Limited partnerships for collective investment

Limited partnerships (LPs) for collective investment must be authorised by SFMA as institutions. Their constituting documents, i.e. the partnership agreement, must also be approved by SFMA. However, the limited qualified investor fund (L-QIF) in the legal form of an LP is exempted from the authorisation and approval requirement (Art. 13 para. 2 bis CISA ).

This SFMA page gives applicants and supervised institutions a practical view of the limited partnerships for collective investment topic. It explains when a licence, approval, notification or registration may be needed, what information should be prepared, and which changes may require contact with the authority.

Authorisation and approval requirements

The review focuses on whether the applicant is organised in a way that is suitable for limited partnerships for collective investment within the Asset management area. SFMA will normally look at governance, financial resources, responsible persons, risk controls, compliance arrangements, auditability, outsourcing and whether the planned activity can be carried out without creating avoidable risks for clients, investors, policyholders or market integrity.

Prospectus

This section explains how prospectus affects the limited partnerships for collective investment authorisation or registration topic. The relevant facts should be documented in a way that allows SFMA to understand the legal basis, operating responsibilities and supervisory implications.

Changes in circumstances

Material changes should be assessed before implementation. Changes in ownership, management, organisation, business activity, documents, outsourcing, risk models or the decision to stop a licensed activity can require prior approval or notification. Applicants and licence holders should keep the authorisation basis aligned with their actual operating model.

Information and templates

Applications should be submitted with the current forms, declarations and supporting documents required for the activity. A complete file usually shortens the review because the authority can assess the business model, responsible persons, financial position, internal rules and legal basis without repeated follow-up questions.

Preparing a complete file

Applicants should keep the submission concise but complete: describe the activity, legal structure, people responsible, control framework, financial resources, relevant documents and any cross-border elements. Where uncertainty remains, the issue should be highlighted early rather than left to emerge during review.