¹ This Act regulates the approval and supervision of persons providing revision benefits.

² It aims to ensure regular performance and the quality of benefits in the field of revision.

³ Special laws are reserved.

For the purposes of this Law:

A. ¹

Revision benefits:

1.

Audits and certificates which, under federal law, are to be carried out or issued by an approved revising officer, a certified revising officer or a review undertaking subject to the supervision of the State,

2.

Audits within the meaning of s. 24, para. 1, let. A, of the Law of 22 June 2007 on the Supervision of Financial Markets (LFINMA) ² Carried out by an approved audit firm;

B.

Review firms: Individual businesses, partnerships or corporations registered in the trade register that provide revision benefits;

C. ³

Public interest corporations:

1.

Corporations open to the public within the meaning of s. 727, para. 1, c. 1, of the Code of Obligations (CO) ⁴ ,

2.

Subject matter within the meaning of s. 3 LFINMA, which must entrust an approved auditing company within the meaning of Art. 9 A Of this Law to carry out an audit according to Art. 24 LFINMA.

¹ Physical persons and review undertakings that provide benefits within the meaning of s. 2, let. A, must be approved.

² The natural persons are approved for an indefinite period and the review undertakings for a period of five years.

¹ A natural person is certified as a reviewer when it meets the training and professional practice requirements and has an irreproachable reputation.

² A natural person meets the training and professional practice requirements if:

A.

Holds the federal degree of expertise;

B.

Is the holder of the federal degree of trust, tax expert or expert in finance and controlling and justifies a professional practice of at least five years;

C.

Holds a degree in business management, economics or legal science from a Swiss university or high school, or is a specialist in finance and accounting with a federal patent or a fiduciary agent with Federal patent, and in all cases, justifies a professional practice of at least twelve years;

D.

Has a foreign diploma attesting to training similar to those listed in the paragraphs a, b or c, justifies a professional practice equivalent to that required and can prove that it has the knowledge of Swiss law Required, provided that a treaty with the State of origin provides for it or that the State of origin grants reciprocity.

³ The Federal Council may recognise other equivalent training and determine the length of professional practice required.

⁴ Professional practice must have been acquired primarily in the areas of accounting and accounting revision, of which at least two-thirds under the supervision of a qualified assessor or a foreign specialist justifying the Comparable qualifications. Professional practice acquired during training shall be taken into account in so far as it meets the above requirements.

¹ A natural person is approved as a reviewer when:

A.

Has an impeccable reputation;

B.

Has completed one of the training courses mentioned in art. 4, para. 2;

C.

Justifies a professional practice of at least one year.

² Professional practice must have been acquired primarily in the areas of accounting and accounting revision under the supervision of a certified reviewer or a foreign specialist with comparable qualifications. Professional practice acquired during training shall be taken into account in so far as it meets the above requirements.

¹ A review firm is approved as a reviser or reviser when:

A. ¹

The majority of the members of its senior management or administrative body and of its management have received the necessary approval;

B.

At least one fifth of those who are required to provide review benefits have received the necessary approval;

C.

It is established that all persons who lead the revision benefit have received the necessary approval;

D.

The governance structure ensures sufficient supervision of the execution of the various mandates.

² The financial controls of the public authorities shall be admitted as review undertakings provided that they fulfil the requirements set out in para. 1. They may not be approved as review undertakings subject to State supervision.

¹ Revision undertakings which provide benefits in the field of review to public interest companies must apply for a special authorisation and are subject to state supervision (review undertakings subject to supervision of The State).

² The other review undertakings shall also be authorised, upon request, as review undertakings subject to the supervision of the State when they fulfil the conditions laid down by law.

¹ They must also be approved as review undertakings subject to the supervision of the State which provide benefits in the field of revision within the meaning of Art. 2, let. A, or similar benefits under foreign law to:

A.

Companies governed by foreign law whose shares are listed on a stock exchange in Switzerland;

B. To d. ¹ ...

² Review undertakings which are under the supervision of a foreign authority recognised by the Federal Council must not be authorised.

³ ... ²

¹ Revising undertakings receive approval for the provision of review benefits to public interest corporations when they:

A.

Meet the conditions to be certified as a consultant;

B.

Offer a guarantee that they comply with legal obligations ¹ ;

C.

Have sufficient insurance coverage against liability risks.

² The Supervisory Authority may grant approval to a review undertaking on the basis of a foreign authorisation where the requirements of this Law are fulfilled.

¹ A revision undertaking is approved as an audit firm in order to carry out audits according to Art. 2, paragraph a, c. 2, if it meets the following requirements:

A.

It is approved under s. 9, para. 1;

B.

It is sufficiently organised to carry out the audits;

C.

It does not engage in any other activity subject to authorization under the financial markets legislation (s. 1, para. 1, LFINMA ² ).

² An individual has the authority to conduct an audit under s. 2, paragraph a, c. 2 (responsible auditor), if it meets the following requirements:

A.

It is approved as an expert examiner within the meaning of s. 4;

B.

It has the necessary technical knowledge and experience to conduct an audit in accordance with the laws on financial markets (art. 1, para. 1. LFINMA).

³ Notwithstanding s. 4, para. 4, professional practice acquired in the context of audits within the meaning of Art. 24, para. 1, let. A and b, LFINMA may be taken into account for approval within the meaning of para. 2, let. A.

⁴ The Federal Council may provide for lighter conditions for the granting of accreditation to audit companies and auditors responsible for the audit of financial intermediaries directly subject to the Federal Supervisory Authority Financial markets (FINMA) within the meaning of s. 2, para. 3, of the Act of 10 October 1997 on Money Laundering (LBA) ³ .

⁵ The Federal Council shall determine the measures to be taken with a view to ensuring that professional secrecy is respected for lawyers and notaries who act as responsible auditors when carrying out checks within the meaning of the LBA with the lawyers and Notaries and the special conditions for the granting of authorisation concerning them.

¹ In addition to the general legal obligations governing the independence of the review body (art. 728 CO ¹ ), review undertakings subject to state supervision are required to comply with the following rules when providing review benefits to public interest companies:

A.

The fees they receive annually for review benefits and the other services they provide to a corporation and to other corporations combined under a single direction (group) must not Exceed 10 % of the total amount of fees received;

B.

When a person who has been a decision-making or managing director in a corporation enters the service of a review company in which he or she is required to perform a governing function, The revision undertaking is not permitted to provide that company with revision benefits for two years from the entry into office of that person with the new employer;

C.

Where a person who has cooperated in the establishment of the accounts in a company enters into the service of a review undertaking, the person may not provide that company with a revision benefit for two years from the date of its entry into the Functions with his new employer.

² A public interest corporation may not be engaged in the services of persons who, during the preceding two years, have conducted a review benefit for that corporation, or who were in the business of making decisions in the business of Revision concerned.

¹ Review undertakings subject to state supervision shall take all necessary measures to ensure the quality of their revision benefits.

² They shall establish an appropriate organisation and shall issue written instructions in particular on:

A.

Commitment, training and professional development, evaluation, signing and employee behaviour;

B.

The acceptance of new mandates for review and the continuation of existing mandates;

C.

Supervision of measures to ensure independence and quality.

³ When providing the different benefits in the field of revision, they guarantee in particular:

A.

Proper segregation of duties;

B.

Supervision of the work;

C.

Compliance with applicable control and independence provisions and standards;

D.

A subsequent review of the results of the review by a qualified and independent person.

¹ ... ²

² Review undertakings subject to state supervision must, at all times, grant access to their premises to the supervisory authority.

¹ Revision undertakings subject to state supervision shall update the documents attached to their application for approval by 30 June each year and notify them to the supervisory authority by 30 September at the latest. Documents that have not been modified are not communicated to the supervisory authority.

² ... ¹

¹ The supervisory authority shall, upon request, decide on authorisation:

A.

Reviewers;

B.

Experts-reviewers;

C.

Review undertakings subject to monitoring by the Eta;

D. ¹

Audit companies as well as auditors responsible for audits in accordance with the laws on financial markets (art. 1, para. 1, LFINMA ² ) Pursuant to s. 9 A.

^1bis The supervisory authority may limit approval to the provision of certain types of review benefits for certain public interest corporations. ³

² It shall maintain a register of authorised persons and review undertakings. The register is public and can be consulted on the Internet. The Federal Council regulates the contents of the register.

³ The natural persons and the revision undertakings entered in the Register shall communicate to the supervisory authority any change in the recorded facts.

¹ The following persons and undertakings shall provide the Supervisory Authority with all the information and documents necessary for the performance of its tasks:

A.

Approved natural persons and revision companies;

B.

Natural persons who are members of the supreme governing body or the management or management of a review undertaking and do not have the authorisation of the supervisory authority;

C.

The employees of the reviewing company and the persons to whom it is appealing for the provision of revision benefits;

D.

Revised corporations;

E.

All companies that form a group with the revised company and whose accounts are to be consolidated, as well as their review bodies.

² Persons and undertakings referred to in para. 1, let. A and b shall communicate, immediately and in writing, to the supervisory authority any major event for approval or for monitoring purposes.

¹ At least every three years, the supervisory authority shall carry out a thorough review of the review undertakings subject to the supervision of the State. ¹

^1bis Every five years, review undertakings subject to State supervision that provide only revision benefits to the undertakings referred to in Art. 9 A , para. 4, are subject to monitoring by the supervisory authority. The supervisory authority may extend the cycle of controls in motivated cases. ²

^1ter Where the supervisory authority suspects an undertaking to breach its legal obligations, it shall immediately carry out the necessary checks without taking into account the control cycles provided for in paras. 1 and 1 ^Bis . ³

² It controls:

A.

The accuracy of the data contained in the documents attached to the application;

B. ⁴

The company's compliance with its legal obligations and recognized standards of review and quality assurance, as well as the conformity of its services with professional ethics, ethics and, where appropriate, the rating regulations;

C.

The quality of the services provided in the field of sampling revision;

D.

Compliance by the company with the directives it has given to it and its application.

³ It shall draw up a written report on the result of its control to the senior management or administrative body of the revision undertaking.

⁴ If it finds that the undertaking subject to the supervision of the State has breached its legal obligations, it shall send it a written warning, give it directives to regularise its situation and give it a period of twelve months for that purpose At most. ⁵ For fair reasons, it can grant it an adequate extension.

¹ Review undertakings subject to State supervision shall comply with the standards for revision and quality assurance where they provide benefits in the field of revision within the meaning of Art. 2, paragraph a, c. 1.

² The Supervisory Authority shall designate nationally or internationally recognized standards for review. If these standards are insufficient or if they are completely lacking, it can set its own standards, supplement existing standards or amend them.

¹ Where an approved natural person or an approved revision undertaking no longer meets the conditions of registration under s. 4 to 6 or 9 A , the supervisory authority may withdraw the authorisation for a specified period or for an indefinite period. When the data subject is in a position to regularize his/her situation, the supervisory authority shall, in advance, send him a withdrawal commination. It shall give it a written warning if the withdrawal of the authorisation is disproportionate. ¹

² Where a company subject to the supervision of the State no longer fulfils the conditions of approval or violates several times or seriously the legal obligations, the supervisory authority may withdraw the authorisation for a period of time Term or indeterminate. Prior to this, a withdrawal commination is made, unless the company has seriously infringed the law.

³ The supervisory authority shall inform the companies concerned and the stock exchange of the withdrawal of the authorisation.

⁴ Where the withdrawal is pronounced for a fixed term, the natural person or review undertaking concerned shall continue to be subject to the obligation to inform and communicate in accordance with art. 15 A For the duration of the withdrawal. ²

Where a natural person working on behalf of a review undertaking subject to the supervision of the State breaches legal obligations, the supervisory authority shall send it a written warning. If this person repeatedly or seriously breaches his or her legal obligations, the supervisory authority may prohibit the person from carrying out his or her activity for a specified period or on an indeterminate basis and, where appropriate, withdraw the authorisation in the sense Of Art. 17, para. 1.

¹ The Supervisory Authority shall publish annually a report on its activity and practice.

² It shall inform the public of closed or ongoing proceedings only if overriding interests, whether public or private, require it.

¹ The supervisory authority may, in the performance of its tasks, use the services of third parties.

² Third parties to whom the supervisory authority shall appeal must be independent of the review undertaking subject to the supervision of the State and of the companies to which it provides benefits in respect of review.

³ They keep the secret of the findings made in the performance of their duties.

¹ The supervisory authority shall collect emoluments for the decisions it makes, the controls to which it carries out and the benefits it provides.

² In order to ensure the financing of monitoring costs which are not covered by emoluments, the Supervisory Authority shall collect annual monitoring fees from review undertakings subject to monitoring by the State. This is based on the amount of costs recorded during the accounting period and takes into account the economic importance of the revision undertaking.

³ The Federal Council shall rule on the modalities, in particular the amount of the fees, the calculation of the monitoring fee and their breakdown between the supervised review undertakings.

¹ The supervisory authority and other Swiss supervisory authorities shall provide all the information and documents necessary for the implementation of the applicable law. ² They coordinate their monitoring activities in order to avoid double checking.

² They shall inform each other of pending proceedings and decisions which may be important for the performance of their respective supervisory activities.

¹ The Supervisory Authority and the Stock Exchange coordinate their monitoring activities in order to avoid double checking.

² They shall inform each other of the procedures in progress and of decisions which may be important for the performance of their respective supervisory activities.

³ The award will impose sanctions when the sanctions of the supervisory authority, as a result of violations of s. 7 and 8 cannot be implemented.

¹ The supervisory authority and the criminal prosecution authorities shall provide each other with all the information and documents necessary for the application of this Law.

² The criminal prosecution authority may use the information and documents obtained from the supervisory authority only in respect of the criminal procedure for which mutual legal assistance has been granted. It does not have the right to communicate such information and documents to third parties.

³ Where, in the performance of its official duties, the supervisory authority has been aware of infringements, it shall inform the competent criminal prosecution authorities thereof.

⁴ The criminal prosecution authorities shall inform the supervisory authority of all proceedings which have a connection with a revision benefit provided by a review undertaking subject to the supervision of the Eta; Communicate judgments and classification orders. In particular, they shall inform the Commission of the procedures concerning infringements of the following provisions:

A.

Art. 146, 152, 153, 161, 166, 251, 253 to 255 and 321 of the Penal Code ¹ ;

B.

Art. 47 of the Bank Act of 8 November 1934 ² ;

C.

Art. 43 of the Bursary Act of 24 March 1995 ³ ;

D. ⁴

Art. 147 of the Financial Markets Infrastructure Act of 19 June 2015 ⁵ .

The cantonal civil courts and the Federal Court shall inform the supervisory authority of all proceedings relating to liability in the review (Art. 755 ¹ ) In relation to a benefit provided by a revision undertaking under supervision of the State; they shall communicate to it the judgments and other decisions terminating such proceedings.

¹ The supervisory authority may ask the foreign supervisory authorities for review activities to provide it with the information and documents necessary for the implementation of this Act.

² The supervisory authority may disclose to the foreign authorities information and documents which are not accessible to the public unless these authorities: ¹

A.

Use this information exclusively for the purposes of direct monitoring of persons and undertakings providing revision benefits;

B. ²

Are bound by the secrecy of the function or by professional secrecy; the provisions applicable to the advertising of proceedings and the information of the public on such procedures shall be reserved;

C.

Shall transmit this information to other authorities and bodies which have supervisory functions dictated by the public interest and are bound by the secrecy of function or professional secrecy only with the prior authorisation of the authority of the Monitoring or authorization provided for in an international convention.

³ The supervisory authority shall refuse access to requests from foreign authorities, where the information is supposed to be transmitted to criminal prosecution authorities or other authorities and bodies entitled to impose sanctions Administrative cases in cases where mutual legal assistance in criminal matters is excluded because of the nature of the offence. The supervisory authority shall rule on requests in conjunction with the Federal Office of Justice.

⁴ Within the limits of para. 2, the Federal Council is empowered to regulate cooperation with foreign authorities in international conventions.

¹ The supervisory authority may ask foreign authorities to carry out checks on their territory. It may itself carry out checks abroad if it is expressly authorised to do so by an international convention or if the foreign authority has given it prior approval.

² At the request of foreign authorities, the supervisory authority may carry out checks on Swiss territory on their behalf, provided that the requesting State grants reciprocity. Art. 26, para. 2 and 3 shall apply mutatis mutandis. ¹

³ In so far as they are expressly authorised by an international convention or subject to the prior agreement of the supervisory authority, the foreign authorities may carry out checks on Swiss territory on their own. That the requesting State grants reciprocity. Art. 26, para. 2 and 3 shall apply mutatis mutandis.

⁴ The supervisory authority may accompany the representatives of the foreign authorities during the checks carried out on Swiss territory. The person or undertaking concerned may require the presence of the supervisory authority.

^4bis Where controls are carried out by the supervisory authority on behalf of foreign authorities (para. 2) or that it accompanies foreign authorities during the checks carried out on Swiss territory (par. 4), it has the same powers against the review undertaking concerned and the revised undertakings concerned as against the review undertakings subject to the supervision of the State and the undertakings reviewed by them. ²

⁵ Within the limits of paras. 2 and 3, the Federal Council is empowered to regulate cooperation with foreign authorities in international conventions.

¹ Monitoring within the meaning of this Act shall be the responsibility of the Federal Review Authority (Supervisory Authority).

² The Supervisory Authority is an institution with its own legal personality. It shall exercise supervision in full independence (art. 38). ¹

³ It is independent in its organisation and in the conduct of its operations and maintains its own accounts.

⁴ The supervisory authority is managed according to the principles of the enterprise economy. ²

⁵ It shall have standing before the Federal Court in the context of this Law. ³

The organs of the Supervisory Authority shall be:

A.

Board of Directors;

B. ¹

Management;

C. The review body.

¹ The Board of Directors is the supreme body. It is composed of the more than five members who are qualified and independent of the branch of the review.

² Its members are elected for a period of four years. Each member is re-eligible twice.

³ The Federal Council appoints the members of the Board of Directors and appoints its chairperson.

⁴ The members of the Management Board shall carry out their duties and obligations with due care and faithfully ensure the interests of the Supervisory Authority.

⁵ The Federal Council may revoke one or more members of the Board of Directors for just cause.

⁶ It shall lay down the allowances of the members of the Management Board. Art. 6 A , para. 1 to 4, of the Act of 24 March 2000 on the personnel of the Confederation (LPers) ² Applies to the fees of the members of the board of directors and to other clauses agreed with such persons.

The Board of Directors has the following responsibilities:

A.

Enacts the rules governing the organisation of the supervisory authority;

B.

It sets the strategic objectives of the supervisory authority, submits them to the Federal Council for approval and submits an annual report on their implementation;

C.

Enacts delegated orders to the supervisory authority;

D.

It takes the organisational arrangements necessary to safeguard the interests of the supervisory authority and avoid conflicts of interest;

E.

It enters into the contract of affiliation with the Provident Fund of Confederation (PUBLICA) and submits it to the Federal Council for approval;

F.

It regulates the composition, election and organisation of the joint body of the Provident Fund;

G.

It decides on the conclusion, modification and termination of the director's contract of employment; the conclusion and termination of the contract requires the approval of the Federal Council;

H.

It decides, on the proposal of the Director, the conclusion, modification and termination of the contract of employment of the other members of the Directorate;

I.

Exercising supervision over management;

J.

It ensures the establishment of an internal control system and an appropriate risk management system;

K.

Decides on the allocation of reserves;

1.

Approves the budget;

M.

It establishes and adopts each year a management report and submits its final version to the approval of the Federal Council; it simultaneously proposes to grant discharge to the Management Board and publishes the management report after its Approved by the Federal Council.

¹ Management is the executive body. She has a director at her head.

² In particular, management has the following responsibilities:

A.

Leads the business;

B.

Makes decisions in accordance with the rules governing the organization of the board of directors;

C.

Developing the basis for decision of the Board of Directors;

D.

Regularly submits a report to the board of directors and immediately informs it in the event of a particular event;

E.

It represents the supervisory authority;

F.

It decides on the conclusion, modification and termination of employment contracts of the staff of the Supervisory Authority, subject to Art. 30 A , let. G and h;

G.

It has the power to sit in international organisations and bodies dealing with matters relating to the supervision of the review;

H.

It carries out all the tasks which this Law does not entrust to another body.

¹ The Federal Audit Office is the external review body.

² The provisions of the law of the public limited-liability company shall apply mutatis mutandis to the revision and to the review body.

¹ The supervisory authority shall hire its staff on the basis of private law reports.

² ... ¹

³ Art. 6 A , para. 1 to 4, LPers ² Shall apply mutatis mutandis to the salary of the Director as well as to the members of the executive officer and the rest of the staff with comparable treatment and to the other clauses agreed with those persons. ³

¹ Members of management and staff are insured with PUBLICA in accordance with art. 32 A To 32 M LPers ² .

² The supervisory authority is an employer within the meaning of s. 32 B , para. 2, LPers.

¹ The staff and members of the supervisory authority's bodies are obliged to keep the business of the service secret.

² The obligation to keep secrecy remains after the end of the working reports or the period of office.

³ Employees and members of an organ of the supervisory authority shall not be able to express themselves in the course of a hearing or judicial proceeding as party, witness or expert on facts related to their function and found in The performance of their duties only if authorized by the supervisory authority.

¹ Employees are required to report to their superiors, to the Board of Directors, to the Federal Audit Office or to the criminal prosecution authorities all crimes and offences prosecuted ex officio in relation to internal acts in the service of which They were aware of or reported to them in the course of their duties.

² Persons who have the right to refuse to file or to testify within the meaning of s. 113, para. 1, 168 and 169 of the Code of Criminal Procedure ² Are not subject to the obligation to report and testify.

³ Employees have the right to report to their superiors, to the Board of Directors or to the Federal Audit Office any other irregularities which they have been aware of or which have been reported to them in the performance of their duties.

⁴ No person shall be at a professional disadvantage in order to have, in good faith, denounced an offence or reported an irregularity.

⁵ The obligation to report facts outside the service is governed by s. 24, para. 3.

¹ The management report includes the activity report within the meaning of s. 19, para. 1, the annual accounts and the report of the review body.

² The annual accounts shall include the balance sheet, the profit and loss account and the annex.

¹ The budget and annual accounts of the Supervisory Authority shall be separated from the budget and the accounts of the Confederation.

² The provisions of the CO ¹ And the presentation of accounts shall apply mutatis mutandis to the establishment of accounts. ²

³ The supervisory authority shall constitute the reserves which are necessary for the exercise of its monitoring activity; their amount may not exceed an annual budget.

¹ The supervisory authority has a current account with the Confederation and places its surplus income with the Confederation at the market interest rate.

² The Confederation provides loans to the supervisory authority at the market interest rate to finance its implementation and guarantee its capacity for payment.

1 The responsibility of the Supervisory Authority, its organs, its staff and the third parties to which it relies shall be governed by the Law of 14 March 1958 on Liability ² , subject to para. 2.

2 The Supervisory Authority shall be responsible only for the following conditions:

A.

The supervisory authority has violated essential duties of function;

B.

The damage was not caused by the Reviewer, the Reviewer or the Review Company who breached their obligations.

^2bis The responsibility of the audit companies designated under s. 24, para. 1, let. A, LFINMA ³ Is governed by the law of the limited-liability company (art. 752 to 760 CO ⁴ ). ⁵

The supervisory authority is exempt from any federal, cantonal or communal tax.

¹ The supervisory authority shall be independent in carrying out its tasks.

² It is subject to administrative oversight by the Federal Council. This administrative oversight includes:

A.

Appoint and dismiss members and the Chair of the Board of Directors;

B.

Approve the conclusion and termination of the Director's contract of employment;

C.

Approve the PUBLICA membership contract;

D.

Approve the management report;

E.

Approving strategic objectives;

F.

Review each year if strategic objectives are met;

G.

Give discharge to the Management Board.

³ The supervisory authority regularly reviews its strategic objectives and the fulfilment of its tasks with the Federal Council.

¹ A fine of up to 100 000 francs is imposed on anyone:

A.

Contravens the rules on independence within the meaning of s. 11 of this Act and of s. 728 CO ¹ ;

B. ²

Contravens the obligation to disclose under s. 15 A , para. 2;

C.

Contravens the obligation to disclose under s. 15, para. 3;

D.

Contravening a provision of this Act, as such a contravention has been declared punishable by the Federal Council;

E.

Contravening a decision or action taken by the supervisory authority and served under the threat of the penalty provided for in this section.

² If the author acts by negligence, the fine is not more than 50 000 francs.

³ The Supervisory Authority shall prosecute and judge these contraventions in accordance with the provisions of the Federal Law on Administrative Criminal Law of 22 March 1974. ³ .

⁴ The prosecution of contraventions of this Act shall be prescribed by seven years.

It is possible to waive the prosecution of persons who are punishable under s. 39 and to condemn in their place the undertaking to pay the fine under the following conditions:

A.

The investigation would make it necessary for persons who are punishable under s. 6 of the Federal Act of 22 March 1974 on administrative criminal law ² Education measures out of proportion to the penalty incurred; and

B.

The fine for infringements of the provisions of this Law shall not exceed 20 000 francs.

¹ Every person shall be punished with a custodial sentence of up to three years or of a pecuniary penalty if: ¹

A.

Provides a benefit in the field of revision without the approval required or in spite of the prohibition on carrying out its activity;

A ^Bis . ²

Falsely cites or ignores important facts in the review report, audit report or audit certificate;

B. ³

Does not allow the supervisory authority to access its premises (Art. 13, para. 2), does not transmit the required information or documents (art. 15 A , para. 1) or provides false or incomplete information;

C.

As a review undertaking subject to the supervision of the State contravenes the documentation and retention obligations of the documents within the meaning of Art. 730 C CO ⁴ ;

D.

Working as a third party on behalf of the supervisory authority or after the end of that activity (s. 20), discloses a secret that has been or has been known to it in that capacity; the federal and cantonal provisions governing the obligation to testify and the obligation to provide information to an authority are reserved.

² If the author acts by negligence, the fine is not more than 100 000 francs.

³ Criminal prosecution and judgment are the responsibility of the cantons.

The Federal Council shall adopt the implementing provisions. It may authorize the supervisory authority to issue more detailed provisions.

The amendment to the existing law is set out in the Annex.

¹ Where a physical person or a review undertaking performs the tasks of a review body, this Law shall apply from the day on which the new provisions relating to the review body of 16 December 2005 enter into force Vigor.

² Where natural persons or review undertakings provide further benefits in the field of revision, the new right shall be applicable upon entry into force of this Law.

³ Natural persons and review undertakings which, within four months of the entry into force of this Law, have submitted to the supervisory authority a request for approval as a reviewer, a review officer or Of a review undertaking which is subject to the supervision of the State may provide the revision benefits provided for in Art. 2, let. A, up to the decision on approval. The supervisory authority shall confirm in writing to the applicant the filing of the application within the prescribed period. It shall inform the grant of applications for approval as a review undertaking subject to the supervision of the State.

⁴ Is recognized as a professional practice within the meaning of s. 4, that which has been acquired for a period of up to two years from the entry into force of this Law under the supervision of persons who meet the requirements laid down in the order of 15 June 1992 on qualifications Professionally qualified reviewers ¹ .

⁵ Is recognized as a professional practice within the meaning of s. 5 that has been acquired for a period of up to two years after the coming into force of this Act under the supervision of persons who meet the training requirements set out in s. 4, para. 2.

⁶ The supervisory authority may, for cases of thoroughness, recognise a professional practice which does not fulfil the conditions laid down by law where it is established that the benefits in respect of revision can be provided in a manner that Irreproachable on the basis of practical experience of several years.

¹ Revision benefits for which the supply is subject, according to the new right, to an approval by the Federal Supervisory Authority for review may still be made with the approval granted by FINMA under The old right up to one year after the entry into force of the June 20, 2014 amendment.

² The Supervisory Authority shall take over all proceedings initiated by FINMA against audit companies providing audit benefits within the meaning of the Financial Markets Acts (Art. 1, para. 1, LFINMA ² ) And against responsible auditors open before the entry into force of the modification of June 20, 2014 and not yet entered into force.

The general provisions of the federal procedure are applicable. Moreover, until the entry into force of the Act of 17 June 2005 on the Federal Administrative Tribunal ¹ , the legal remedies are settled as follows: the DFE Board of Appeal shall decide on appeals against decisions of the Supervisory Authority.

¹ This Law shall be subject to the referendum.

² The Federal Council shall fix the date of entry into force.