Newsletter 88 from April 28, 2009 VQF receives FINMA approval to implement Swiss rules of conduct for asset management

Newsletter 88 - VQF receives FINMA approval to implement Swiss rules of conduct for asset management - The VQF is taking on a new function as an industry organisation for asset managers and thus assumes responsibility in Switzerland for monitoring compliance with minimum standards in this sector. The Swiss Financial Market Supervisory Authority (FINMA) has transferred this task to the VQF in addition to its previous role as a self-regulatory organisation for the supervision of the parabanking sector in connection with the Anti-Money Laundering Act (GwG). As an independent, comprehensive centre of competence for compliance, the VQF also takes on the function of industry organisation for independent asset managers. On 23 April 2009, FINMA accepted the rules of conduct for asset management defined by the VQF, thus transferring responsibility to the VQF for monitoring compliance with minimum standards in independent asset managers throughout Switzerland. We will write to you personally in the next few days, enclosing our brochure “VQF Industry Organisation for Asset Managers”. This will provide you with the first important information on the VQF as an industry organisation. As soon as FINMA’s approval procedure is complete with regard to the associated additional regulations and the revised statutes have been approved by the General Meeting, we will provide you with the rules of conduct and regulations. At the same time, we will also send you an explanation of the new rules of conduct.