news

Asset-based finance: an alternative and successful approach on how to stimulate the economic recovery in the UK (Article from l'AGEFI in French)

January 2015

Craig Reeves Non executive Vice Chairman of OpenFunds and Founder and CEO of Prestige Asset Management Ltd.

Many SME’s continue to have difficulties to meet the ever more stringent criteria of the banks to finance their business. Asset-based finance is one of the answers on how to overcome this issue and stimulate at the same time the UK economic recovery. (Article from l'AGEFI in French - January 2015).

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Closed-end funds - How are they affected by the new distribution rules in Switzerland?

December 2014

Lars Schlichting
Siro Zanovello
Wolfgang Landl
  Partner, KPMG, Lugano
Senior Partner, OpenFunds Investment Services, Lugano
Senior Partner, OpenFunds Investment Services, Zurich

Under the amended Swiss Collective Investment Schemes Act (‘CISA’) open-ended funds need to appoint a Swiss Representative and a Swiss Paying Agent. It is less clear what is required of closed-end funds.

We reckon the answer to this question can be found by starting with the overriding objective of the new regime, which is to strengthen investor protection and rights.

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Distribution of foreign collective investment schemes to qualified investors in Switzerland - The basics

November 2014

Lars Schlichting
Siro Zanovello
Wolfgang Landl
Partner, KPMG, Lugano
Senior Partner, OpenFunds Investment Services, Lugano
Senior Partner, OpenFunds Investment Services, Zurich

In September 2012 the Swiss Parliament passed amendments to the Swiss Collective Investment Schemes Act (CISA). In February 2013 the Swiss Federal Council adopted an amendment to the Collective Investment Schemes Ordinance (CISO) that effectively completed the process of turning the revised CISA into law. While both enactments came into effect on 1 March 2013, transitional provisions have been in place to allow marketers of foreign collective investment schemes enough time to adjust to the new regulations. By 28 February 2015 all market players must be in compliance with the new regulations. This article focuses on the impact of the revised CISA and CISO on the distribution of foreign collective investment schemes in Switzerland and from Switzerland to qualified investors as defined by CISA and CISO.

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Legal representative services

Roger Stoffel

Distribution services

Siro Zanovello

Zurich Office

Seefeldstrasse 35
8008 Zurich

Phone: +41 44 500 3108

Lugano Office

Via S. Balestra 27
6900 Lugano

Phone: +41 44 500 3109

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rue de la Cloche 8
1201 Geneva

Phone: +41 44 500 3175