Asset Managers of Occupational Pension Schemes
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What is an asset manager of occupational pension schemes?
An asset manager of occupational pension schemes manages, on the basis of a mandate, “money which has been saved compulsorily and which serves the occupational pension provision of a large number of investors” (Report of the Federal Council on FinSA and FinIA, p. 121). It may dispose of these assets on the basis of a power of attorney granted to it.
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How were asset managers of occupational pension schemes previously regulated?
Asset managers of occupational pension schemes were regulated in the same way as asset managers, provided they did not engage in any other activity requiring authorisation; see “How were asset managers previously regulated?”
In addition, they had (and still have to) comply with the provisions of Art. 48f – 48l of the Ordinance on Occupational Retirement, Survivors’ and Disability Pension Plans (BVV 2) and had themselves declared qualified by the Occupational Pension Supervisory Commission OSPC (Art. 48f para. 5 BVV 2). However, neither the OSPC nor any other authority exercised ongoing supervision.
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Will asset managers of occupational pension schemes be regulated under the FinIA?
Yes, anyone who conducts asset management on a professional basis is considered a financial institution pursuant to Art. 2 para. 1 let. a FinIA (cf. “General remarks on asset managers“). Asset managers require a FINMA license (Art. 5 para. 1 FinIA). Cf. “FINMA approval“.
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Does the FinIA divide the asset managers of occupational pension schemes into different categories?
The FinIA distinguishes between “asset managers” (Art. 17 et seq. FinIA) and “managers of collective assets” (Art. 24 et seq. FinIA). Please also refer to «Does the FinIA divide asset managers into different categories?»
Asset managers according to Art. 17 f. FinIA are those who manage pension assets of up to CHF 100 million and in the mandatory area manage a maximum of 20% of the assets of an individual occupational pension scheme (Art. 24 para. 2 let. b FinIA). Art. 34 para. 2 FinIO and a FINMA ordinance regulate in more detail which assets are to be included in the calculation. If one of the aforementioned thresholds is exceeded, occupational pension scheme managers fall within the more strictly regulated category of managers of collective assets pursuant to art. 24 f. FinIA.
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How are asset managers of occupational pension schemes that do not exceed any of the above thresholds regulated?
They are considered asset managers pursuant to Art. 17 et seq. FinIA; see the comments in the sections “General remarks on asset managers” and in particular “Asset managers“.
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How are managers of pension assets that exceed one of the above thresholds regulated?
They are asset managers of collective assets pursuant to Art. 24 et seq. FinIA; see the comments in the sections “General remarks on asset managers” and in particular “Managers of collective assets“.
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Do FinSA&FinIA grant transition periods?
Yes, both the FinSA and the FinIA contain various transition periods (cf. “FinSA transition periods” and “FinIA transition periods“). As long as asset managers have not implemented the FinSA code of conduct, they are bound by the rules of conduct of their industry organisations (Art. 105 para. 3 lit. f FinSA).