Within the scope of supervisory law, audit firms act as FINMA's extended arm. Therefore, prudential supervision requires fund management companies (both for themselves and for the funds they manage), SICAVs, SICAFs, limited partnerships for collective investments, asset managers of collective investment schemes, and representatives of foreign collective investment schemes to designate an audit firm recognised by FINMA (Art. 126 CISA). Distributors are not required to do so, while custodian banks already have a recognised audit firm due to their banking status. Audit firms examine whether the licence holders comply with the legislative, statutory and regulatory requirements. Their findings are set out in a report delivered to the licence holders and the supervisory authority (Art. 128 CISA).
If investors suffer losses due to breach of the provisions mentioned above, in particular those of the contract of an investment fund, they may assert damage claims under civil law for wrongfully and culpably caused damages based on the liability and responsibility norm specified in Article 145 CISA. Such a claim is to a large extent of a contractual and not of a regulatory nature. Consequently, the supervisory authority does not have the capacity to act and cannot intervene in any aspects of cases involving damages incurred by investors that fall under civil law. In collaboration with the audit firms and according to supervisory law, the supervisory authority however ensures that the right of the investors to information is maintained.