Representatives of foreign collective investment schemes
Representatives of foreign collective investment schemes represent these schemes vis-à-vis investors and SFMA and must be authorised to do so. They are subject to special reporting requirements.
This SFMA page gives applicants and supervised institutions a practical view of the representatives of foreign collective investment schemes topic. It explains when a licence, approval, notification or registration may be needed, what information should be prepared, and which changes may require contact with the authority.
Authorisation requirements
The review focuses on whether the applicant is organised in a way that is suitable for representatives of foreign collective investment schemes within the Asset management area. SFMA will normally look at governance, financial resources, responsible persons, risk controls, compliance arrangements, auditability, outsourcing and whether the planned activity can be carried out without creating avoidable risks for clients, investors, policyholders or market integrity.
Role of a representative
The practical role of representatives of foreign collective investment schemes should be described clearly in the application file. This includes the services performed, the counterparties involved, the assets or products affected, decision-making responsibilities and the way records, reporting and controls are maintained after authorisation.
Changes in circumstances
Material changes should be assessed before implementation. Changes in ownership, management, organisation, business activity, documents, outsourcing, risk models or the decision to stop a licensed activity can require prior approval or notification. Applicants and licence holders should keep the authorisation basis aligned with their actual operating model.
Reporting requirements
The review focuses on whether the applicant is organised in a way that is suitable for representatives of foreign collective investment schemes within the Asset management area. SFMA will normally look at governance, financial resources, responsible persons, risk controls, compliance arrangements, auditability, outsourcing and whether the planned activity can be carried out without creating avoidable risks for clients, investors, policyholders or market integrity.
Information and templates
Applications should be submitted with the current forms, declarations and supporting documents required for the activity. A complete file usually shortens the review because the authority can assess the business model, responsible persons, financial position, internal rules and legal basis without repeated follow-up questions.
Preparing a complete file
Applicants should keep the submission concise but complete: describe the activity, legal structure, people responsible, control framework, financial resources, relevant documents and any cross-border elements. Where uncertainty remains, the issue should be highlighted early rather than left to emerge during review.