Revisions to the Swiss Collective Investment Schemes Act (CISA) were passed by the Swiss Parliament on September 18th 2012. The starting point for these changes was clearly the adoption of EU principles set out under the incoming Alternative Investment Fund Managers Directive (AIFMD).
Given that Switzerland is not a member state of the EU, it is not obliged to transpose the directive into national law. However, AIFMD is likely to have a similar market segmenting effect on the manager level as the UCITS Directive has had on the retail product level where it is generally accepted that Switzerland suffered as a result of not following the trend.
UCITS are of course now a global brand. On that basis, the new Swiss regime is aimed at providing at least equivalence for manager regulation, but does this solve all of the issues? This remains to be seen.
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