Legal information

Both the Financial Institutions Act (FinIA) and the Financial Services Act (FinSA) have been in force since 1 January 2020. The introduction of the FinIA also subjected independent asset managers to supervision.

The FinSA contains rules of conduct that financial service providers must adhere to for their customers. These include disclosure obligations regarding the risks involved in trading financial instruments.

Helvetic Trust AG meets these disclosure obligations in full and they have been summarised by the ‘SwissBanking’ Swiss Bankers Association in the brochure ‘Risks in trading in financial instruments’.

FINMA independent asset manager licence

Helvetic Trust AG was recognised as an independent asset manager by the Swiss Financial Market Supervisory Authority FINMA in March 2023.

Anyone who works commercially as an asset manager requires a licence from the Swiss Financial Market Supervisory Authority FINMA and must meet a number of financial, personnel and organisational requirements.

FINMA only grants such licences if the legal requirements according to the Financial Institutions Act, the Ordinance on Financial Institutions and the Ordinance on Financial Institutions-FINMA have been met in full.

After a licence has been granted by FINMA, the approved asset managers are checked by a supervisory organisation to ensure continuous compliance with the licensing requirements and rules of conduct.

In the case of Helvetic Trust AG, this supervisory organisation is the Schweizerische Aktiengesellschaft für Aufsicht (Swiss Corporation for Supervision, AOOS).

Ombudsman office

OFS Ombud Finance Switzerland
16 Boulevard des Tranchées
1206 Genf, Schweiz

Federal Act on Collective Investment Schemes (CISA)

According to Article 10, paragraph 3 of the Federal Act on Collective Investment Schemes (CISA), the following are considered qualified investors:

• Supervised financial intermediaries such as banks, securities dealers, fund management companies, and asset managers of collective investment schemes;
• Supervised insurance institutions;
• Public-law corporations and pension institutions with professional treasury management;
• Companies with professional treasury management;
• High-net-worth individuals;
• Investors who have entered into a written asset management agreement with a supervised financial intermediary (such as banks, securities dealers, fund management companies, and asset managers of collective investment schemes).

According to Article 6, paragraph 2 of the Ordinance on Collective Investment Schemes, in conjunction with Article 10, paragraph 4 CISA, the following are also considered qualified investors:
Independent asset managers and investors who have entered into a written asset management agreement with them, provided that:

• The asset manager, as a financial intermediary, is subject to the Anti-Money Laundering Act of October 10, 1997 (AMLA) (Art. 2, para. 3, let. e AMLA);
• The asset manager is subject to the code of conduct of an industry organization recognized by the supervisory authority as minimum standards; and
• The asset management agreement complies with the recognized guidelines of an industry organization.

A high-net-worth individual is defined as someone who provides written confirmation that they directly or indirectly hold net financial assets of at least CHF 2 million.
Financial assets include, in particular, bank deposits (sight or term deposits), fiduciary investments, securities (including collective investment schemes and structured products), derivatives, precious metals, and life insurance policies with a surrender value.
Financial assets do not include, in particular, direct investments in real estate and claims from social security schemes (including assets in the second and third pillars).

The confirmation regarding the available financial assets must be provided no later than at the time of the offering or distribution of the collective investment scheme.
The presence of the required financial assets must be verified by the promoter or provider of collective investment schemes if there are doubts about whether the necessary conditions for classification as a high-net-worth individual are met.

A written confirmation may be waived if the required financial assets are deposited with the bank or securities dealer that also offers or distributes the collective investment schemes.
Private investment vehicles established for individuals may be treated as high-net-worth individuals if they hold net financial assets of at least CHF 2 million.

Source: Circular of the Swiss Financial Market Supervisory Authority FINMA on Public Advertising under the Legislation on Collective Investment Schemes (FINMA Circular 08/8).