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10 June 2014
An amendment to the Professional Pension Insurance Act came into force on January 1 2014. The revised provisions specify new requirements for the management of Swiss professional pension insurance assets.
The regulatory changes can be summarised as follows:
The new law does not provide for ongoing supervision, but only for extensive examination of integrity before admission and periodic admission renewal.
Those affected by the regulatory changes include Swiss professional pension insurance asset managers that are not:
The new law affects independent asset managers of Swiss professional pension insurances. They must meet stricter formal criteria and be admitted by OAK BV before July 31 2014 to be allowed to continue managing Swiss professional pension insurance assets thereafter.
In the context of the admission procedure, under Article 48f of the Second Ordinance on Occupational Pension Schemes, OAK BV assesses in particular the integrity and quality of Swiss professional pension insurance asset managers as follows:
Since mid-2013, OAK BV has granted provisional admissions based on self-notifications of Swiss professional pension insurance asset managers. The holders of provisional admissions must now seek formal admission from OAK BV by July 31 2014. With a view to achieving this, a complete dossier must be submitted as soon as possible using the appropriate form and with the further documentation required.
OAK BV reserves the right to request additional documentation and information. Admission can be granted or refused. OAK BV may also subject admission to certain conditions.(2)
Only the following Swiss financial service providers to Swiss professional pension insurance are exempt from the OAK BV admission requirements:
Foreign asset managers of Swiss professional pension insurance which are not subject to adequate supervision abroad have the following two alternatives before the July 31 2014 deadline:
Swiss and foreign asset managers of Swiss professional pension insurances must immediately assess whether further steps are necessary to ensure ful compliance with the new law, and take all necessary steps as soon as possible with a view to ensuring that they do not miss the July 31 2014 deadline.
Further, the Swiss Federal Council has already pointed out that ongoing supervision will be introduced by the Swiss Federal Financial Services Act. Thus, the new law is only a transitional step towards an ongoing supervision of asset managers of Swiss professional pension insurance by FINMA. The opportunity for admission by OAK BV will then cease to exist.
For further information on this topic please contact Markus Dörig at BADERTSCHER Rechtsanwälte AG by telephone (+41 44 266 20 66), fax (+41 1 266 20 70) or email (firstname.lastname@example.org). The BADERTSCHER Rechtsanwälte AG website can be accessed at www.b-legal.ch.
(1) For details on the requirements see the OAK BV guidelines (February 14 2014) at www.oak-bv.admin.ch (German and French).
(2) A list of admitted asset managers of Swiss professional pension insurances will be published on www.oak-bv.admin.ch.
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