Art. 55

(Art. 34 FinIA)

1. Fund management companies shall keep their own assets separate from managed assets at all times.
2. They shall ensure that the valuation of investments, portfolio management and trading and settlement are kept separate both functionally and in terms of personnel.
3. A fund management company which also offers personalised asset management in accordance with Article 6 paragraph 3 in conjunction with Article 17 paragraph 1 FinIA may not invest the investor's assets, whether in full or in part, in units of collective investment schemes that it manages, unless the client has given their general consent beforehand.
4. Where there are legitimate grounds for so doing, FINMA may allow exemptions or it may order the separation of further functions.