Portfolio managers and trustees are supervised by FINMA in consultation with a supervisory organisation under FINMASA1, subject to consolidated supervision by FINMA in accordance with Articles 30 and 49 of the present Act or Article 1 paragraph 1 FINMASA.
Ongoing supervision of portfolio managers and trustees will be performed by FINMA-approved supervisory organisations.
Managers of collective assets, fund management companies and securities firms are supervised by FINMA.
Where no supervisory organisation exists in accordance with paragraph 1, supervision is performed by FINMA.