Newsletter 779: BOVV Membership

Dear Ladies and Gentlemen
Dear Members

On 31 December 2021, the transitional period of the Financial Services Act (FinSA) will expire, which is why all obligations under FinSA must be complied with as of 1 January 2022. The membership category BOVV will accordingly expire at the end of 2021 (all rules of professional conduct according to BOVV will be replaced by the obligations according to FinSA). No active termination of this membership category by BOVV members will be necessary, as membership will expire automatically. Further information can be found in the VQF Aktuell No. 42 of October 2021.

The following note applies to BOVV members: since an audit of the BOVV rules of professional conduct without objections up to two years prior to submission of the application for authorisation as an asset manager under FinIA is assessed positively (risk-reducing or not risk-increasing) by both the supervisory organisation and FINMA as part of the application process, the VQF recommends that a BOVV audit due for 2022 be carried out in any case. This applies to all those cases in which the application has not yet been submitted to the supervisory organisation and the last BOVV audit took place more than two years ago. The report of a recently conducted BOVV audit can therefore lead to facilitation in the context of future supervision by the supervisory organisation.

If you have any questions, please do not hesitate to contact us by phone or e-mail.

Kind regards,

VQF
Financial Services Standards Association