Portfolio managers and trustees must appoint an audit firm in accordance with Article 43k paragraph 1 FINMASA1to perform an annual audit, provided that this audit is not conducted by the respective supervisory organisation itself.
The supervisory organisation may increase the audit frequency to a maximum of four years taking account of the activity of those supervised and the associated risks.
In the years without a periodic audit, portfolio managers and trustees shall submit to the supervisory organisation a report on their business activity's compliance with the legislative provisions. This report may be delivered in a standardised format.