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Vertrieb von ausländischen kollektiven Kapitalanlagen an qualifizierte Anleger in der Schweiz

March 2015

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

Die Schweiz hat ihre Gesetzgebung zum Vertrieb von ausländischen Investmentsfonds in odervon der Schweiz aus mit der Revision des Kollektivanlagegesetzes an die EU-Gesetzgebung angepasst. Die Übergangsfristen die Anbietern ausländischer Fonds gewährt wurden um sich der revidierten Gesetzgebung anzupassen liefen am 28. Februar 2015 aus. Ab dem 1. März müssen alle Fonds den neuen Regelungen konform sein.

Publication: Absolut | report 01 2015

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Swiss Financial Market Supervisory Authority ("FINMA") releases the 2014 Enforcement Report

February 2015

In 2014, FINMA adopted a new enforcement policy setting out the general principles of its approach to sanctioning violations of supervisory law. One of its stipulations is that enforcement should be visible. The report released in February 2015 on FINMAs enforcement activities in 2014 is part of its efforts to achieve this goal.

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The requirement for and role of Swiss representatives and Swiss paying agents for foreign funds distributed to qualified investors

January 2015

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

The regulations on the distribution of funds in Switzerland have changed. Fund providers need to assess their existing or planned distribution activities in Switzerland, and decide if they need to appoint a Swiss representative and a Swiss paying agent. In this article we briefly summarize the requirement for a Swiss representative and a paying agent and terms that apply to the requirement. We then explain the respective roles the representative and paying agent.

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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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