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.

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