Commentaries: Art. 73

The custodian bank is responsible for the safekeeping of the investment fund's assets, the issue and redemption of units, as well as payment transfers on behalf of the investment fund.
It may transfer the responsibility for the safekeeping of the investment fund's assets to third-party custodians and central securities depositories in Switzerland or abroad, provided this is in the interest of efficient safekeeping. Investors must be informed in the prospectus and key information document in accordance with Title 3 of the FinSA¹about the risks associated with such transfers.² 2bis. Financial instruments may only be transferred (paragraph 2) to regulated third-party custodians and central securities depositories. This does not apply to mandatory safekeeping at a location where the transfer to regulated third-party custodians and collective securities depositories is not possible, in particular due to mandatory legal provisions or to the investment product’s modalities. Investors must be informed in the product documentation of safekeeping by non-regulated third-party custodians or collective securities depositories.³
The custodian bank ensures that the fund management company or the SICAV complies with this Act and with the fund regulations. It verifies whether:⁴
1. the calculation of the net asset value and of the issue and redemption prices of the units is in compliance with this Act and with the fund regulations;
2. the investment decisions are in compliance with this Act and with the fund regulations;
3. the income is appropriated in accordance with the fund regulations.
The Federal Council regulates the requirements for acting as a custodian bank and may specify parameters for the protection of the securities investments.⁵

SR 950.1 ↩
Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). ↩
Inserted by No I of the FA of 28 Sept. 2012 (AS 2013 585;BBl 2012 3639). Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417;BBl 2015 8901). ↩
Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585;BBl 2012 3639). ↩
Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585;BBl 2012 3639). ↩

Art. 73

Footnotes