The Swiss Federal Council has decided to amend collective investment legislation to remove the so-called ‘Swiss Finish’ - a set of regulations on top of internationally required rules - as part of the Swiss government's endeavour to improve the competitiveness of the jurisdiction.
The Federal Council on January 28 decided to adapt article 31 of the Ordinance on Collective Investment Schemes (CISO) to the European Law. The amendment will enter into force on March 1, 2009. On the same date, the Swiss Financial Market Supervisory Authority (FINMA) will suppress the Swiss Finish falling within its competence, a statement from FINMA informed.
This change is the latest step in Switzerland’s plan to increase its competitiveness, which includes lowering and simplifying the tax burden for hedge funds so that Switzerland may compete more effectively in this investment sphere with the likes of London and New York. At present taxation varies, largely because of differences in local, state and federal tax rules.
FINMA initiated the consultation process about the suppression of the Swiss finish with the approval of the Federal Department of Finance on September 16, 2008. According to the government the suppression of the Swiss Finish on March 1 should contribute to repositioning the Swiss funds market and promoting Swiss collective investment schemes, making Switzerland an increasingly attract jurisdiction for hedge funds to domicile.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, trusts and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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