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Switzerland Opens Hearing On CIS Ordinance

by Ulrika Lomas, Tax-News.com, Brussels

17 December 2012


Switzerland has recently opened a hearing on the revised Collective Investment Schemes Ordinance.

According to the Swiss Federal Department of Finance (FDF), the ordinance implements modifications to the Collective Investment Schemes Act (CISA), approved by parliament on September 28, 2012, and subjecting most managers of collective investment schemes to supervision.

The revised ordinance determines in a more precise manner the extension of the field of application of the Act, the definition of qualified investors, and the revision of measures governing structured products. The ordinance also establishes the principles for calculating the threshold for the new “de minimis” rule, which removes smaller managers of collective investment schemes from the scope of the Act, while at the same time allowing voluntary inclusion.

Detailed regulations are to apply in future to managers of collective investment schemes, to the custodian banks, and to the representatives of foreign collective investments.

Back in October, the Swiss State Secretariat for International Financial Matters (SIF) explained that:

“The Federal Act on Collective Investment Schemes (CISA) of 2007 can no longer satisfy investor protection and competitiveness requirements. Similarly, gaps are apparent in the regulation of management, custody and distribution. At the international level, and in particular in the EU with the entry into force of the Alternative Investment Fund Managers Directive (AIFMD), legal requirements in the field of collective capital investments have already been tightened. An adaptation of the legal provisions for managers of collective investments in line with international developments is therefore urgently required, in particular to ensure access to the EU market for Swiss financial service providers.”

The hearing ends on January 8, 2013. The ordinance is expected to enter into force at the beginning of 2013.

TAGS: investment | law | banking | investment funds | hedge funds | legislation | Switzerland | regulation

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