Auditing body: Self-regulatory organisation (SRO) PolyReg & PolyAsset
Only those who fulfil the quality criteria of the Swiss Financial Market Supervisory Authority (FINMA) in terms of training, consultation quality, professional experience, and further education may advise customers as independent financial service providers in Switzerland. The annual audit is carried out by a so-called self-regulatory organisation (SRO) controlled by FINMA.
The SRO of VVK Vorsorge- und Vermögenskonzepte AG (VVK AG) is called PolyReg for the fund market and PolyAsset for asset management. These organisations audit our work annually.
PolyReg is a self-regulatory organisation (SRO) recognised by the Federal Government under Article 24 of the Money Laundering Act. The association exercises its statutory monitoring and supervising duties vis-à-vis its members in accordance with its regulations and is subject to the supervision of FINMA.
VVK AG has been a member of PolyReg since 20.09.2000, it has subordinated itself to the rules of PolyReg and subjected itself to the control and sanction system. VVK AG is entitled to act as a financial intermediary within the meaning of Article 2 para. 3 of the Money Laundering Act.
(Note: Not all asset managers who are subject to the money laundering supervision of SRO PolyReg are also subject to the professional ethics.)
Confirmation retrievable here: www.polyasset.ch/d/anleger/mglliste.html
Professional ethics PolyAsset: http://www.polyasset.ch/d/polyasset/index.html
Professional ethics PolyReg:
With this subordination, VVK AG undertakes to provide asset management services within a fair legal framework, which is recognised and continuously monitored by the FINMA. As an independent supervisory authority, FINMA protects the financial market customers, especially the creditors, the investors, and the insured persons. It strengthens trust in a working, integrated, and competitive Swiss financial centre.
The professional ethics approved by FINMA determine according to which principles the asset management activities must be carried out. The SRO’s subordinate asset managers particularly undertake to:
- always act in good faith and fully respect customer interests;
- comply with the legal requirements applicable to their business operations;
- openly inform customers about these professional ethics and their effects on the business relationship;
- document all business relationships in accordance with commercial principles and to keep these documents in the manner stipulated by law.
Specifically, the asset managers have the following obligations:
- Obligation to conclude a written asset management contract in accordance with §§ 5-13; (Formalities: The asset management contract shall be concluded in writing. It must be personally signed by both the customer and the agent.)
- Obligation to conduct proper business operations § 14;
- Obligation to safeguard freedom according to § 20;
- Fiduciary obligations according to §§ 14, 17-19; the asset manager safeguards the interests of his customers. Employees entrusted with asset management tasks must be trained in the content and scope of the professional ethics, and implementation must be carried out and monitored through appropriate internal directives.
- Duty of care according to §§ 16, 21, and 22;
- Organisational duty according to § 20;
- Information obligation according to § 23;
- Accountability according to §§ 24-25, 27;
- Documentation obligation according to §§ 3, 6, 17, 21.
The VVK AG asset management contract fully complies with the professional ethics of the self-regulatory organisation (SRO) PolyReg/PolyAsset, which is approved by the Swiss Financial Market Supervisory Authority (FINMA) and recognised as an accredited industry organisation in the field of asset management.