Ordinance on Investment Undertakings (Investment Undertakings ...

2) The application for a license as an external audit office of investment
undertakings must sufficiently document the legal licensing conditions.
In particular, the application must encompass the following information
and documents:
a) information concerning holdings in the share capital and the form of
payment under subscription;
b) the business report;
c) a list of the ten largest audit mandates and of the fees received per
mandate; and
d) evidence of the qualifications and the sound and proper and good
reputation of the head auditors and the general management.
3) The FMA shall provide further details concerning the submission
of the application materials according to paragraph 2 in the form of instructions.
4) The FMA shall withdraw the license from the external audit office
if:
a) the conditions for granting the license are no longer fulfilled; or
b) the external audit office has grossly violated its legal duties.
Article 94
Licensing conditions
A license according to article 97 of the Act shall only be granted to
audit companies if:
a) they are limited companies with paid-up share capital of at least
200,000 Swiss francs;
b) the organization of their business guarantees the proper and continuous
fulfillment of their auditing duties; and
c) the head auditors have a good reputation as businesspersons and are
able to demonstrate thorough knowledge in the auditing of banks
and/or investment undertakings.
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