Since January 1, 2014, pension schemes may delegate asset management functions only to institutions which are regulated in accordance with the Federal Law on Occupational Pension Schemes, prudentially supervised by the Swiss Financial Market Supervisory Authority or regulated by a foreign supervisory authority. Independent asset managers not meeting such requirements may be declared capable of managing pension fund assets by the Supervisory Authority for Occupational Benefits (“SA OBC”). In its Directive W-2014/01 of February 20, 2014 the SA OBC has defined the criteria based on which independent asset managers will be admitted to managing pension fund assets. Respective applications will have to be filed with the SA OBC by July 31, 2014. 

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