Document ID: /roh_data/filtered/swiss_laws_in_ROHinterleaved.jsonl.gz/289

This text was translated from EN into Rumantsch Grischun.

input-en954.1English 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.Federal Act on Financial Institutions(Financial Institutions Act, FinIA)of 15 June 2018 (Status as of 1 March 2024)The Federal Assembly of the Swiss Confederation,based on Articles 95 and 98 paragraphs 1 and 2 of the Federal Constitution,and having considered the Federal Council Dispatch of 4 November 2015,decrees: SR 101 BBl 2015 8901Chapter 1 General ProvisionsSection 1 Subject Matter, Purpose and Scope of ApplicationArt. 1 Subject matter and purpose This Act governs the requirements for acting as a financial institution. Its purpose is to protect the investors and clients of financial institutions and ensure the proper functioning of the financial market.Art. 2 Scope of application Financial institutions within the meaning of this Act are as follows, irrespective of their legal form:a. portfolio managers (Article 17 paragraph 1);b. trustees (Article 17 paragraph 2);c. managers of collective assets (Article 24);d. fund management companies (Article 32);e. securities firms (Article 41). This Act does not apply to: a. persons who manage solely the assets of persons with whom they have business or family ties;b. persons who manage assets solely within the context of employee participation schemes;c. lawyers, notaries and their auxiliaries insofar as their activity is subject to professional confidentiality in accordance with Article 321 of the Swiss Criminal Code or Article 13 of the Lawyers Act of 23 June 2000, as well as the legal entities into which these persons are organised;d. persons who manage assets within the framework of a legally regulated mandate;e. the Swiss National Bank and the Bank for International Settlements;f. occupational pension schemes and other occupational pension institutions (occupational pension schemes), employer-sponsored foundations (employer-sponsored welfare funds); employers who manage the assets of their occupational pension schemes; employer and employee associations which manage the assets of their association schemes;g. social security institutions and compensation funds;h. insurance companies as defined in the Insurance Supervision Act of 17 December 2004;i public insurance institutions in accordance with Article 67 paragraph 1 of the Federal Act of 25 June 1982 on Occupational Old Age, Survivors' and Invalidity Pension Provision;j. banks pursuant to the Banking Act of 8 November 1934 (BankA).  SR 311.0 SR 935.61 SR 961.01 SR 831.40 SR 952.0Art. 3 CommercialityWithin the meaning of the present Act, the criterion of a commercial basis is deemed satisfied by an independent economic activity pursued on a permanent, for-profit basis.Art. 4 Group parent companies and significant group companies The following are subject to the insolvency law measures under Article 67 paragraph 1 provided they are not subject to the bankruptcy jurisdiction of the Swiss Financial Market Supervisory Authority (FINMA) within the scope of the supervision of the individual institution:a. group parent companies of a financial group or financial conglomerate which have their registered office in Switzerland;b. those group companies which have their registered office in Switzerland and perform significant functions for activities which require authorisation (significant group companies). The Federal Council shall set the criteria for assessing significance. FINMA shall identify significant group companies and keep a publicly accessible list of said companies.Section 2 Common ProvisionsArt. 5 Duty to obtain authorisation Financial institutions under Article 2 paragraph 1 require authorisation from FINMA.  They may be entered in the commercial register only after authorisation has been granted. Financial institutions in accordance with Article 2 paragraph 1 letter c that are already subject to other equivalent official supervision in Switzerland are exempt from the duty to obtain authorisation.Art. 6 Authorisation chain Authorisation to operate as a bank within the meaning of the BankA also authorises an entity to operate as a securities firm, a manager of collective assets, a portfolio manager and a trustee. Authorisation to operate as a securities firm under Article 41 letter a also authorises an entity to operate as a manager of collective assets, a portfolio manager and a trustee. Authorisation to operate as a fund management company also authorises an entity to operate as a manager of collective assets and a portfolio manager. Authorisation to operate as a manager of collective assets also authorises an entity to operate as a portfolio manager.  SR 952.0 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).Art. 7 Authorisation conditions Any party that meets the conditions set out in this section and the specific conditions that apply to individual financial institutions is entitled to authorisation. Portfolio managers and trustees submitting an application for authorisation are required to provide proof that they are subject to supervision by a supervisory organisation in accordance with Article 43a of the Financial Market Supervision Act of 22 June 2007 (FINMASA). The Federal Council may define additional authorisation conditions if this is necessary for implementing recognised international standards. SR 956.1Art. 8 Change in facts The financial institution shall notify FINMA of any changes in the facts on which its authorisation is based.  If the changes are of material significance, the financial institution must obtain prior authorisation from the supervisory authority in order to pursue its activity.Art. 9 Organisation The financial institution must establish appropriate corporate management rules and be organised in such a way that it can fulfil its statutory duties.  It shall identify, measure, control and monitor its risks, including legal and reputational risks, and organise effective internal controls.  The Federal Council shall set the minimum organisational requirements to be satisfied by financial institutions, taking into account their different business activities and sizes as well as the risks.Art. 10 Place of management The financial institution must effectively be managed from Switzerland. General directives and decisions within the context of group supervision are excluded if the financial institution forms part of a financial group that is subject to appropriate consolidated supervision by foreign supervisory authorities. The persons entrusted with managing the financial institution must be resident in a place from which they may effectively exercise such management.Art. 11 Guarantee of irreproachable business conduct The financial institution and the persons responsible for its administration and management must provide a guarantee of irreproachable business conduct. Moreover, the persons responsible for the administration and management of the financial institution must enjoy a good reputation and have the specialist qualifications required for their functions.  Qualified participants in a financial institution must also enjoy a good reputation and ensure that their influence is not detrimental to prudent and sound business activity. Persons who directly or indirectly hold at least 10% of the share capital or votes or who can significantly influence its business activity in another manner are deemed to be qualified participants in a financial institution. Each person must notify FINMA before directly or indirectly acquiring or disposing of a qualified participation in accordance with paragraph 4 in a financial institution. This mandatory notification also applies if a qualified participation is increased or reduced in such a way as to reach, exceed or fall below the thresholds of 20%, 33% or 50% of the share capital or votes. The financial institution shall notify FINMA of the persons who meet the conditions of paragraph 5 as soon as it becomes aware of the same. Portfolio managers and trustees are exempt from the requirements of paragraphs 5 and 6. Qualified participants in portfolio managers and trustees are permitted to perform management dutiesArt. 12 Public offer of securities on the primary marketPersons operating primarily in the financial sector may perform the following activities only if they have authorisation as a securities firm as defined in this Act or as a bank in accordance with the BankA:a. underwriting securities issued by third parties and offering these to the public on a primary market on a commercial basis; b. creating derivatives in the form of securities and offering these to the public on the primary market on a commercial basis. SR 952.0Art. 13 Protection against confusion and deception The name of the financial institution must not lead to confusion or deception. The terms «portfolio manager», «trustee», «manager of collective assets», «fund management company» or «securities firm» may be used, alone or in compound terms, in the company name, in the description of its business purpose or in commercial documents only if the corresponding authorisation has been obtained. The foregoing is without prejudice to Article 52 paragraph 3 and Article 58 paragraph 3.Art. 14 Delegation of tasks Financial institutions may delegate a task solely to third parties that possess the necessary skills, knowledge and experience and that have the required authorisations. They shall carefully instruct and supervise the appointed third parties. FINMA may make the delegation of investment decisions to a person located abroad subject to an agreement on cooperation and information exchange between FINMA and the competent foreign supervisory authority, in particular if such an agreement is required under the other country's legislation.Art. 15 International businessA financial institution must notify FINMA before: a. establishing, acquiring or closing a foreign subsidiary, branch or representation;b. acquiring or surrendering a qualified participation in a foreign company.Art. 16 OmbudsmanFinancial institutions that provide financial services under Article 3 letter c of the Financial Services Act of 15 June 2018 (FinSA) must affiliate to an ombudsman as stipulated in the provisions of Title 5 of the FinSA at the latest on assuming their activity. 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 Feb. 2021  (AS 2021 33; BBl 2020 233). SR 950.1Chapter 2 Financial InstitutionsSection 1 Portfolio Managers and TrusteesArt. 17 Definitions A portfolio manager is a person mandated to manage assets on a commercial basis in the name of and on behalf of clients within the meaning of Article 3 letter c items 1 to 4 FinSA.  A trustee is a person who on a commercial basis manages or holds a separate fund for the benefit of the beneficiaries or for a specified purpose based on the instrument creating a trust within the meaning of the Hague Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition. SR 950.1 SR 0.221.371Art. 18 Legal form Portfolio managers and trustees which have their registered office or place of residence in Switzerland must have one of the following legal forms: a. sole proprietorship; b. commercial enterprise;c. cooperative. Portfolio managers and trustees must be listed in the commercial register. Art. 19 Tasks The portfolio manager manages individual portfolios. The trustee manages the separate fund, ensures its value is maintained and employs it for the specified purposes. Portfolio managers and trustees may also provide the following services in particular:a. investment advice;b. portfolio analysis;c. offering of financial instruments.Art. 20 Qualified managersThe management body of a portfolio manager or trustee entity must consist of at least two qualified persons. The management body may consist of only one qualified person subject to proof that continuation of business operations on a going concern basis is guaranteed. A person is deemed qualified to manage business operations if they have received appropriate training in the activities of a portfolio manager or trustee and at the time of assuming management duties has had sufficient professional experience in portfolio management for third parties or within the framework of trusts. The Federal Council shall regulate the details. Art. 21 Risk management and internal control Portfolio managers and trustees must have an appropriately defined risk management system in place as well as an effective internal control structure to ensure, among other requirements, compliance with legal and internal provisions. The tasks of risk management and internal control may be carried out by a qualified manager or delegated to one or more suitably qualified employees or to a qualified external entity. Persons who carry out the tasks of risk management and internal control may not be involved in the activities which they supervise.Art. 22 Minimum capital and collateral The minimum capital of portfolio managers and trustees must amount to CHF 100,000 and be paid up in cash. The minimum capital requirement must be complied with at all times. Portfolio managers and trustees must have adequate collateral or take out professional liability insurance.  The Federal Council shall set the amount of collateral and the sum to be insured under professional liability insurance. Art. 23 Own funds Portfolio managers and trustees must have sufficient own funds. Own funds must at all times amount to at least one quarter of the fixed costs reported in the most recent annual financial statement and no more than CHF 10 million. Section 2 Managers of Collective AssetsArt. 24 Definition A manager of collective assets is a person who manages assets on a commercial basis in the name and on behalf of:a. collective investment schemes;b. occupational pension schemes.  Portfolio managers within the meaning of Article 17 paragraph 1 are:a. Managers of collective assets in accordance with paragraph 1 letter a whose investors are qualified within the meaning of Article 10 paragraph 3 or 3 of the Collective Investment Schemes Act of 23 June 2006 and fulfil one of the following conditions:1. The assets of collective investment schemes under their management, including the assets acquired through the use of leveraged finance, amount in total to no more than CHF 100 million.2. The assets of collective investment schemes under their management do not exceed CHF 500 million in total and do not include leveraged financial instruments. The collective investment schemes give no right to redemption in the first five years after making the first investment.b. Managers of collective assets in accordance with paragraph 1 letter b who manage the assets of occupational pension schemes totalling no more than CHF 100 million and in the mandatory segment manage no more than 20% of the assets of an individual occupational pension scheme. Portfolio managers in accordance with paragraph 2 may request authorisation as managers of collective assets provided this is required by the state where the collective investment scheme is established or offered or where the occupational pension scheme is managed. The Federal Council shall regulate the details. SR 951.31Art. 25 Legal formManagers of collective assets who have their registered office in Switzerland must have the legal form of a commercial enterprise.Art. 26 Tasks Managers of collective assets are responsible for the portfolio and risk management of the assets entrusted to them. In addition, managers of collective assets may conduct fund business, in particular, for foreign collective investment schemes. If the foreign country's law requires an agreement on cooperation and information exchange between FINMA and the foreign supervisory authorities of relevance for the fund business, they may perform this business only where such an agreement exists. Managers of collective assets may also perform administrative activities within the scope of these tasks.Art. 27 Delegation of tasks Managers of collective assets may delegate tasks to third parties, provided this is in the interests of efficient management. Any person who delegates the management of the assets of an occupational pension scheme or collective investment scheme to a manager of collective assets remains responsible for adhering to the relevant investment guidelines.Art. 28 Minimum capital and collateral Managers of collective assets must possess the required minimum capital. This must be fully paid up. FINMA may permit managers of collective assets in the form of partnerships to provide appropriate collateral instead of minimum capital. The Federal Council shall regulate the amount of the minimum capital and of the collateral. It may furthermore make the granting of authorisation contingent upon possession of professional liability insurance. Art. 29 Own funds Managers of collective assets must possess an appropriate level of own funds. The Federal Council shall set the amount of own funds based on the business activity and the risks.Art. 30 Group and conglomerate supervisionWhere a financial group is dominated by a manager of collective assets or a financial conglomerate is dominated by a manager of collective assets, FINMA may make these subject to group or conglomerate supervision, provided this is in accordance with recognised international standards.Art. 31 Change of manager of collective assetsA manager of collective assets shall give advance notice of the assumption of its rights and obligations by another manager of collective assets to the relevant supervisory authority for the collective investment scheme or occupational pension scheme. Section 3 Fund Management CompaniesArt. 32 DefinitionA fund management company is an entity that manages investment funds independently in its own name and for the account of investors in accordance with Article 15 paragraph 1 letter a of the Collective Investment Schemes Act (CISA) of 23 June 2006 or administers a SICAV in accordance with Article 13 paragraph 2 letter b CISA. Amended by Annex No 5 of the FA of 17 Dec. 2021, in force since 1 March 2024  (AS 2024 53; BBl 2020 6885). SR 951.31Art. 33 Legal form and organisation The fund management company must be a company limited by shares that has its registered office and head office in Switzerland. The share capital shall be divided into registered shares. The persons managing the fund management company and the custodian bank must be independent of each other's company. The main purpose of the fund management company is to conduct the fund business; this consists of the offering of units in the investment fund and its management and administration.Art. 34 TasksIn addition to conducting activities in accordance with the present Act, the fund management company may perform the following other services, in particular:a. the safekeeping and technical management of collective investment schemes;b. the administration of an investment company with variable capital (SICAV).Art. 35 Delegation of tasks The fund management company may not delegate the management of the investment fund to third parties. However, it may delegate investment decisions as well as specific tasks to third parties, provided this is in the interests of efficient management. In the case of collective investment schemes for which the facilitated offering of shares exists in the European Union based on a treaty, investment decisions may not be delegated to either the custodian bank or any other companies whose interests may conflict with those of the manager of collective assets or the fund management company or the investors.Art. 36 Minimum capital The fund management company must possess the required minimum capital. This must be fully paid up. The Federal Council shall regulate the amount of the minimum capital. Art. 37 Own funds There must be an appropriate ratio between the fund management company's own funds and the overall assets of the collective investment schemes under its management. The Federal Council shall specify this ratio. In special cases, FINMA may ease the requirements, provided this does not adversely affect the protective purpose of this Act, or it may order more stringent requirements. The fund management company may not invest the prescribed level of its own funds in fund units that it has issued itself or lend its own funds to its shareholders or any natural or legal person with whom they have business or family ties. The holding of liquid funds with the custodian bank shall not constitute a loan.Art. 38 Rights The fund management company is entitled to:a. receive the fees stipulated in the fund contract;b. an exemption from any liabilities which may have arisen in the course of the proper execution of its tasks;c. receive reimbursement of the expenses incurred in connection with such liabilities. These payments are made from the assets of the investment fund. Investors are not held personally liable.Art. 39 Change of fund management company The rights and duties of the fund management company may be transferred to another fund management company. In order to be effective, the transfer agreement between the outgoing and incoming fund management company must be done in writing or in another form demonstrable by text and must have the consent of the custodian bank and the approval of FINMA. Prior to approval by FINMA, the outgoing fund management company shall give notice of the proposed transfer in the publication media. The investors must be informed in these publications of their right to lodge objections with FINMA within 30 days of publication. The procedure is based on the Administrative Procedure Act of 20 December 1968. FINMA shall approve the change of fund management company if the legal requirements are met and the continuation of the investment fund is in the interest of the investors. It shall publish the decision in the publication media. SR 172.021Art. 39a Change in the fund management company of a Limited Qualified Investor Fund  Article 39 paragraphs 2–6 does not apply to a change in the fund management company of a Limited Qualified Investor Fund (L-QIF) in the legal form of a contractual investment fund. In order to be effective, the transfer agreement must be done in writing or in another form demonstrable by text, and must be approved in advance by the custodian bank.  The previous fund management company shall give notice of the proposed transfer in the publication media and indicate when the change will take place. Publication in accordance with paragraph 3 may be waived if all investors are informed of the transfer and the date of completion of the change in writing or in another form that demonstrable by text. The change of fund management company may be completed at the earliest: a. in the case of a contractual investment fund with the option of redemption at any time: 30 days after notice in accordance with paragraph 3 or the information in accordance with paragraph 4 is given; b. in the case of a contractual investment fund without the option of redemption at any time: on the day after the day on which the units may be redeemed in accordance with the contractual or regulatory redemption periods and deadlines if the fund contract were to be terminated on the 30th day after notice in accordance with paragraph 3 or the information in accordance with paragraph 4 is given. If the contractual or regulatory notice period lasts longer than 30 days, execution may take place earlier than required by paragraph 5 if all investors agree in writing or in another form demonstrable by text, but no earlier than 30 days after notice in accordance with paragraph 3 or the information in accordance with paragraph 4 is given. Inserted by Annex No 5 of the FA of 17 Dec. 2021, in force since 1 March 2024  (AS 2024 53; BBl 2020 6885).Art. 40 Segregation of the fund assets In the event of the bankruptcy of the fund management company, the following shall be segregated for the benefit of the investors or account holders:a. assets and rights belonging to the investment fund, without prejudice to the fund management company's claims under Article 38;b. units in collective investment schemes that are credited to unit accounts. Debts incurred by the fund management company that do not result from the fund contract may not be set off against claims belonging to the investment fund. Amended by Annex No 5 of the FA of 17 Dec. 2021, in force since 1 March 2024  (AS 2024 53; BBl 2020 6885).Section 4 Securities FirmsArt. 41 DefinitionA securities firm is an entity that, on a commercial basis:a. trades in securities in its own name for the account of clients;b. trades in securities for its own account on a short-term basis, operates primarily on the financial market and: 1. could thereby jeopardise the proper functioning of the financial market, or2. is a member of a trading venue, or3. operates an organised trading facility under Article 42 of the Financial Market Infrastructure Act of 19 June 2015; orc. trades in securities for its own account on a short-term basis and publicly quotes prices for individual securities upon request or on an ongoing basis (market maker).  Inserted by No I 7 of the FA of 26 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). SR 958.1Art. 42 Legal formA securities firm that has its registered office in Switzerland must have the legal form of a commercial enterprise.Art. 43 Foreign-controlled securities firmsThe provisions of the BankA on foreign-controlled banks apply by analogy. SR 952.0Art. 44 Tasks In particular, the securities firm may:a. hold accounts for settling securities trade within the context of its activity under Article 41 for clients, either itself or with third parties; b. act as custodian of clients' securities, either itself or in its own name with third parties; c. underwrite securities issued by third parties as a firm commitment or on commission and offer these to the public on the primary market on a commercial basis; d. create derivatives itself on a commercial basis, which it offers to the public on the primary market on its own behalf or that of another party.  It may accept deposits from the public on a commercial basis within the context of its activity under paragraph 1 letter a.  The Federal Council may regulate the use of deposits from the public.Art. 45 Minimum capital and collateral  Securities firms must possess the required minimum capital. This must be fully paid up. FINMA may permit securities firms in the form of partnerships to post appropriate collateral instead of the minimum capital.The Federal Council shall regulate the amount of the minimum capital and of the collateral.Art. 46 Own funds, liquidity and risk diversification Securities firms must have sufficient own funds and liquidity individually and on a consolidated basis.  They must diversify their risks appropriately.  The Federal Council shall regulate the risk diversification requirements. It shall set the amount of own funds and liquidity based on the business activity and the risks.  Where there are legitimate grounds for so doing, FINMA may ease the requirements, provided this does not adversely affect the protective purpose of the law, or it may order more stringent requirements. FINMA may issue implementing regulations. Art. 47 Additional capitalThe provisions of the BankA on additional capital apply by analogy. SR 952.0Art. 48 AccountingThe provisions of the BankA on accounting apply by analogy. SR 952.0Art. 49 Group and conglomerate supervision Two or more companies are deemed to be a financial group dominated by a securities firm if:a. at least one of them operates as a securities firm;b. they operate primarily in the financial sector; andc. they form an economic unit or other circumstances suggest that one or more of the companies under individual supervision is de jure or de facto obliged to provide assistance to group companies. A financial conglomerate dominated by a securities firm is a financial group as defined in paragraph 1 operating primarily in the field of securities trading and comprising at least one insurance company of considerable economic significance. The provisions of the BankA on financial groups and financial conglomerates apply by analogy. SR 952.0Art. 50 Record-keeping dutyThe securities firm must keep a record of the orders and transactions it conducts together with all the details necessary for their traceability and for the supervision of its activity.Art. 51 Reporting duty The securities firm must report all of the information necessary for transparent securities trading. FINMA shall regulate which information is to be reported to whom and in what form. Provided this is required for the purposes of the Act, the Federal Council may also impose the reporting duty in accordance with paragraph 1 on persons and companies that buy and sell securities on a commercial basis but without the involvement of a securities firm. Any such company must instruct an audit firm licensed by the Federal Audit Oversight Authority (FAOA) in accordance with Article 9a paragraph 1 of the Auditor Oversight Act of 16 December 2005 (AOA) to audit compliance with this reporting duty and must inform FINMA. SR 221.302Section 5 BranchesArt. 52 Duty to obtain authorisation Authorisation from FINMA is required by financial institutions that have their registered office abroad (foreign financial institutions) and that wish to establish a branch in Switzerland that employs persons who perform any of the following activities in the name of the foreign financial institution on a permanent commercial basis in Switzerland or from Switzerland:a. asset management or trustee activities;b. portfolio management for collective investment schemes or occupational pension schemes;c. securities trading;d. conclusion of transactions; or e. client account management. Foreign fund management companies may not establish branches in Switzerland.  The Federal Council may sign international treaties allowing financial institutions from the treaty states to open a branch without requiring authorisation from FINMA if both sides recognise the equivalent nature of the respective regulation of financial institutions' activity and the supervisory measures.Art. 53 Authorisation conditionsFINMA shall grant the foreign financial institution authorisation to establish a branch if:a. the foreign financial institution:1. is sufficiently organised and has adequate financial resources and qualified personnel to operate a branch in Switzerland,2. is subject to appropriate supervision that includes the branch, and3. proves that the business name of the branch can be entered in the commercial register;b. the competent foreign supervisory authorities:1. do not raise any objections to the establishment of a branch,2. undertake to notify FINMA immediately if any circumstances arise that could seriously prejudice the interests of the investors or clients, and3. provide FINMA with administrative assistance;c. the branch: 1. fulfils the conditions set out in Articles 9 to 11 and has a set of regulations that accurately describes the scope of business and provides for an administrative or operational organisation corresponding to its business activity, and2. fulfils the additional authorisation conditions under Articles 54 to 57.Art. 54 Requirement of reciprocityFINMA may make the granting of authorisation to establish a branch of a foreign financial institution additionally contingent upon a guarantee of reciprocity with the states in which the foreign financial institution or the foreigners with qualified participations have their place of residence or registered office. Art. 55 Financial groups and financial conglomeratesWhere a foreign financial institution is part of a financial group or financial conglomerate, FINMA may make the granting of authorisation contingent upon it being subject to appropriate consolidated supervision by foreign supervisory authorities.Art. 56 CollateralFINMA may make the granting of authorisation to establish a branch of a foreign portfolio manager, a foreign trustee or a foreign manager of collective assets additionally contingent upon the posting of collateral if so required for the protection of investors or clients.Art. 57 ExemptionsThe Federal Council may make provision for exempting branches of foreign financial institutions from certain provisions of this Act. Section 6 RepresentationsArt. 58 Duty to obtain authorisation Foreign financial institutions require authorisation from FINMA if they employ persons in Switzerland who work for them on a permanent and commercial basis in Switzerland or from Switzerland in another manner than that set out in Article 52 paragraph 1, specifically where these persons forward client orders to them or represent them for marketing or other purposes. Foreign fund management companies may not establish representations in Switzerland.  The Federal Council may sign international treaties allowing financial institutions from the treaty states to open a representation without requiring authorisation from FINMA if both sides recognise the equivalent nature of the respective regulation of financial institutions' activity and the supervisory measures.Art. 59 Authorisation conditions FINMA shall grant the foreign financial institution authorisation to establish a representation if:a. the foreign financial institution is subject to appropriate supervision;b. the competent foreign supervisory authorities do not raise any objections to the establishment of the representation;c. the persons entrusted with its management provide a guarantee of irreproachable business conduct. FINMA may make authorisation additionally contingent upon the granting of reciprocity by the state in which the foreign financial institution has its registered office.Art. 60 ExemptionsThe Federal Council may make provision for exempting representations of foreign financial institutions from certain provisions of this Act.Chapter 3 SupervisionArt. 61 Competence 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. Ongoing supervision of portfolio managers and trustees will be performed by FINMA-approved supervisory organisations.Managers of collective assets, fund management companies and securities firms are supervised by FINMA. Where no supervisory organisation exists in accordance with paragraph 1, supervision is performed by FINMA.  SR 956.1Art. 62 Auditing of portfolio managers and trustees 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. 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. 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. SR 956.1 Art. 63 Auditing of managers of collective assets, fund management companies, securities firms, financial groups and financial conglomerates 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).  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. 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. The fund management company shall appoint the same audit firm for itself and for the investment funds it manages.  FINMA may itself conduct audits directly. SR 221.302 SR 956.1 SR 220Art. 64 Duty to provide information and to report in the case of delegation of significant functions 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. FINMA may conduct audits of these persons at any time. SR 956.1Art. 65 Suspension of voting rightsIn 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 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.  FINMA shall designate the liquidator and oversee its activity.  The provisions under insolvency law are reserved.Art. 67 Measures under insolvency law 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. The provisions of the BankA on the protection of deposits and dormant assets apply by analogy to securities firms under Article 41 letter a. SR 952.0 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).Chapter 4 Liability and Criminal Law ProvisionsSection 1 LiabilityArt. 68 The liability of the financial institutions and their bodies is based on the provisions of the CO. Where a financial institution delegates performance of a task to a third party, it remains liable for any losses caused by the latter unless it proves that it took the due care required in that party's selection, instruction and monitoring. The Federal Council may set out the requirements for such monitoring. The fund management company remains liable for the actions of persons to whom it has delegated tasks in accordance with Article 35 paragraph 1 as if it had performed those tasks itself. SR 220Section 2 Criminal ProvisionsArt. 69 Violation of professional confidentiality A custodial sentence not exceeding three years or a monetary penalty shall be imposed on any person who wilfully:a. discloses a secret entrusted to them in their capacity as a director or officer, employee, agent or liquidator of a financial institution or of which they have become aware in said capacity;b.  attempts to induce a violation of professional secrecy;c. discloses to other persons a secret disclosed to them in violation of letter a or exploits such a secret for their own benefit or for the benefit of others. A custodial sentence not exceeding five years or a monetary penalty shall be imposed on any person who obtains a pecuniary advantage for themselves or another person through an action as detailed in paragraph 1 letter a or c. A fine not exceeding CHF 250,000 shall be imposed on persons who commit the foregoing acts through negligence. Any person who violates professional confidentiality remains liable to prosecution after termination of the official or employment relationship or exercise of the profession. The federal and cantonal provisions relating to the duty to testify and the duty to provide information to the authorities are reserved. The cantons are responsible for the prosecution and adjudication of acts under this provision.Art. 70 Violation of the provisions on protection against confusion and deception and notification dutiesA fine not exceeding CHF 500,000 shall be imposed on any person who wilfully:a. violates the provision on protection against confusion and deception (Article 13);b. fails to provide FINMA with the prescribed notifications in accordance with Articles 11 and 15, or does so incorrectly or too late.Art. 71 Violation of the record-keeping and reporting dutiesA fine not exceeding CHF 500,000 shall be imposed on any person who wilfully:a.  violates the record-keeping duty set out in Article 50;b.  violates the reporting duty in accordance with Article 51.Chapter 5 Final ProvisionsArt. 72 Implementing provisionsThe Federal Council shall issue the implementing provisions.Art. 73 Repeal and amendment of other legislative instrumentsThe repeal and amendment of other legislative instruments are set out in the Annex.Art. 74 Transitional provisions  Financial institutions that already possess authorisation by virtue of a financial market act pursuant to Article 1 paragraph 1 FINMASA for the corresponding activity at the time of this Act coming into force are not required to obtain new authorisation. They must fulfil the requirements of this Act within one year of its coming into force. Financial institutions that under prior law are not subject to an authorisation requirement but are newly subject to an authorisation requirement at the time of this Act coming into force shall report to FINMA within six months of this Act coming into force. They must satisfy the requirements of this Act and submit an authorisation application within three years of the Act coming into force. They may continue to perform their activity until a decision has been made concerning authorisation, provided that they are affiliated to a self-regulatory organisation in accordance with Article 24 of the Anti-Money Laundering Act of 10 October 1997 (AMLA) and are supervised by said organisation with regard to compliance with the corresponding duties. Portfolio managers and trustees that assume their activity within one year of this Act coming into force must report immediately to FINMA and after assuming their activity must satisfy authorisation conditions with the exception of Article 7 paragraph 2. No later than one year after FINMA has authorised a supervisory organisation in accordance with Article 43a FINMASA, they must affiliate to such an organisation and submit an application for authorisation. They may perform their activity until a decision has been made concerning authorisation, provided that they are affiliated to a self-regulatory organisation in accordance with Article 24 AMLA and are supervised by said organisation with regard to compliance with the corresponding duties. In special cases, FINMA may extend the deadlines under paragraphs 1 and 2. SR 956.1 SR 955.0Art. 74a Coordination with the Amendment of the Anti-Money Laundering Act within the context of the Gambling Act of 29 September 2017... Inserted by the correction made by the Federal Assembly Drafting Committee of  24 Sept. 2019 (AS 2019 5065). The coordination provisions can be consulted under AS 2019 5065 and AS 2020 501. Correction by Federal Assembly Drafting Committee of 31 Jan. 2020, published on 18 Feb. 2020 (AS 2020 501).Art. 75 Referendum and commencement This Act is subject to an optional referendum. The Federal Council will determine the commencement date. This Act shall only come into force with the FinSA. The Federal Council may implement the following provisions early:a.  Amendments to the Federal Act of 23 March 2001 on Consumer Credit (annex No. 2);b.  Article 9a paragraph 4 AOA (Annex No 3);c.  Articles 1a, 1b, 47 paragraph 1 letter a and 52a BankA (Annex No 14);d.  Article 2 paragraph 2 letter a AMLA (Annex No 15);e.  Articles 4, 5 and 15 paragraph 2 letter a FINMASA (Annex No 16). Article 15 paragraph 2 letter a FINMASA shall apply until Article 15 paragraph 2 letter a FINMASA (Annex No 16) comes into force.Commencement date: 1 January 2020 SR 950.1 SR 221.214.1 SR 221.302 SR 952.0 SR 955.0 SR 956.1O of 6 Nov. 2019 (AS 2019 4631).Annex(Art. 73)Repeal and Amendment of other Legislative InstrumentsIThe Stock Exchange Act of 24 March 1995 is repealedIIThe legislative instruments below are amended as follows:... [AS 1997 68, 2044; 2005 5269 Annex No II 7; 2006 2197 Annex No 146; 2008 5207 Annex No 16; 2012 6679 Annex No 8; 2013 1103; 2014 4073 Annex No 6; 2015 1535 No I 3, 5339 Annex No 11]The amendments may be consulted under AS 2018 5247.

input-rm954.1Rumantsch è ina lingua naziunala, ma ina lingua parzialmain uffiziala da la Confederaziun, numnadamain en la correspundenza cun persunas da lingua rumantscha. La translaziun d’in decret federal serva a l’infurmaziun, n’ha dentant nagina validitad legala.Lescha federaladavart ils instituts da finanzas(Lescha davart ils instituts da finanzas, LIFin)dals 15 da zercladur 2018 (versiun dal 1. da mars 2024) L’Assamblea federala da la Confederaziun svizra,sa basond sin ils artitgels 95 e 98 alineas 1 e 2 da la Constituziun federala,suenter avair gì invista da la missiva dal Cussegl federal dals 4 da november 2015,concluda: SR 101 BBl 2015 89011. chapitel Disposiziuns generalas1. secziun Object, intent e champ d’applicaziunArt. 1 Object ed intent Questa lescha regla las pretensiuns a l’activitad dals instituts da finanzas. Ses intent è quel da proteger ils investiders sco er ils clients d’instituts da finanzas e da garantir la funcziunalitad dal martgà da finanzas.Art. 2 Champ d’applicaziun Instituts da finanzas en il senn da questa lescha èn, independentamain da lur furma giuridica:a. administraturs da facultad (art. 17 al. 1);b. trustees (art. 17 al. 2);c. administraturs da facultads collectivas (art. 24);d. direcziuns da fonds (art. 32);e. chasas da vaglias (art. 41). A questa lescha n’èn betg suttamess:a. persunas che administreschan exclusivamain valurs da facultad da persunas ch’èn colliadas cun ellas economicamain u famigliarmain;b. persunas che administreschan exclusivamain valurs da facultad en il rom da plans da participaziun da lavurants;c. advocats e notars e lur persunas d’agid, uschenavant che lur activitad è suttamessa al secret professiunal tenor l’artitgel 321 dal Cudesch penal u a l’artitgel 13 da la Lescha dals 23 da zercladur 2000 davart las advocatas ed ils advocats, sco er la persuna giuridica, en la quala questas persunas èn organisadas;d. persunas che administreschan facultads en il rom d’in mandat reglà per lescha;e. la Banca naziunala svizra e la Banca dals reglaments internaziunals;f. instituziuns da provediment ed ulteriuras instituziuns che servan tenor lur intent al provediment professiunal (instituziuns da provediment), fundaziuns da patruns (fonds da provediment da patruns), patruns che administreschan la facultad da lur instituziuns da provediment sco er federaziuns da patruns e federaziuns da lavurants che administreschan la facultad da las instituziuns da lur federaziun;g. instituziuns da l’assicuranza sociala e cassas da cumpensaziun;h. interpresas d’assicuranza en il senn da la Lescha dals 17 da december 2004 davart la surveglianza da las assicuranzas;i. instituziuns d’assicuranza da dretg public tenor l’artitgel 67 alinea 1 da la Lescha federala dals 25 da zercladur 1982 davart la provediment professiunal per vegls, survivents ed invaliditad;j. bancas en il senn da la Lescha da bancas dals 8 da november 1934 (LB). SR 311.0 SR 935.61 SR 961.01 SR 831.40 SR 952.0Art. 3 Pratica d’ina activitad a titel professiunalConsideradas sco pratitgadas a titel professiunal en il senn da questa lescha èn tuttas activitads economicas independentas che vegnan pratitgadas per obtegnair entradas regularas.Art. 4 Societads superiuras da concern e societads da gruppa impurtantas A las mesiras dal dretg d’insolvenza tenor l’artitgel 67 alinea 1 èn suttamessas, premess ch’ellas na suttastettian betg a la cumpetenza da concurs da l’Autoritad federala per la surveglianza dals martgads da finanzas (FINMA) en il rom da la surveglianza da l’institut singul:a. societads superiuras da concern d’ina gruppa da finanzas u d’in conglomerat da finanzas ch’èn domiciliadas en Svizra;b. quellas societads da gruppa che han ina sedia en Svizra e che adempleschan funcziuns impurtantas per las activitads che dovran ina permissiun (societads da gruppa impurtantas). Il Cussegl federal regla ils criteris per giuditgar l’impurtanza. La FINMA designescha las societads da gruppa impurtantas e maina ina glista da questas societads. Questa glista è accessibla a la publicitad.2. secziun Disposiziuns cuminaivlasArt. 5 Obligaziun da dumandar ina permissiun Instituts da finanzas tenor l’artitgel 2 alinea 1 dovran ina permissiun da la FINMA. Els pon sa laschar inscriver en il register da commerzi pir suenter che la permissiun è concedida. Instituts da finanzas tenor l’artitgel 2 alinea 1 litera c, che suttastattan en Svizra gia ad ina surveglianza statala equivalenta, èn deliberads da l’obligaziun da permissiun.Art. 6 Cascada da permissiuns La permissiun per pratitgar l’activitad sco banca en il senn da la LB autorisescha er da pratitgar l’activitad sco chasa da vaglias, sco administratur da facultads collectivas, sco administratur da facultad e sco trustee. La permissiun per pratitgar l’activitad sco chasa da vaglias tenor l’artitgel 41 litera a autorisescha er da pratitgar l’activitad sco administratur da facultads collectivas, sco administratur da facultad e sco trustee. La permissiun per pratitgar l’activitad sco direcziun da fonds autorisescha er da pratitgar l’activitad sco administratur da facultads collectivas e sco administratur da facultad. La permissiun per pratitgar l’activitad sco administratur da facultads collectivas autorisescha er da pratitgar l’activitad sco administratur da facultad. SR 952.0 Versiun tenor la cifra I 7 da la LF dals 25 da sett. 2020 davart l’adattaziun dal dretg federal als svilups da la tecnologia dals registers electronics distribuids, en vigur dapi il 1. d’avust 2021 (AS 2021 33, 399; BBl 2020 233).Art. 7 Premissas per la permissiun In dretg da la permissiun ha, tgi che ademplescha las premissas da questa secziun e las premissas spezialas ch’èn applitgablas per ils singuls instituts da finanzas. Administraturs da facultad e trustees ston cumprovar cun la dumonda da permissiun ch’els vegnian survegliads d’ina organisaziun da surveglianza tenor l’artitgel 43a da la Lescha dals 22 da zercladur 2007 davart la surveglianza dals martgads da finanzas (LFINMA). Il Cussegl federal po fixar premissas supplementaras per la permissiun, sche quai è necessari per realisar standards internaziunals renconuschids. SR 956.1Art. 8 Midada dals fatgs L’institut da finanzas communitgescha a la FINMA mintga midada da fatgs che furman la basa per la permissiun. Sche las midadas han ina impurtanza essenziala, sto vegnir dumandada ordavant la permissiun da la FINMA per pudair cuntinuar cun l’activitad.Art. 9 Organisaziun L’institut da finanzas sto fixar reglas adattadas per la gestiun da l’interpresa ed esser organisà uschia ch’el è en cas ademplir las obligaziuns legalas. El identifitgescha, mesira, regulescha e surveglia sias ristgas inclusiv las ristgas giuridicas e las ristgas da reputaziun e procura per controllas internas efficazias. Il Cussegl federal fixescha las pretensiuns minimalas a l’organisaziun dals instituts da finanzas e tegna en quest connex en spezial quint da las differentas activitads commerzialas e da las differentas grondezzas da l’interpresa sco er da las ristgas dals instituts da finanzas.Art. 10 Lieu da la direcziun La direcziun da l’institut da finanzas sto sa chattar per propi en Svizra. Exceptadas èn directivas e decisiuns generalas en il rom da la surveglianza dal concern, sche l’institut da finanzas furma ina part d’ina gruppa da finanzas ch’è suttamessa ad ina surveglianza consolidada adequata tras autoritads da surveglianza estras. Las persunas ch’èn incumbensadas cun la gestiun da l’institut da finanzas ston avair lur domicil en in lieu, dal qual anora ellas pon pratitgar per propi la gestiun.Art. 11 Garanzia L’institut da finanzas e las persunas incumbensadas cun l’administraziun e cun la gestiun da l’institut da finanzas ston garantir in’activitad commerziala irreproschabla. Las persunas incumbensadas cun l’administraziun e cun la gestiun da l’institut da finanzas ston ultra da quai avair ina buna reputaziun e posseder las qualificaziuns professiunalas ch’èn necessarias per la funcziun. Er las persunas ch’èn participadas en moda qualifitgada vi d’in institut da finanzas ston avair ina buna reputaziun e garantir che lur influenza na pregiuditgeschia betg in’activitad commerziala prudenta e solida. Sco participà en moda qualifitgada vi d’in institut da finanzas vala, tgi ch’è participà en moda directa u indirecta cun almain 10 pertschient dal chapital u da las vuschs vi da l’institut da finanzas u tgi che po influenzar decisivamain sia activitad commerziala en autra moda. Mintga persuna sto annunziar a la FINMA, sch’ella vul acquistar u vender ina participaziun qualifitgada directa u indirecta tenor l’alinea 4 vi d’in institut da finanzas. Questa obligaziun d’annunzia exista er, sch’ina participaziun qualifitgada vegn engrondida u reducida uschia ch’ella cuntanscha, surpassa u sutpassa las savas da 20, 33 u 50 pertschient dal chapital u da las vuschs. L’institut da finanzas annunzia a la FINMA las persunas che adempleschan las premissas tenor l’alinea 5, uschespert ch’el ha enconuschientscha da quest fatg. Exceptads dals alineas 5 e 6 èn ils administraturs da facultad ed ils trustees. Tgi ch’è participà en moda qualifitgada vi d’administraturs da facultad e vi da trustees, dastga pratitgar la gestiun.Art. 12 Purschida publica da valurs mobigliaras sin il martgà primarTgi ch’è principalmain activ en il sectur da finanzas, dastga pratitgar las suandantas activitads mo, sch’el ha ina permissiun sco chasa da vaglias tenor questa lescha u sco banca tenor la LB:a. surpigliar a titel professiunal valurs mobigliaras che vegnan emessas da terzas persunas e porscher talas publicamain sin il martgà primar;b. crear a titel professiunal derivats en furma da valurs mobigliaras e porscher talas publicamain sin il martgà primar. SR 952.0Art. 13 Protecziun cunter scumbigl e cunter engion La designaziun da l’institut da finanzas na dastga betg dar chaschun a scumbigls u ad engion. Las designaziuns «administratur da facultad», «trustee», «administratur da facultads collectivas», «direcziun da fonds» u «chasa da vaglias» dastgan persunas duvrar mo alura sulettamain u en cumbinaziun da pleds en la firma, en la circumscripziun da l’intent da la fatschenta u en documents da fatschenta, sch’ellas possedan la permissiun correspundenta. Resalvads restan ils artitgels 52 alinea 3 e 58 alinea 3.Art. 14 Transferiment d’incumbensas Instituts da finanzas dastgan transferir ina incumbensa a terzs mo, sche quels han las abilitads, las enconuschientschas e las experientschas sco er las permissiuns ch’èn necessarias per ademplir questa activitad. Els instrueschan e surveglian conscienziusamain ils terzs incumbensads. La FINMA po suttametter il transferiment da decisiuns d’investiziun ad ina persuna a l’exteriur a la cundiziun ch’i vegnia concludida ina cunvegna davart la collavuraziun e davart il barat d’infurmaziuns tranter la FINMA e l’autoritad da surveglianza cumpetenta estra, en spezial, sch’il dretg ester pretenda la conclusiun d’ina tala cunvegna.Art. 15 Fatschenta a l’exteriurIn institut da finanzas fa in’annunzia a la FINMA avant ch’el:a. installescha, acquista u serra a l’exteriur ina filiala, ina succursala u ina represchentanza;b. acquista u smetta ina participaziun qualifitgada vi d’ina societad estra.Art. 16 Servetsch da mediaziunInstituts da finanzas che na furneschan betg prestaziuns finanzialas tenor l’artitgel 3 litera c da la Lescha federala dals 15 da zercladur 2018 davart ils servetschs finanziars (LSFin) exclusivamain a clients instituziunals u professiunals tenor l’artitgel 4 alineas 3 e 4 LSFin, ston s’affiliar ad in servetsch da mediaziun tenor las disposiziuns dal 5. titel LSFin il pli tard, cur ch’els cumenzan cun lur activitad. Versiun tenor la cifra I 7 da la LF dals 25 da sett. 2020 davart l’adattaziun dal dretg federal als svilups da la tecnologia dals registers electronics distribuids, en vigur dapi il 1. da favr. 2021 (AS 2021 33; BBl 2020 233). SR 950.12. chapitel Instituts da finanzas1. secziun Administraturs da facultad e trusteesArt. 17 Definiziuns Sco administratur da facultad vala, tgi che po – sa basond sin ina incumbensa – disponer en num e sin quint dals clients da las valurs da facultad da tals en il senn da l’artitgel 3 litera c cifras 1–4 LSFin. Sco trustee vala, tgi che administrescha – sa basond sin il document da fundaziun d’in trust en il senn da la Convenziun dal 1. da fanadur 1985 concernent la lescha applitgabla per trusts e lur renconuschientscha – a titel professiunal facultads spezialas a favur dals benefiziads u per in tschert intent u dispona da talas. SR 950.1 SR 0.221.371Art. 18 Furma giuridica Administraturs da facultad e trustees che han lur sedia u lur domicil en Svizra ston avair ina da las suandantas furmas giuridicas:a. interpresa singula;b. societad commerziala;c. associaziun. Administraturs da facultad e trustees èn obligads da laschar s’inscriver en il register da commerzi.Art. 19 Incumbensas L’administratur da facultad administrescha portfolios individuals. Il trustee administrescha la facultad speziala, procura che sia valur restia mantegnida e dovra ella tenor ses intent. Administraturs da facultad e trustees pon furnir supplementarmain en spezial ils suandants servetschs:a. cussegliaziun d’investiziun;b. analisa dal portfolio;c. purschida d’instruments finanzials.Art. 20 Gestiunaris qualifitgads La gestiun d’in administratur da facultad u d’in trustee sto vegnir exequida d’almain duas persunas qualifitgadas. La gestiun po vegnir exequida mo d’ina persuna qualifitgada, sch’i vegn cumprovà che la cuntinuaziun ordinaria da l’activitad economica è garantida. Ina persuna è qualifitgada d’exequir la gestiun, sch’ella dispona d’ina scolaziun che correspunda a l’activitad da l’administratur da facultad u dal trustee sco er d’avunda experientscha professiunala en l’administraziun da facultad per terzs u en il rom da trusts il mument ch’ella surpiglia la gestiun. Il Cussegl federal regla ils detagls.Art. 21 Management da las ristgas e controlla interna Administraturs da facultad e trustees ston disponer d’in management da las ristgas adequat e d’ina controlla interna efficazia che garantescha tranter auter che las prescripziuns giuridicas ed internas da l’interpresa vegnian garantidas (compliance). Las incumbensas dal management da las ristgas e da la controlla interna pon vegnir ademplidas d’in mainagestiun qualifitgà u delegadas a collavuraturs cun las qualificaziuns correspundentas u ad in post extern qualifitgà. Persunas che adempleschan incumbensas dal management da las ristgas e da la controlla interna na dastgan betg vegnir integradas en las activitads ch’ellas surveglian.Art. 22 Chapital minimal e garanzias Il chapital minimal d’administraturs da facultad e da trustees sto importar 100 000 francs e sto vegnir pajà en en daner blut. El sto vegnir mantegnì permanentamain. Ils administraturs da facultad ed ils trustees ston ultra da quai disponer da garanzias commensuradas u concluder in’assicuranza da responsabladad professiunala. Il Cussegl federal fixescha ils imports minimals per las garanzias e la summa d’assicuranza da l’assicuranza da responsabladad professiunala.Art. 23 Agens meds finanzials Administraturs da facultad e trustees ston posseder agens meds finanzials adequats. Ils agens meds finanzials ston adina importar almain in quart dals custs fixs da l’ultim quint annual, fin maximalmain 10 milliuns francs.2. secziun Administraturs da facultads collectivasArt. 24 Definiziun Sco administratur da facultads collectivas vala, tgi che administrescha a titel professiunal valurs da facultad en num e sin quint da:a. investiziuns collectivas da chapital;b. instituziuns da provediment. Sco administraturs da facultad en il senn da l’artitgel 17 alinea 1 valan:a. administraturs da facultads collectivas tenor l’alinea 1 litera a, da las qualas ils investiders èn qualifitgads en il senn da l’artitgel 10 alinea 3 u 3 da la Lescha dals 23 da zercladur 2006 davart las investiziuns collectivas e che adempleschan ina da las suandantas premissas:1. Las valurs da facultad administradas da las investiziuns collectivas da chapital, inclusiv las valurs da facultad ch’èn vegnidas acquistadas grazia a l’applicaziun d’instruments finanzials cun effect da levagl, importan tut en tut maximalmain 100 milliuns francs.2. Las valurs da facultad administradas da las investiziuns collectivas da chapital importan tut en tut maximalmain 500 milliuns francs e na cuntegnan nagins instruments finanzials cun effect da levagl; las investiziuns collectivas da chapital na concedan nagin dretg da rembursament durant ils emprims 5 onns suenter che l’emprima investiziun è vegnida fatga;b. administraturs da facultads collectivas tenor l’alinea 1 litera b che administreschan valurs da facultad d’instituziuns da provediment da tut en tut maximalmain 100 milliuns francs ed en il sectur obligatoric ultra da quai maximalmain 20 pertschient da las valurs da facultad d’ina singula instituziun da provediment. Administraturs da facultad tenor l’alinea 2 pon pretender ina permissiun sco administraturs da facultads collectivas, sche quai vegn pretendì dal stadi, en il qual l’investiziun collectiva da chapital vegn constituida u purschida u en il qual l’instituziun da provediment vegn manada. Il Cussegl federal regla ils detagls. SR 951.31Art. 25 Furma giuridicaL’administratur da facultads collectivas cun sedia en Svizra sto avair la furma giuridica d’ina societad commerziala.Art. 26 Incumbensas L’administratur da facultads collectivas garantescha l’administraziun dal portfolio ed il management da las ristgas per las valurs da facultad confidadas ad el. Ultra da quai dastga l’administratur da facultads collectivas pratitgar en spezial la gestiun da fonds per investiziuns collectivas da chapital estras. Sch’il dretg ester pretenda ina cunvegna davart la collavuraziun e davart il barat d’infurmaziuns tranter la FINMA e las autoritads da surveglianza estras ch’èn relevantas per la gestiun da fonds, dastga el pratitgar questa gestiun mo, sch’ina tala cunvegna è vegnida concludida. L’administratur da facultads collectivas po exequir supplementarmain activitads administrativas en il rom da questas incumbensas.Art. 27 Transferiment d’incumbensas L’administratur da facultads collectivas po transferir incumbensas a terzs, sche quai è en l’interess d’ina administraziun adequata. Tgi che transferescha l’administraziun da facultads d’ina instituziun da provediment u d’ina investiziun collectiva da chapital ad in administratur da facultads collectivas, resta responsabel che las prescripziuns d’investiziun mintgamai applitgablas vegnian observadas.Art. 28 Chapital minimal e garanzias Administraturs da facultads collectivas ston disponer dal chapital minimal pretendì. Quel sto esser pajà en cumplettamain. La FINMA po permetter ad administraturs da facultads collectivas en furma da societads da persunas da prestar garanzias commensuradas empè dal chapital minimal. Il Cussegl federal regla l’autezza dal chapital minimal e da las garanzias. Ultra da quai po el suttametter la concessiun da la permissiun a la cundiziun ch’i vegnia fatga in’assicuranza da responsabladad professiunala.Art. 29 Agens meds finanzials Administraturs da facultads collectivas ston disponer dal chapital minimal pretendì. Il Cussegl federal fixescha l’autezza dals agens meds finanzials a norma da l’activitad commerziala e da las ristgas.Art. 30 Surveglianza da gruppas e da conglomeratsSche standards internaziunals renconuschids pretendan quai, po la FINMA suttametter ina gruppa da finanzas, che vegn dominada d’in administratur da facultads collectivas, u in conglomerat da finanzas, che vegn dominà d’in administratur da facultads collectivas, ad ina surveglianza da gruppas u da conglomerats.Art. 31 Midada da l’administratur da facultads collectivasL’administratur da facultads collectivas annunzia la surpigliada da ses dretgs e da sias obligaziuns tras in auter administratur da facultads collectivas ordavant a l’autoritad da surveglianza ch’è responsabla per survegliar l’investiziun collectiva da chapital u l’instituziun da provediment.3. secziun Direcziuns da fondsArt. 32 NoziunSco direcziun dal fond vala, tgi che administrescha independentamain fonds d’investiziun en l’agen num e sin quint dals investiders tenor l’artitgel 15 alinea 1 litera a da la Lescha dals 23 da zercladur 2006 davart las investiziuns collectivas (LICol) u procura per l’administraziun d’ina SICAV tenor l’artitgel 13 alinea 2 litera b LICol.  Versiun tenor la cifra 5 da l’agiunta da la LF dals 17 da dec. 2021, en vigur dapi il 1. da mars 2024 (AS 2024 53; BBl 2020 6885). SR 951.31Art. 33 Furma giuridica ed organisaziun La direcziun da fonds sto esser ina societad anonima che ha sia sedia e sia administraziun principala en Svizra. Il chapital d’aczias sto esser dividì en aczias al num. Las persunas responsablas per la direcziun da fonds e da la banca da deposit ston mintgamai esser independentas da l’autra societad. La finamira principala da la direcziun da fonds è la gestiun da fonds; quella consista da l’offerta da quotas dal fond d’investiziun, da sia direcziun e da sia administraziun.Art. 34 IncumbensasUltra da pratitgar las activitads tenor questa lescha dastga la direcziun da fonds furnir oravant tut ils ulteriurs suandants servetschs:a. depositar ed administrar tecnicamain investiziuns collectivas da chapital;b. administrar ina societad d’investiziun a chapital variabel (SICAV).Art. 35 Transferiment d’incumbensas La direcziun da fonds na dastga betg transferir a terzs la direcziun dal fond d’investiziun. Ella dastga però transferir a terzs decisiuns d’investiziun sco er incumbensas parzialas, sche quai è en l’interess d’ina administraziun adequata. Per investiziuns collectivas da chapital, da las qualas las quotas vegnan purschidas a cundiziuns facilitadas en l’Uniun europeica pervia d’ina cunvegna, na dastgan las decisiuns d’investiziun vegnir transferidas ni a la banca da deposit ni ad autras interpresas, da las qualas ils interess pudessan collidar cun tals da l’administratur da facultads collectivas u da la direcziun da fonds u dals investiders.Art. 36 Chapital minimal La direcziun da fonds sto disponer dal chapital minimal pretendì. Quel sto esser pajà en cumplettamain. Il Cussegl federal fixescha l’autezza dal chapital minimal.Art. 37 Agens meds finanzials Tranter ils agens meds finanzials da la direcziun da fonds e la facultad totala da las investiziuns collectivas da chapital che vegnan administradas dad ella stoi dar ina relaziun adequata. Il Cussegl federal regla questa relaziun. En cas spezials po la FINMA conceder facilitaziuns, premess che l’intent da protecziun da questa lescha na vegnia betg pregiuditgà, u ordinar mesiras pli severas en chaussa. Ils agens meds finanzials prescrits na dastga la direcziun da fonds ni investir en quotas da fonds, ch’ella ha emess sezza, ni emprestar a ses acziunaris u a persunas natiralas e giuridicas ch’èn colliadas economicamain u famigliarmain cun tals. Sche meds finanzials liquids vegnan tegnids tar la banca da deposit, na vala quai betg sco emprest.Art. 38 Dretgs La direcziun da fonds ha il dretg:a. da l’indemnisaziun previsa en il contract da fond;b. da la liberaziun da las obligaziuns ch’ella ha surpiglià per ademplir correctamain sias incumbensas;c. da la cumpensaziun da las expensas ch’ella ha fatg per ademplir questas obligaziuns. Quests dretgs vegnan ademplids or dals meds finanzials dal fond d’investiziun. La responsabladad persunala dals investiders è exclusa.Art. 39 Midada da la direcziun da fonds Ils dretgs e las obligaziuns da la direcziun da fonds pon vegnir transferids ad in’autra direcziun da fonds. Il contract da transferiment è mo valaivel, sch’el vegn fixà en scrit u en in’autra furma che permetta ina cumprova tras text, sch’el ha il consentiment da la banca da deposit e sch’el vegn approvà da la FINMA. La direcziun da fonds vertenta communitgescha en ils organs da publicaziun il transferiment planisà avant l’approvaziun tras la FINMA. En las publicaziuns ston ils investiders vegnir rendids attent a la pussaivladad d’inoltrar objecziuns tar la FINMA entaifer 30 dis dapi la publicaziun. La procedura sa drizza tenor la Lescha federala dals 20 da december 1968 davart la procedura administrativa. La FINMA approvescha la midada da la direcziun da fonds, sche las prescripziuns legalas èn observadas e sche la cuntinuaziun dal fond d’investiziun è en l’interess dals investiders. Ella publitgescha la decisiun en ils organs da publicaziun. SR 172.021Art. 39a Midada da la direcziun d’in Limited Qualified Investor Fund  L’artitgel 39 alineas 2–6 n’è betg applitgabel per la midada da la direcziun d’in Limited Qualified Investor Fund (L-QIF) en la furma giuridica d’in fond d’investiziun contractual. Il contract da transferiment è mo valaivel, sch’el vegn concludì en scrit u en in’autra furma che permetta ina cumprova tras text e sch’el è vegnì approvà ordavant da la banca da deposit.  La direcziun vertenta dal fond communitgescha il transferiment planisà en ils organs da publicaziun ed inditgescha, cura che la midada vegn exequida. D’ina publicaziun tenor l’alinea 3 poi vegnir desistì, sche tut ils investiders vegnan infurmads – en scrit u en in’autra furma che permetta ina cumprova tras text – davart il transferiment e davart il mument da l’execuziun da la midada. La midada da la direcziun dal fond dastga vegnir exequida il pli baud: a. en cas d’in fond d’investiziun contractual, nua ch’ina restituziun è pussaivla da tut temp: 30 dis suenter la publicaziun tenor l’alinea 3 u suenter l’infurmaziun tenor l’alinea 4; b. en cas d’in fond d’investiziun contractual, nua ch’ina restituziun n’è betg pussaivla da tut temp: il di suenter il di che las cumparts pon vegnir restituidas resguardond ils termins da restituziun e las datas contractualas u reglamentaricas, sch’il contract dal fond vegniss disditg il 30. di suenter la publicaziun tenor l’alinea 3 u suenter l’infurmaziun tenor l’alinea 4. Sch’il termin da disditga contractual u reglamentaric è pli lung che 30 dis, dastga la midada vegnir exequida pli baud che tenor l’alinea 5, sche tut ils investiders dattan lur consentiment en scrit u en in’autra furma che permetta ina cumprova tras text, il pli baud dentant 30 dis suenter la publicaziun tenor l’alinea 3 u suenter l’infurmaziun tenor l’alinea 4. Integrà tras la cifra 5 da l’agiunta da la LF dals 17 da dec. 2021, en vigur dapi il 1. da mars 2024 (AS 2024 53; BBl 2020 6885).Art. 40 Excorporaziun da la facultad dal fond En cas d’in concurs da la direcziun dal fond vegn separà il suandant a favur dals investiders u dals possessurs dals contos:a. bains e dretgs che appartegnan al fond d’investiziun, cun resalva dals dretgs da la direcziun dal fond tenor l’artitgel 38;b. cumparts d’investiziuns collectivas da chapital ch’èn accreditadas a contos da cumparts. Debits da la direcziun da fonds, che na resultan betg dal contract da fond, na pon betg vegnir scuntrads cun pretensiuns che appartegnan al fond d’investiziun. Versiun tenor la cifra 5 da l’agiunta da la LF dals 17 da dec. 2021, en vigur dapi il 1. da mars 2024 (AS 2024 53; BBl 2020 6885).4. secziun Chasas da vagliasArt. 41 DefiniziunSco chasa da vaglias vala tgi che fa – a titel professiunal – il suandant:a. commerzi cun valurs mobigliaras en l’agen num sin quint dals clients;b. commerzi a curta vista cun valurs mobigliaras sin agen quint, è oravant tut activ sin il martgà da finanzas e:1. pudess pervia da quai periclitar la funcziunalitad dal martgà da finanzas, u2. è activ sco commember d’ina plazza commerziala, u3. maina in sistem da commerzi organisà tenor l’artitgel 42 da la Lescha da las infrastructuras da finanzas dals 19 da zercladur 2015; uc. commerzi a curta vista cun valurs mobigliaras sin agen quint e fixescha publicamain ils curs per singulas valurs mobigliaras en moda permanenta u sin dumonda (market maker). Integrà tras la cifra I 7 da la LF dals 25 da sett. 2020 davart l’adattaziun dal dretg federal als svilups da la tecnologia dals registers electronics distribuids, en vigur dapi il 1. d’avust 2021 (AS 2021 33, 399; BBl 2020 233). SR 958.1Art. 42 Furma giuridicaIna chasa da vaglias cun sedia en Svizra sto avair la furma giuridica d’ina societad commerziala.Art. 43 Chasas da vaglias sut domini esterLas prescripziuns da la LB concernent bancas sut domini ester valan tenor il senn. SR 952.0Art. 44 Incumbensas La chasa da vaglias po en spezial:a. manar – en il rom da sia activitad tenor l’artitgel 41 – persunalmain u tar terzs contos per ils clients per realisar il commerzi cun valurs mobigliaras;b. tegnair en salv persunalmain u sin agen num tar terzs valurs mobigliaras dals clients;c. surpigliar a titel professiunal en moda definitiva u en cumissiun e porscher publicamain sin il martgà primar valurs mobigliaras ch’èn vegnidas emessas da terzs;d. crear sezza a titel professiunal derivats ch’ella porscha sin agen quint u sin quint da terzs publicamain sin il martgà primar. En la dimensiun da sia activitad tenor l’alinea 1 litera a po ella – a titel professiunal – prender en consegna deposits dal public. Il Cussegl federal po decretar prescripziuns davart l’utilisaziun da deposits dal public.Art. 45 Chapital minimal e garanzias Las chasas da vaglias ston disponer dal chapital minimal pretendì. Quel sto esser pajà en cumplettamain. La FINMA po permetter a chasas da vaglias en furma da societads da persunas da prestar garanzias commensuradas empè dal chapital minimal. Il Cussegl federal regla l’autezza dal chapital minimal e da las garanzias.Art. 46 Agens meds finanzials, liquiditad e repartiziun da las ristgas Las chasas da vaglias ston disponer – individualmain e sin basa consolidada – d’agens meds finanzials adequats e d’ina liquiditad commensurada. Ellas ston repartir en moda adequata lur ristgas. Il Cussegl federal regla las pretensiuns a la repartiziun da las ristgas. El fixescha l’autezza dals agens meds finanzials e da la liquiditad a norma da l’activitad commerziala e da las ristgas. En cas motivads po la FINMA conceder facilitaziuns, premess che l’intent da protecziun da questa lescha na vegnia betg pregiuditgà, u ordinar mesiras pli severas en chaussa. La FINMA è autorisada da decretar prescripziuns executivas.Art. 47 Chapital supplementarLas prescripziuns da la LB concernent il chapital supplementar valan tenor il senn. SR 952.0Art. 48 RendaquintLas prescripziuns da la LB concernent il rendaquint valan tenor il senn. SR 952.0Art. 49 Surveglianza da gruppas e da conglomerats Duas u pliras interpresas valan sco gruppa da finanzas dominada d’ina chasa da vaglias, sche:a. almain ina dad ellas è activa sco chasa da vaglias;b. ellas èn principalmain activas en il sectur da finanzas; ec. ellas furman in’unitad economica u i po vegnir supponì dad ellas pervia d’autras circumstanzas ch’ina u pliras interpresas suttamessas a la surveglianza individuala èn obligadas giuridicamain u sfurzadas facticamain da sustegnair autras societads da la gruppa. Sco conglomerat da finanzas dominà d’ina chasa da vaglias vala ina gruppa da finanzas tenor l’alinea 1 ch’è activa oravant tut en il commerzi cun vaglias ed a la quala appartegna almain ina interpresa d’assicuranza d’ina impurtanza economica considerabla. Las prescripziuns da la LB concernent las gruppas da finanzas e concernent ils conglomerats da finanzas valan tenor il senn. SR 952.0Art. 50 Obligaziun da far registraziunsLa chasa da vaglias sto registrar las incumbensas e las fatschentas ch’ella fa cun tut las indicaziuns ch’èn necessarias per suandar las fatschentas e per survegliar sia activitad.Art. 51 Obligaziun d’annunzia La chasa da vaglias sto far las annunzias ch’èn necessarias per la transparenza dal commerzi cun valurs mobigliaras. La FINMA regla, tge infurmaziuns che ston vegnir dadas a tgi en tge furma. Sche l’intent da la lescha qua avant maun pretenda quai, po il Cussegl federal suttametter a l’obligaziun d’annunzia tenor l’alinea 1 er persunas e societads che cumpran e vendan valurs mobigliaras a titel professiunal, ma senza l’agid d’ina chasa da vaglias. Las societads ston laschar controllar d’ina societad d’audit ch’è admessa da l’Autoritad federala da surveglianza en chaussas da revisiun (ASR) tenor l’artitgel 9a alinea 1 da la Lescha dals 16 da december 2005 davart la surveglianza da la revisiun (LSR), che questa obligaziun d’annunzia vegnia observada, ed èn obligadas da dar las infurmaziuns necessarias a la FINMA. SR 221.3025. secziun SuccursalasArt. 52 Obligaziun da dumandar ina permissiun Ina permissiun da la FINMA basegnan instituts da finanzas cun sedia a l’exteriur (instituts da finanzas esters) che vulan installar en Svizra ina succursala, en la quala ellas occupan persunas che fan – en num da l’institut da finanzas ester respectiv – a titel professiunal e permanentamain il suandant en Svizra u da la Svizra anora:a. administreschan valurs da facultad u pratitgeschan in’activitad sco trustee;b. fan l’administraziun da la facultad per investiziuns collectivas da chapital u per instituziuns da provediment;c. fan commerzi cun valurs mobigliaras;d. concludan fatschentas; ue. mainan contos da clients. Direcziuns da fonds estras na dastgan installar naginas succursalas en Svizra. Il Cussegl federal po far contracts internaziunals che prevesan che instituts da finanzas dals stadis contractants pon installar ina succursala senza permissiun da la FINMA, sche tuttas duas varts contractantas renconuschan sco equivalentas la regulaziun respectiva da l’activitad d’instituts da finanzas e las mesiras da surveglianza.Art. 53 Premissas per la permissiunLa FINMA conceda a l’institut da finanzas ester ina permissiun per installar ina succursala, sche:a. l’institut da finanzas ester:1. è organisà suffizientamain e dispona d’avunda meds finanzials e da persunal qualifitgà per manar ina succursala en Svizra,2. è suttamess ad ina surveglianza adequata ch’includa er la succursala, e3. cumprova che la firma da la succursala po vegnir inscritta en il register da commerzi;b. las autoritads da surveglianza estras cumpetentas:1. na fan naginas objecziuns cunter l’installaziun d’ina succursala,2. s’obligheschan d’infurmar immediatamain la FINMA, sch’i capitan eveniments che pudessan periclitar seriusamain ils interess dals investiders u dals clients, e3. prestan agid uffizial a la FINMA;c. la succursala:1. ademplescha las premissas tenor ils artitgels 9–11 e dispona d’in reglament che circumscriva precisamain il champ d’activitads e che prevesa in’organisaziun administrativa u manaschiala che correspunda a sia activitad commerziala, e2. ademplescha las premissas supplementaras per la permissiun tenor ils artitgels 54–57.Art. 54 ReciprocitadLa FINMA po suttametter la concessiun da la permissiun per installar ina succursala d’in institut da finanzas ester a la cundiziun ch’ils stadis, en ils quals l’institut da finanzas ester u las persunas estras cun participaziuns qualifitgadas han lur domicil u lur sedia, concedian il dretg reciproc.Art. 55 Gruppas da finanzas e conglomerats da finanzasSch’in institut da finanzas ester è ina part d’ina gruppa da finanzas u d’in conglomerat da finanzas, po la FINMA suttametter la concessiun da la permissiun a la cundiziun che l’institut da finanzas ester saja suttamess ad ina surveglianza consolidada tras autoritads da surveglianza estras.Art. 56 GaranziasLa FINMA po suttametter la concessiun da la permissiun per installar ina succursala d’in administratur da facultad ester, d’in trustee ester u d’in administratur da facultads collectivas ester a la cundiziun ch’i vegnia prestada ina garanzia, sche la protecziun dals investiders u dals clients pretenda quai.Art. 57 Regulaziun excepziunalaIl Cussegl federal po prevair che succursalas d’instituts da finanzas esters vegnian deliberadas d’observar tschertas prescripziuns da questa lescha.6. secziun RepreschentanzasArt. 58 Obligaziun da dumandar ina permissiun Instituts da finanzas basegnan ina permissiun da la FINMA, sch’els occupan en Svizra persunas ch’èn activas a titel professiunal e permanentamain en Svizra u da la Svizra anora en in’autra moda che fixà en l’artitgel 52 alinea 1, cunzunt, sche questas persunas transfereschan incumbensas dals clients ad els u sch’ellas als represchentan per intents da reclama u per auters intents. Direcziuns da fonds estras na dastgan installar naginas represchentanzas en Svizra. Il Cussegl federal po far contracts internaziunals che prevesan che instituts da finanzas dals stadis contractants pon installar ina represchentanza senza permissiun da la FINMA, sche tuttas duas varts contractantas renconuschan sco equivalentas la regulaziun respectiva da l’activitad d’instituts da finanzas e las mesiras da surveglianza.Art. 59 Premissas per la permissiun La FINMA conceda a l’institut da finanzas ester ina permissiun per installar ina represchentanza, sche:a. l’institut da finanzas ester è suttamess ad ina surveglianza adequata;b. las autoritads da surveglianza estras na fan naginas objecziuns cunter l’installaziun da la represchentanza;c. las persunas incumbensadas cun sia direcziun garanteschan in’activitad commerziala irreproschabla. Supplementarmain po la FINMA suttametter la permissiun a la cundiziun ch’il stadi, en il qual l’institut da finanzas ester ha sia sedia, concedia il dretg reciproc.Art. 60 Regulaziun excepziunalaIl Cussegl federal po prevair che represchentanzas d’instituts da finanzas esters vegnian deliberadas d’observar tschertas prescripziuns da questa lescha.3. chapitel SurveglianzaArt. 61 Cumpetenza Administraturs da facultad e trustees vegnan survegliads da la FINMA consultond in’organisaziun da surveglianza tenor la LFINMA. Resalvada resta la surveglianza consolidada tras la FINMA tenor ils artitgels 30 e 49 da questa lescha u tenor las leschas davart ils martgads da finanzas tenor l’artitgel 1 alinea 1 LFINMA. L’activitad da surveglianza currenta dals administraturs da facultad e dals trustees vegn exequida d’organisaziuns da surveglianza ch’èn permessas da la FINMA. Administraturs da facultads collectivas, direcziuns da fonds e chasas da vaglias vegnan survegliads da la FINMA. Sch’i n’exista nagina organisaziun da surveglianza tenor l’alinea 1, exequescha la FINMA la surveglianza. SR 956.1Art. 62 Verificaziun dals administraturs da facultad e dals trustees Ils administraturs da facultad ed ils trustees ston incumbensar ina societad d’audit tenor l’artitgel 43k alinea 1 LFINMA cun ina verificaziun annuala, uschenavant che questa verificaziun na vegn betg fatga da l’organisaziun da surveglianza respectiva sezza. L’organisaziun da surveglianza po extender la periodicitad da la verificaziun a maximalmain 4 onns, resguardond l’activitad dals survegliads e las ristgas ch’èn colliadas cun quai. Ils onns, durant ils quals i na vegn fatga nagina verificaziun periodica, furneschan ils administraturs da facultad ed ils trustees in rapport a l’organisaziun da surveglianza davart il fatg che lur activitad commerziala correspundia a las prescripziuns legalas. Quest rapport po vegnir furnì en ina furma standardisada. SR 956.1Art. 63 Verificaziun dals administraturs da facultads collectivas, da las direcziuns da fonds, da las chasas da vaglias, da las gruppas da finanzas e dals conglomerats da finanzas Ils administraturs da facultads collectivas, las direcziuns da fonds, las chasas da vaglias, las gruppas da finanzas ed ils conglomerats da finanzas ston:a. incumbensar ina societad d’audit admessa da la ASR tenor l’artitgel 9a alinea 1 LSR cun ina verificaziun annuala tenor l’artitgel 24 LFINMA;b. laschar verifitgar lur quint annual ed eventualmain lur quint dal concern d’ina interpresa da revisiun, che stat sut la surveglianza dal stadi, e quai tenor ils princips da la revisiun ordinaria dal Dretg d’obligaziuns (DO). Per la verificaziun tenor l’alinea 1 litera a po la FINMA prevair ina periodicitad da la verificaziun da plirs onns, resguardond l’activitad dals survegliads e las ristgas ch’èn colliadas cun quai. Ils onns, durant ils quals i na vegn fatga nagina verificaziun periodica, furneschan ils instituts da finanzas tenor l’alinea 1 in rapport a la FINMA davart il fatg che lur activitad commerziala correspundia a las prescripziuns legalas. Quest rapport po vegnir furnì en ina furma standardisada. La direcziun da fonds incumbensescha per sasezza e per ils fonds d’investiziun administrads dad ella la medema societad d’audit. La FINMA po far sezza verificaziuns directas. SR 221.302 SR 956.1 SR 220Art. 64 Obligaziun da dar infurmaziuns ed obligaziun d’annunzia en cas d’in transferiment da funcziuns essenzialas Sch’in institut da finanzas transferescha funcziuns essenzialas ad autras persunas, èn quellas suttamessas a l’obligaziun da dar infurmaziuns ed a l’obligaziun d’annunzia tenor l’artitgel 29 LFINMA. La FINMA po far da tut temp verificaziuns tar questas persunas. SR 956.1Art. 65 Suspensiun dal dretg da votarPer far valair l’artitgel 11 alineas 3 e 5 po la FINMA suspender il dretg da votar ch’è lià vi d’aczias u vi da quotas che vegnan tegnidas da participads qualifitgads.Art. 66 Liquidaziun Sche la FINMA privescha in institut da finanzas da la permissiun, ha quai per consequenza per persunas giuridicas, per societads collectivas e per societads commanditaras ch’ellas vegnan schliadas e per interpresas singulas ch’ellas vegnan extinguidas en il register da commerzi. La FINMA designescha il liquidatur e surveglia sia activitad. Resalvadas restan las prescripziuns dal dretg d’insolvenza.Art. 67 Mesiras dal dretg d’insolvenza Las disposiziuns da la LB davart las mesiras en cas d’in privel d’insolvenza e davart il concurs bancar valan tenor il senn per direcziuns da fonds e per chasas da vaglias. Las disposiziuns da la LB davart la garanzia dals deposits e davart las valurs da facultad senza identitad valan analogamain per chasas da vaglias tenor l’artitgel 41 litera a. SR 952.0 Versiun tenor la cifra I 7 da la LF dals 25 da sett. 2020 davart l’adattaziun dal dretg federal als svilups da la tecnologia dals registers electronics distribuids, en vigur dapi il 1. d’avust 2021 (AS 2021 33, 399; BBl 2020 233).4. chapitel Responsabladad e disposiziuns penalas1. secziun ResponsabladadArt. 68 La responsabladad dals instituts da finanzas e da lur organs sa drizza tenor las disposiziun dal DO. Sch’in institut da finanzas transferescha l’adempliment d’ina incumbensa ad in terz, è el responsabel per il donn che quest terz chaschuna, nun ch’el cumprovia ch’el haja agì cun tut il quità che vegn pretendì da las circumstanzas en quai che reguarda la tscherna, l’instrucziun e la surveglianza da quest terz. Il Cussegl federal po reglar las pretensiuns a la surveglianza. Per acziuns da persunas, a las qualas la direcziun da fonds ha transferì incumbensas tenor l’artitgel 35 alinea 1, è responsabla la direcziun da fonds sco per l’agen agir. SR 2202. secziun Disposiziuns penalasArt. 69 Violaziun dal secret professiunal Cun in chasti da detenziun fin 3 onns u cun in chasti pecuniar vegn chastià, tgi che fa intenziunadamain il suandant:a. palaisa in secret ch’è vegnì confidà ad el en sia qualitad sco organ, sco emploià, sco incumbensà u sco liquidatur d’in institut da finanzas u ch’el è vegnì a savair en questa qualitad;b. emprova da surmanar ad ina tala violaziun dal secret professiunal;c. palaisa ad ulteriuras persunas in secret ch’è vegnì palesà ad el violond la litera a u profita d’in tal secret per sai u per in auter. Cun in chasti da detenziun fin 5 onns u cun in chasti pecuniar vegn chastià, tgi che procura in avantatg da facultad per sasez u per in auter tras in’acziun tenor l’alinea 1 litera a u c. Tgi che agescha per negligientscha, vegn chastià cun ina multa fin 250 000 francs. La violaziun dal secret professiunal è chastiabla er suenter che la relaziun d’uffizi u da servetsch u la pratica da la professiun è vegnida terminada. Resalvadas restan las disposiziuns federalas e chantunalas davart l’obligaziun da dar perditga e davart l’obligaziun d’infurmar in’autoritad. La persecuziun ed il giudicament da las acziuns tenor questa disposiziun èn chaussa dals chantuns.Art. 70 Violaziun da las disposiziuns davart la protecziun cunter scumbigl e cunter engion sco er da las obligaziuns d’annunziaCun ina multa fin 500 000 francs vegn chastià, tgi che fa intenziunadamain il suandant:a. cuntrafa a la disposiziun davart la protecziun cunter scumbigl e cunter engion (art. 13);b. na fa betg, fa en moda faussa u fa memia tard a la FINMA las annunzias prescrittas tenor ils artitgels 11 e 15.Art. 71 Violaziun da las obligaziuns da far registraziuns e d’annunziaCun ina multa fin 500 000 francs vegn chastià, tgi che fa intenziunadamain il suandant:a. violescha l’obligaziun da far registraziuns tenor l’artitgel 50;b. violescha l’obligaziun d’annunzia tenor l’artitgel 51.5. chapitel Disposiziuns finalasArt. 72 Disposiziuns executivasIl Cussegl federal decretescha las disposiziuns executivas.Art. 73 Aboliziun e midada d’auters decretsL’aboliziun e la midada d’auters decrets vegnan regladas en l’agiunta.Art. 74 Disposiziuns transitoricas Instituts da finanzas che disponan – il mument che questa lescha entra en vigur – d’ina permissiun tenor ina lescha davart ils martgads da finanzas tenor l’artitgel 1 alinea 1 LFINMA per l’activitad correspundenta, na basegnan nagina nova permissiun. Els ston ademplir las pretensiuns da questa lescha entaifer 1 onn a partir sia entrada en vigur. Instituts da finanzas che na suttastattan tenor il dretg vertent betg ad in’obligaziun da dumandar ina permissiun, ma che suttastattan da nov ad in’obligaziun da dumandar ina permissiun, cur che questa lescha entra en vigur, s’annunzian tar la FINMA entaifer 6 mais a partir da l’entrada en vigur da questa lescha. Els ston ademplir las pretensiuns da questa lescha entaifer 3 onns a partir da l’entrada en vigur ed inoltrar ina dumonda da permissiun. Fin a la decisiun davart la permissiun pon els cuntinuar cun lur activitad, premess ch’els sajan affiliads ad in’organisaziun d’autoregulaziun tenor l’artitgel 24 da la Lescha dals 10 d’october 1997 davart la lavada da daners suspectus (LLDS) e che quella controllia ch’els observian las obligaziuns correspundentas. Administraturs da facultad e trustees che cumenzan cun lur activitad entaifer 1 onn suenter l’entrada en vigur da questa lescha, ston s’annunziar immediatamain tar la FINMA ed ademplir las premissas per la permissiun – cun excepziun da l’artitgel 7 alinea 2 – a partir dal mument ch’els cumenzan cun lur activitad. Il pli tard 1 onn suenter che la FINMA ha permess in’organisaziun da surveglianza tenor l’artitgel 43a LFINMA, ston els s’affiliar ad ina tala organisaziun da surveglianza ed inoltrar ina dumonda da permissiun. Fin a la decisiun davart la permissiun pon els pratitgar lur activitad, premess ch’els sajan affiliads ad in’organisaziun d’autoregulaziun tenor l’artitgel 24 LLDS e che quella controllia ch’els observian las obligaziuns correspundentas. En cas spezials po la FINMA prolungar ils termins tenor ils alineas 1 e 2. SR 956.1 SR 955.0Art. 74a Coordinaziun cun la midada da la Lescha davart la lavada da daners suspectus en il rom da la Lescha da gieus per daners dals 29 da settember 2017... Integrà tras la rectificaziun da la Cumissiun da redacziun da la AF dals 24 da sett. 2019 (AS 2019 5065). Las disposiziuns da coordinaziun pon vegnir consultadas en la AS 2019 5065 ed en la AS 2020 501. Rectificaziun da la Cumissiun da redacziun da la AF dals 31 da schan. 2020, publitgà ils 18 da favr. 2020 (AS 2020 501).Art. 75 Referendum ed entrada en vigur Questa lescha è suttamessa al referendum facultativ. Il Cussegl federal fixescha l’entrada en vigur. Questa lescha entra en vigur mo ensemen cun la LSFin. Il Cussegl federal po metter en vigur anticipadamain las suandantas disposiziuns:a. la midada da la Lescha federala dals 23 da mars 2001 davart credits da consum (agiunta cifra 2);b. l’artitgel 9a alinea 4 LSR (agiunta cifra 3);c. ils artitgels 1a, 1b, 47 alinea 1 litera a e 52a LB (agiunta cifra 14);d. l’artitgel 2 alinea 2 litera a LLDS (agiunta cifra 15);e. ils artitgels 4, 5 e 15 alinea 2 litera a LFINMA (agiunta cifra 16). L’artitgel 15 alinea 2 litera a LFINMA vala fin a l’entrada en vigur da l’artitgel 15 alinea 2 litera a LFINMA (agiunta cifra 16).Data da l’entrada en vigur: 1. da schaner 2020 SR 950.1 SR 221.214.1 SR 221.302 SR 952.0 SR 955.0 SR 956.1O dals 6 da nov. 2019 (AS 2019 4631).Agiunta(art. 73)Aboliziun e midada d’auters decretsILa Lescha da bursas dals 24 da mars 1995 vegn abolida.IIIls suandants decrets vegnan midads sco suonda:... [AS 1997 68 2044, 2005 5269 agiunta cifra II 7, 2006 2197 agiunta cifra 146, 2008 5207 agiunta cifra 16, 2012 6679 agiunta cifra 8, 2013 1103, 2014 4073 agiunta cifra 6, 2015 1535 cifra I 3 5339 agiunta cifra 11]Las midadas pon vegnir consultadas en la AS 2018 5247.