ARIF has issued an asset management code (the "Code") which has been officially approved by FINMA, and which sets forth the rules of good professional practice for independent asset managers such as How To Pay. By subscribing to the Code, on a voluntary or compulsory basis, the independent asset manager acquires the status of "qualified investor" within the meaning of the Federal Act on Collective Investments Schemes (CISA). He is then authorised to subscribe to collective investments for the account of his clients (whether under directed or discretionary management). The principal requirements set out by the Code are:
Any independent asset manager who wishes to adopt the Code must become a member of FINMA or an SRO such as ARIF, including for MLA supervision. ARIF members who, by their activity, have the obligation to submit to rules of conduct in relation to asset management, must adopt those of ARIF, to the exclusion of those of other organisations.
The rules of professional conduct of ARIF regulate the content of the asset management agreement and how it must be implemented (asset manager's duty of trust, information and due diligence towards the customer and regulation of the asset manager's compensation), with due attention aid to the protection of investors.
