# AMLR Art. 61 — Identification of beneficial owners of collective investment undertakings > TJPG Art. 2 and Art. 5 have been in force since 1 October 2026. See [[Effective-dates timeline]]. - **Part of:** [[AMLR]] - **FATF keying:** [[FATF R.24 - Transparency and beneficial ownership of legal persons|FATF R.24]] - **Swiss provisions:** [[TJPG Art. 5 - BO of a SICAV (entrepreneur|TJPG Art. 5]], [[TJPG Art. 2 - Scope- AG, KmAG, GmbH, cooperatives|TJPG Art. 2]] - **Detailed citation:** TJPG Art. 5 (SICAV) and Art. 2 Abs. 1 Bst. a Ziff. 5-7 (SICAV, SICAF, KmGK) ## What it requires By derogation from the general beneficial-owner rule (Art. 51, first paragraph, and Art. 58(1)), Art. 61 gives collective investment undertakings a tailored test: a natural person is beneficial owner if they hold, directly or indirectly, 25% or more of the units (a); have the ability to define or influence the undertaking's investment policy (b); or control its activities through other means (c). ## Swiss position TJPG Art. 2 Abs. 1 Bst. a Ziff. 5-7 brings SICAV, SICAF and limited partnerships for collective investment (KmGK) into the register regime. TJPG Art. 5 sets a SICAV-specific rule: a natural person is beneficial owner as Unternehmeraktionär(in) if they hold, directly or indirectly, at least 25% of the Teilvermögen der Unternehmeraktionäre, or otherwise control the SICAV (Abs. 1); absent such a person, the senior-most governing-body member is beneficial owner by default (Abs. 2). SICAF and KmGK have no equivalent SICAV-specific article. ## Key divergences AMLR Art. 61 sets three independent limbs: a 25% unit-holding threshold, an investment-policy-influence test, and a residual other-control test. TJPG Art. 5 addresses only SICAV, with the 25% threshold measured against the Unternehmeraktionär compartment (Teilvermögen) rather than total units held, plus a single catch-all for control 'in another way' that folds AMLR's limbs (b) and (c) together without a separate investment-policy-influence criterion; its governing-body fallback (Abs. 2) has no counterpart in AMLR Art. 61. SICAF and limited partnerships for collective investment are brought into TJPG scope by Art. 2 Abs. 1 Bst. a Ziff. 6-7; their beneficial owner is determined under the general rule in TJPG Art. 4, not Art. 5. ## Effective dates TJPG Art. 2 and Art. 5 have been in force since 1 October 2026. See [[Effective-dates timeline]]. ## Further connections *These links come from an article-by-article comparison of the primary texts. They add to the provisions listed at the top of this note and make no equivalence claim.* - [[VSB 20 Art. 38 - Collective investment schemes|VSB 20 Art. 38]] — Governs when a bank must obtain a declaration on the beneficial owners of a collective investment scheme or investment company, not who counts as one: required with 20 or fewer investors (Abs. 1), with more only if not adequately supervised (Abs. 2); listed schemes are exempt (Abs. 4). No 25%-of-units test. *(related)* - [[GwV-FINMA Art. 66 - Collective investment schemes and investment companies|GwV-FINMA Art. 66]] — Governs when an intermediary must obtain a declaration on the beneficial owners of a collective investment scheme or investment company, not who counts as one: required with 20 or fewer investors (Abs. 1), with more only if not adequately supervised (Abs. 2); may be waived for listed schemes or where a supervised promoter or sponsor attests AML rules (Abs. 3). No 25%-of-units test. *(related)* ## Authoritative text > [!quote]- Regulation (EU) 2024/1624 (AMLR), Article 61 — English text (EUR-Lex, CELEX 32024R1624) > **Article 61** > *Identification of beneficial owners of collective investment undertakings* > By way of derogation from Article 51, first paragraph and Article 58(1), the beneficial owners of collective investment undertakings shall be the natural persons who fulfil one or more of the following conditions: > (a) they hold directly or indirectly 25 % or more of the units held in the collective investment undertaking; > (b) they have the ability to define or influence the investment policy of the collective investment undertaking; > (c) they control the activities of the collective investment undertaking through other means. ## Sources - AMLR Art. 61 — CELEX 32024R1624 - TJPG BBl 2025 2900, Art. 5 - TJPG BBl 2025 2900, Art. 2