The qualifications required for portfolio managers and trustees to obtain a FINMA license are based on ensuring they have the necessary professional expertise and can operate with the highest level of integrity. Under the FinIA, the following qualifications are particularly emphasized:
1. Professional Experience:
• Portfolio managers and individuals responsible for portfolio management within a firm should have several years of relevant professional experience.
• Similarly, trustees should have adequate professional experience in trust administration or related fields.
2. Training and Education:
• While specific academic degrees might not always be mandatory, having formal education in finance, law, business, or related fields is often viewed as beneficial and might be required in some instances.
• Recognized professional qualifications, certifications, or affiliations with professional portfolio management or trust administration bodies are valuable. Examples might include the CFA (Chartered Financial Analyst) certification for portfolio managers or the STEP (Society of Trust and Estate Practitioners) qualification for trustees.
3. Continuing Education:
• Given the dynamic nature of financial markets and regulations, it's crucial for professionals to engage in regular and ongoing training. This ensures they stay updated with industry trends, best practices, and regulatory requirements.
4. Good Reputation and Proper Business Conduct:
• Individuals responsible for managing and administrating portfolio management or trust companies must have a good reputation. Their background should be free from legal or professional misconduct that could compromise their ability to perform their roles with integrity.
5. Sufficient Guarantees:
• This is more of a qualitative criterion. It means that those in charge of the entity's administration and management must have demonstrated a commitment to proper business conduct in their past roles.
6. Knowledge of Regulatory Framework:
• Professionals must deeply understand the Swiss regulatory environment, especially regulations pertinent to portfolio management or trust administration.
7. Codes of Conduct:
• Adhering to recognized codes of conduct is a requirement. Professionals must be aware of these codes and commit to upholding them.
It's important to note that while these qualifications form a general framework, the specifics can vary based on the detailed nature of an entity's activities and the particular role an individual will play within the organization.