Art. 32b

(Art. 20 para. 1 let. a CISA) Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, must take effective organisational and administrative measures to identify, prevent, settle and monitor conflicts of interest in order to prevent the latter from harming the interests of the investors. Where conflicts of interest cannot be avoided, they shall be disclosed to the investors.