Swiss Bankers Welcome AIFM Directive

by Ulrika Lomas, Tax-News.com, Brussels

24 November 2010

The Swiss Bankers Association (SBA) has recently published its comments on the adoption by the European Parliament of the European Directive on Alternative Investment Fund Managers (AIFM), which aims to create a comprehensive and secure framework for the supervision and prudential oversight of alternative investment fund managers within the European Union (EU).

The SBA notes that during the drafting of the EU directive, Switzerland and other non-EU international financial centres were concerned about how the directive would treat non-EU managers and funds, emphasizing that Switzerland’s concerns about access to the EU market were articulated at the time by various Swiss bodies including the Swiss Bankers Association.

The association states that: “The Swiss Bankers Association now welcomes the fact that the directive allows the possibility for portfolio management for an alternative investment fund established in the EU to be delegated to a Swiss-domiciled financial intermediary provided that the latter is subject to supervision by the Swiss Financial Market Supervisory Authority.”

It continues: “The Swiss Bankers Association also welcomes the foreseen phased introduction of so-called 'third-country passports.' These will allow alternative investment fund managers located outside the EU to market their services and products throughout the EU on the basis of a single authorization provided they comply with regulatory requirements and transparency standards that are comparable to those applicable to EU fund managers. While the principle is clear, the precise nature of the conditions that Switzerland will have to fulfil and the speed and nature of their implementation remain to be clarified with the EU.”

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