On 1st January 2007 the collective capital investment law (Licol) became effective. This law has introduced, for the first time in Switzerland, the possibility for managers of foreign capital collective investment schemes to be regulated by the Federal Banking Commission (CFB- the federal authority supervising banks and financial intermediaries).
With a decision granted on February 22nd 2007, Compass Asset Management was the first Swiss Company to be authorized by CFB, in accordance with the law.
This authorization allows Compass AM to become manager of foreign ad domestic investment funds.
Being regulated by CFB means:
The auditor is obliged to inform immediately CFB of any deficiency.
With a decision granted on February 22nd 2007, Compass Asset Management was the first Swiss Company to be authorized by CFB, in accordance with the law.
This authorization allows Compass AM to become manager of foreign ad domestic investment funds.
Being regulated by CFB means:
- obligation to document the decisional procedures
- separation of tasks
- duplication of functions (back-up person)
- compliance and internal audit
- external audit entrusted to an audit society qualified on the CFB standard ( Price Waterhouse Coopers, in our case)
- the accounting rules and the anti-laundering good practices have to be respected
- the guidelines imposed by the CFB regarding the company structure have to be respected and a documented work flow has to be constantly applied.
The auditor is obliged to inform immediately CFB of any deficiency.
