Press Information from April 29, 2009 VQF receives FINMA approval to implement Swiss rules of conduct for asset management

Press Information - VQF receives FINMA approval to implement Swiss rules of conduct for asset management

Zug, April 29, 2009 – The Financial Standards Services Association (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-regulating organisation for the supervision of the parabanking sector in connection with the Anti-Money Laundering Act (GwG). With around 1,700 members, the VQF is the largest cross industry self-regulating organisation in Switzerland. As an independent, comprehensive centre of competence for compliance, the VQF also takes on the function of an 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. FINMA introduced the benchmarks for the corresponding minimum standards on 1 January 2009. Peter Rupper, Chairman of the VQF, said: “Thanks to the recognition of the VQF as an industry organisation for asset managers, we can now offer our members a comprehensive range of services from a single source. The standards, which are applicable throughout the whole of Switzerland, are crucial to the survival of independent asset managers. We therefore make a contribution towards meeting the challenges of the changed economic environment and increased pressure for more supervision and better regulation." As a centre of competence for compliance, the Financial Standards Services Association (VQF) offers comprehensive services in the parabanking sector. Its members include financial intermediaries such as independent asset managers, trust companies etc. The VQF guarantees the monitoring of rules of professional conduct and offers services such as supervision, auditing and inspections with regard to special statutory regulations as well as advice and training. With around 1,700 members throughout the whole country, the VQF is the largest official self-regulating organisation for the Anti-Money Laundering Act in Switzerland. It currently employs 13 full time specialists and staff members and works closely with a network of experienced external specialists. The VQF was established in 1998 and has its headquarters in Zug. Enquiries: Patrick Rutishauser, Managing Director VQF, Tel: 041 763 28 20, E-Mail: patrick.rutishauser@vqf.ch Lemongrass Communications, Regula Arrigoni, Tel. 044 202 52 38, E-Mail: regula.arrigoni@lemongrass-communications.com  - VQF Verein zur Qualitätssicherung von Finanzdienstleistungen, Baarerstrasse 112, Postfach, 6302 Zug, Tel. 041 763 28 20, www.vqf.ch