Anyone who distributes collective investment schemes to non-qualified investors in Switzerland or foreign collective investment schemes to qualified investors in Switzerland is deemed to be a distributor and must be authorised by FINMA. Authorisation can be issued to natural persons, legal entities and incorporated partnerships.
To obtain authorisation from FINMA, a distributor, whether a natural person, legal entity or incorporated partnership, must meet the general conditions set out in Article 14 CISA. Moreover, under Article 30 CISO distributors must provide proof that they have:
The following are exempt from authorisation requirements for distributors: fund management compa-nies, asset managers of collective investment schemes, representatives of foreign collective investment schemes in accordance with the Collective Investment Schemes Act, banks with the Banking Act, securities dealers with the Stock Exchange Act, and insurance companies with the Insurance Supervision Act. Moreover, insurance company agents who form part of the company's organisation (legally and factually) are not subject to authorisation requirements (Art. 13 para. 3 CISA, Art. 8 CISO).
The following documents are available to help distributors apply for new licences or report changes in their organisation: