Art. 57

(Art. 9 FinIA)

1. Fund management companies must have an appropriately defined risk management system in place as well as an effective internal control structure to ensure in particular compliance with legal and internal provisions.
2. They shall set out guidelines for the basic principles of risk management and define their risk tolerance.
3. They will keep the functions of risk management and compliance functionally and hierarchically separate from the operational business units, in particular from portfolio management.
4. The body responsible for the governance, supervision and control of the fund management company is charged with establishing, securing and monitoring the ICS. This body also defines risk tolerance.
5. The body responsible for management implements the corresponding requirements stipulated by the body for governance, supervision and control, it develops suitable guidelines, procedures and processes, and reports at appropriate intervals to the body responsible for governance, supervision and control.
6. Where the nature and scope of activity so justify, FINMA may require the appointment of internal auditors who are independent of management.
7. Where there are legitimate grounds for so doing, it may depart from these requirements.
8. It shall regulate the details.