Representative Services

Distribution under CISA

What is considered as distribution under the new regulations?

Art. 3 par. 1 CISA and Art. 3 CISO define distribution as any type of activity that aims to encourage the acquisition of units of collective investment schemes by an investor, including:

  • Issuance of print and electronic media of any kind, such as newspapers and magazines, direct mail, brochures, fact sheets, recommendation lists and information letters sent to the clients of a bank or other financial intermediary;
  • offers to financial intermediaries (that do not have the status of qualified investors as per art. 10 para. 3 lit. a and b CISA) for forwarding to their clients;
  • information on opportunities to subscribe to collective investment schemes (e.g. securities number, subscription agent);
  • press conferences, telemarketing, unsolicited phone calls (cold calling), presentations (road shows), trade shows, sponsored reports on collective investment schemes, home visits by financial intermediaries of any kind;
  • websites and other forms of e-commerce, subscription slips and online subscription opportunities and emails.

The following activities are not considered to be distribution under CISA and CISO:

  • Genuine and documented reverse solicitation.
  • Any of the above activities made by an investment manager to investors under written discretionary management agreement as defined in Art. 3 par. 2 lit. b and c CISA or by an investment advisor to investors under an investment advisory agreement as defined in Art. 3 par. 2 and Art. 3 CISO.

OpenFunds App

The OpenFunds App is a very user-friendly tool, on mobile access. You can find all the information regarding the funds such as legal documents, monthly factsheets with performance updates, publications, newsletters, events, live surveys and an overview of the fund managers’ meetings. All this is ready to be downloaded, printed or shared directly with your mobile device.

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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

Geneva Office

rue de la Cloche 8
1201 Geneva

Phone: +41 44 500 3175