Commentaries: Art. 11d

The lead auditor for regulatory audits is deemed to have the necessary expertise and practical experience for the licence for the auditing of banks, stock exchanges, securities brokers, securities firms and mortgage bond clearing houses (Art. 11a para. 1 let. a) if she or he can provide evidence of the following:¹
1. eight years of professional experience providing auditing services (Art. 2 let. a AOA) acquired in Switzerland or in a comparable way abroad;
2. 1500 auditing hours in the oversight area of this Article;
3. 24 hours of continuing education and training in the oversight area of this Article no more than one year prior to submitting the licence application.
After licensing, the lead auditor for regulatory audits is deemed to have maintained the necessary expertise and practical experience for auditing under this Article if she or he provides evidence of the following:
1. ² 400 auditing hours in the oversight area of this Article in the last six years respectively;
2. 24 hours of continuing education and training per year in the oversight area of this Article.

Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). ↩
Amended by Annex 1 No II 1 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). ↩

Art. 11d