Portfolio managers and trustees

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state-active">Authorisation</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <div class="flyout-column-left-title">Authorised or registered institutions, persons and products</div> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_bewilligung.png?h=64&iar=0&w=64&hash=C59AF4AB210953925B44A1CBEDE5FD8F" alt="Authorisation icon" width="64" height="64" /> </div> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Getting authorised</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a 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href="/en/finma-public/authorised-institutions-individuals-and-products/">Authorised or registered institutions, persons and products</a> <div class="flyout-column-text">These companies, persons and products have a licence and are permitted to operate on the financial market.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">These companies are not authorised and may be engaging in financial market activity without the requisite licence.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Supervision</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/supervision/our-approach-to-supervision/">Our approach to supervision</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_ueberwachung.png?h=64&iar=0&w=64&hash=EBB252A54B6BD7EA0CDB0475CA196855" alt="Supervision icon" width="64" height="64" /> </div> <div class="flyout-column-text">FINMA’s core task is prudential supervision of the financial market. It also uses private audit companies to extend its reach.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Information about supervision of…</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/supervision/our-approach-to-supervision/" title="Our approach to supervision" role="menuitem">Our approach to supervision</a> </li> <li role="presentation"> <a href="/en/supervision/cross-sector-issues/" title="Cross-sector issues" role="menuitem">Cross-sector issues</a> </li> <li role="presentation"> <a href="/en/supervision/banks-and-securities-firms/" title="Banks and securities firms" role="menuitem">Banks and securities firms</a> </li> <li role="presentation"> <a href="/en/supervision/insurers/" title="Insurers" role="menuitem">Insurers</a> </li> <li role="presentation"> <a href="/en/supervision/versicherungsvermittler/" title="Insurance intermediaries" role="menuitem">Insurance intermediaries</a> </li> <li role="presentation"> <a href="/en/supervision/asset-management/" title="Asset Management" role="menuitem">Asset Management</a> </li> <li role="presentation"> <a href="/en/supervision/portfolio-managers-and-trustees/" title="Portfolio managers and trustees" role="menuitem">Portfolio managers and trustees</a> </li> <li role="presentation"> <a href="/en/supervision/supervisory-organisations/" title="Supervisory organisations" role="menuitem">Supervisory organisations</a> </li> <li role="presentation"> <a href="/en/supervision/self-regulatory-organisations-sros/" title="Self-regulatory organisations (SROs)" role="menuitem">Self-regulatory organisations (SROs)</a> </li> <li role="presentation"> <a href="/en/supervision/financial-market-infrastructures/" title="Financial market infrastructures" role="menuitem">Financial market infrastructures</a> </li> <li role="presentation"> <a href="/en/supervision/central-mortgage-bond-institutions/" title="Central mortgage bond institutions" role="menuitem">Central mortgage bond institutions</a> </li> <li role="presentation"> <a href="/en/supervision/fintech/" title="FinTech" role="menuitem">FinTech</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/supervision/banks-and-securities-firms/categorisation/">Risk categories in the banking sector</a> <div class="flyout-column-text">FINMA assigns banks to different risk categories.</div> <a class="flyout-column-link" href="/en/supervision/insurers/categorisation/">Risk categories in the insurance sector</a> <div class="flyout-column-text">FINMA assigns insurers to different risk categories.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Enforcement</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/enforcement/all-about-enforcement/">Enforcing supervisory law</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_durchsetzung.png?h=64&iar=0&w=64&hash=DD5B067C17728DE511F0D115D366BC67" alt="Enforcement icon" width="64" height="64" /> </div> <div class="flyout-column-text"><p style="margin: 0cm 0cm 0pt;">Where necessary, FINMA enforces supervisory law using coercive measures under administrative law. Find out about its powers, approach and measures for dealing with violations of the law here.</p></div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span class="flyout-column-title">Enforcement topics</span> <ul class="flyout-column-list" role="menu"> <li role="presentation"> <a href="/en/enforcement/all-about-enforcement/" title="All about Enforcement" role="menuitem">All about Enforcement</a> </li> <li role="presentation"> <a href="/en/enforcement/licence-holders/" title="Licence holders" role="menuitem">Licence holders</a> </li> <li role="presentation"> <a href="/en/enforcement/unauthorised-activities/" title="Unauthorised activities" role="menuitem">Unauthorised activities</a> </li> <li role="presentation"> <a href="/en/enforcement/market-supervision/" title="Market supervision" role="menuitem">Market supervision</a> </li> <li role="presentation"> <a href="/en/enforcement/enforcement-tools/" title="Enforcement tools" role="menuitem">Enforcement tools</a> </li> <li role="presentation"> <a href="/en/enforcement/database-for-assessing-fitness-and-propriety-requirements/" title="Database for assessing fitness and propriety requirements" role="menuitem">Database for assessing fitness and propriety requirements</a> </li> <li role="presentation"> <a href="/en/enforcement/national-and-international-cooperation/" title="National and international cooperation" role="menuitem">National and international cooperation</a> </li> <li role="presentation"> <a href="/en/enforcement/parties-rights-and-obligations/" title="Rights and obligations" role="menuitem">Rights and obligations</a> </li> <li role="presentation"> <a href="/en/enforcement/case-reports-and-court-decisions/" title="Case reports and court decisions" role="menuitem">Case reports and court decisions</a> </li> <li role="presentation"> <a href="/en/enforcement/recovery-und-resolution-n/" title="Recovery and resolution" role="menuitem">Recovery and resolution</a> </li> </ul> </div> </div> <div class="g-cell s-1of3 flyout-column-right"> <div class="flyout-column-right-wrap"> <a class="flyout-column-link" href="/en/documentation/finma-publications/kennzahlen-und-statistiken/statistiken/enforcement/">Enforcement report</a> <div class="flyout-column-text">The enforcement report contains anonymised case studies that offer a more in-depth insight into FINMA’s enforcement activities.</div> <a class="flyout-column-link" href="/en/finma-public/warnungen/">Warning list</a> <div class="flyout-column-text">This is a list of companies and individuals that may be operating without the requisite FINMA authorisation.</div> <a class="flyout-column-link" href="/en/enforcement/recovery-und-resolution-n/">Recovery and resolution</a> <div class="flyout-column-text">The section on recovery and resolution provides an insight into the measures available to FINMA in the event that institutions become destabilised. FINMA thereby contributes to ensuring financial stability.</div> </div> </div> </li> </ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">Documentation</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/documentation/finma-s-legal-basis/">FINMA’s legal basis</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_dokumentation.png?h=64&iar=0&w=64&hash=42C3971FE452D2643DEB60C25197EEC0" alt="Documentation icon" width="64" height="64" /> </div> <div class="flyout-column-text">The financial market laws and the Financial Market Supervision Act provide the basis for FINMA’s activities. 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</ul> </li> <li class="main-list-item js-main-list-item" role="presentation" aria-haspopup="true"> <h2 class="main-list-link js-main-list-link">FINMA</h2> <ul class="main-flyout js-main-flyout" role="menu" aria-expanded="false"> <li class="g-row" role="presentation"> <div class="g-cell s-1of3 flyout-column-left"> <div class="flyout-column-left-wrap e-text"> <a class="flyout-column-link" href="/en/finma/finma-an-overview/">FINMA – an overview</a> <div class="flyout-column-text-box"> <div class="text-image pull-left"> <img src="/~/media/finma/images/menuicons/finma_icon_behoerde.png?h=64&iar=0&w=64&hash=ED57AB81A75632D24584A132CD7D6DE6" alt="FINMA icon" width="64" height="64" /> </div> <div class="flyout-column-text">As an independent supervisor of the Swiss financial market, FINMA is institutionally, functionally and financially independent.</div> </div> </div> </div> <div class="g-cell s-1of3 flyout-column-center"> <div class="flyout-column-center-wrap"> <span 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This brochure illustrates how FINMA meets these criteria.</span></p></div> <a class="flyout-column-link" href="/en/documentation/finma-publications/annual-reports--and-financial-statements/">Annual Report</a> <div class="flyout-column-text">FINMA accounts for its supervisory activities in its annual report and annual financial statements.</div> </div> </div> </li> </ul> </li> <li class="finma-public-item" style="display: block;" role="presentation" aria-haspopup="true"> <a class="e-btn btn-finma-public" role="menuitem" title="FINMA Public" href="/en/finma-public/">FINMA Public</a> </li> </ul> </div> </nav> </div> </header> <div class="l-body l-sub"> <div class="l-background"> </div> <div class="l-content-wrapper l-wrap"> <div class="g-row"> <div class="l-bread"> <div class="mod-breadcrumb"> <ul class="breadcrumb-list"> <li><a href="/en/">Home </a></li> <li><a href="/en/authorisation/">Authorisation </a></li> <li><a href="/en/authorisation/portfolio-managers-and-trustees/">Portfolio managers and trustees </a></li> </ul> </div> </div> <div class="g-cell s-flex"> <div class="l-content l-right--left"> <div class="l-main"> <div class="e-text text-heading-underline"> <h1>Portfolio managers and trustees</h1> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-lead-intro">Portfolio managers and trustees must be licensed by FINMA in order to carry out their activities on a commercial basis. Once they are licensed, they are subject to ongoing supervision by a supervisory organisation. </div> </div> </div> <div class="mod mod-content"> <div class="e-text"> <div class="text-rte--infobox g-row"> <div class="text-rte g-cell s-flex"> <div class="text-infobox"><ul> <li > <a class="e-text text-link-external bold" href="/en/authorisation/portfolio-managers-and-trustees/bewilligungsprozess/">Licensing process</a> </li> <li > <a class="e-text text-link-external bold" href="/en/documentation/dossier/dossier-vermoegensverwalter-und-trustees/">Dossier on portfolio managers and trustees</a> </li> </ul> </div> <div class="text-page"> <p>Portfolio managers are persons who are eligible to accept assets belonging to others on the basis of a power of attorney, and who carry out this activity on a commercial basis, or who manage the assets of collective investment schemes or occupational pension schemes below the defined thresholds. Portfolio managers require a licence from FINMA before they commence their commercial activities.</p><p>The same applies to trustees, who on a commercial basis manage or hold a separate fund for the benefit of the beneficiaries or for a specified purpose based on the instrument creating a trust. Trustees also require a licence from FINMA before they commence their commercial activities. </p><p> </p><p>A detailed description of the licensing process can be found <a href="https://www.finma.ch/en/authorisation/vermoegensverwalter-und-trustees/bewilligungsprozess/" target="_self">here</a>. Transitional provisions apply for <a href="https://www.finma.ch/en/authorisation/vermoegensverwalter-und-trustees/vermoegensverwalter/" target="_self">portfolio managers</a> and <a href="https://www.finma.ch/en/authorisation/vermoegensverwalter-und-trustees/trustees/" target="_self">trustees</a> who commenced their activity on a commercial basis before 1 January 2021. </p><h2>Licensing requirements</h2><p> FINMA will grant a licence if portfolio managers and trustees meet the legal requirements. These are set out in the <a rel="noopener noreferrer" href="https://www.fedlex.admin.ch/eli/cc/2018/801/en" target="_blank"><abbr data-addtext='The Financial Institutions Act (FinIA) regulates the operational requirements for financial institutions.' title='The Financial Institutions Act (FinIA) regulates the operational requirements for financial institutions.' class="e-text" rel="tooltip">Financial Institutions Act</abbr> (<abbr data-addtext='Financial Institutions Act' title='Financial Institutions Act' class="e-text" rel="tooltip">FinIA</abbr>)</a>, the <a rel="noopener noreferrer" href="https://www.fedlex.admin.ch/eli/cc/2019/763/en" target="_blank">Financial Institutions Ordinance (<abbr data-addtext='Financial Institutions Ordinance' title='Financial Institutions Ordinance' class="e-text" rel="tooltip">FinIO</abbr>)</a> and the FINMA Financial Institutions Ordinance (FinIO-FINMA). Further details can be found on the ‘<a href="https://www.finma.ch/en/authorisation/vermoegensverwalter-und-trustees/vermoegensverwalter/" target="_self">Portfolio managers</a>’ and ‘<a href="https://www.finma.ch/en/authorisation/vermoegensverwalter-und-trustees/trustees/" target="_self">Trustees</a>’ pages. <br><br>Portfolio managers and trustees must meet a number of personal, financial and organisational requirements. In particular, they are required to provide proof that they are domiciled in Switzerland, are suitably organised, and have adequate financial guarantees. <br>Moreover, members of the body responsible for management or of the body responsible for governance, supervision and control must be able to provide a guarantee of irreproachable business conduct, enjoy a good reputation and hold the required professional qualifications. </p><h2>Preliminary authorisation enquiries</h2><p> FINMA assesses enquiries from individuals and legal entities with regard to whether the intended business activities require a licence and are therefore subject to supervision. This involves appraising the legal aspects of a specific case before a licence application is submitted. </p><p> </p><p>These assessments generally incur a fee. Enquiries should be addressed to the Authorisation section of FINMA’s Asset Management division.</p><p> </p><p>Contact: <a rel="noopener noreferrer" href="mailto:AssetManagement@finma.ch" target="_blank">Asset.Management@finma.ch<br></a></p><h2>Ongoing supervision</h2><p> A <a href="https://www.finma.ch/en/bewilligung/aufsichtsorganisationen" target="_self">supervisory organisation (SO)</a> is responsible for ensuring portfolio managers and trustees comply with licensing requirements. The SO is licensed and supervised by FINMA. Portfolio managers or trustees within domestic group companies are exempt from this rule, as they can be exclusively supervised by FINMA within its group supervision role once they have obtained their licence. </p><h2>Changes</h2><p> If a licensed portfolio manager or trustee intends to make a change to circumstances that affect their FINMA licence, this must be reported to the SO in advance and, depending on the change, also approved by FINMA. You can find further details <a href="/en/authorisation/portfolio-managers-and-trustees/aenderungen/">here</a>. <br><br>The statutory licensing requirements must be complied with at all times without exception. <br>The obligation to ensure ongoing compliance also applies in particular to the requirements for minimum capital and capital adequacy. The institution is responsible for regularly monitoring compliance with regulatory requirements by means of suitable and effective controls. 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