The Swiss Funds Association has issued a statement welcoming the Federal Council’s decision to amend the Collective Investment Schemes Ordinance to bring it into line with EU law.
The statement from the Swiss Funds Association (SFA) welcomes the Federal Council's decision to adapt Article 31 of the Collective Investment Schemes Ordinance (CISO) in line with EU law. Together with the planned changes in the Swiss Financial Market Supervisory Authority’s (FINMAs) practice with regard to the authorization of foreign Undertakings for Collective Investment in Transferable Securities (UCITS), Swiss regulation now corresponds to European standards, thus enhancing Switzerland’s attractiveness as a distribution market.
Within the framework of the Financial Sector Dialogue Steering Committee (STAFI), FINMA in conjunction with the SFA and the other bodies behind the Masterplan highlighted the fact that Article 31 CISO deviated from the European standards, resulting de facto in obstacles to trade. With the amendment approved by the Federal Council on January 28 and other measures planned by FINMA, these formal impediments will be removed. This will bolster the appeal of Switzerland as a distribution market. The changes are scheduled to enter into force on March 1, 2009.
“Regulation in the financial sector must be coordinated internationally if it is to bring its full effectiveness to bear. Special regulations on a national level lead to additional costs and obstacles to competition, which are ultimately detrimental to investors. The SFA is therefore actively committed to removing mutual barriers to market access. The decision by the Federal Council coupled with other measures planned by FINMA represents a key element of the Masterplan,” said Dr. Gérard Fischer, President of the SFA.
“Investors will also profit from Swiss funds being regulated in an EU-compliant manner and from the authorization of foreign UCITS not being made more difficult by the imposition of special Swiss rules. In future, investors will have a broader selection of Swiss and foreign products at their disposal,” said SFA CEO Dr. Matthäus Den Otter. .
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