Commentaries: Art. 20

Persons who manage or represent collective investment schemes or hold the assets of these schemes in safekeeping, as well as their agents must fulfil the following duties in particular:¹
1. duty of loyalty: they act independently and exclusively in the interests of the investors;
2. ² due diligence: they implement the organisational measures that are necessary for irreproachable business conduct;
3. ³ duty to provide information: They shall render account of the collective investment schemes which they manage and represent and the assets of these schemes which they hold in safekeeping, and provide information on all of the fees and costs incurred directly or indirectly by investors as well as compensation from third parties, particularly commissions, discounts or other financial benefits.
.⁴
Persons who manage or represent collective investment schemes or hold their assets in safekeeping, as well as their agents, shall take all necessary precautions to ensure that all duties in relation to all their business activities are performed properly.⁵

Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). ↩
Amended by No of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53;BBl 2020 6885). ↩
Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). ↩
Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). ↩
Inserted by No I of the FA of 28 Sept. 2012 (RU 2013 585;BBl 2012 3639). Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). ↩

Art. 20