships. 2 FINMA shall designate the liquidator and oversee its activity. 3 The provisions under insolvency law are reserved.
Art. 67 Measures under insolvency law
1 The provisions of the BankA on measures in case of the risk of insolvency and bankruptcy apply by analogy to fund management companies and securities firms. 2 The provisions of the BankA on the protection of deposits and dormant assets apply by analogy to securities firms under Article 41 letter a.
Para. 1 — SR 952.0 Para. 2 — Amended by No I 7 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 33, 399; BBl 2020 233).