Amendment of the Collective Investment Schemes Act in response to the EU's AIFM Directive
Berne, 11.03.2011 - At its meeting today, the Federal Council instructed the Federal Department of Finance (FDF) to prepare a draft for amending the Collective Investment Schemes Act. As a result, the legal provisions for the managers of collective capital investment assets should be adjusted in line with international developments, and in particular access to the EU market should be ensured. Greater investor protection will also be targeted, in addition to improved asset management quality in Switzerland.
The Directive on Alternative Investment Funds Managers (AIFM) adopted by the EU in November 2010 governs the management, custody and distribution of collective capital investments that are not covered by the UCITS Directive, the existing set of EU regulations for "normal" investment funds. As a result of the AIFM Directive, access to the assets of professional EU investors via collective capital investments will be possible only for those asset managers who are subject to these stricter regulations.
Unlike in the EU, the distribution of foreign collective capital investments to qualified investors is not regulated in Switzerland. Moreover, there is no binding subjection obligation for the asset managers of foreign collective capital investments. Against this backdrop, there is the risk that Switzerland would become the centre of attraction for products and financial service providers that do not want to be subject to the more stringent EU regulations. The legislative amendments targeted by the Federal Council should enhance investor protection, increase the quality of asset management in Switzerland, and maintain access to the EU market for Swiss service providers.
The Federal Council has instructed the FDF to prepare a consultation draft by summer 2011.Address for enquiries
Roland Meier, Media Spokesperson FDF
031 322 60 86
roland.meier@gs-efd.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html
