Sun, Oct 22, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Swiss Funds Association voices opposition to Collective Investment Schemes Act

Tuesday, March 27, 2012

Bailey McCann, Opalesque New York:

In a letter released yesterday, the Swiss Funds Association attacked several provisions of proposed amendments to the Collective Investment Schemes Act (CISA), a swiss law that governs many investment activities in the country.

When the law was enacted in 2006, it was designed to bring Switzerland in line with EU funds directive UCITS (Undertakings for Collective Investments in Tranferable Securities) and strengthen the overall competitiveness of the Swiss financial sector. More recently, officials have proposed slight changes. In the letter, the Swiss Funds Association says that these changes will have a significant and adverse impact on the financial services sector. They cite, "globally unique discrimination of the Swiss financial sector and the lack of measures to strengthen competitiveness."

According to the Association, these changes are dire - "Improvements must be made to prevent the loss of jobs and the migration of entire product categories."

The Swiss Federal Council is attempting to address some gaps in CISA through the amendment process. Specifically, distribution regulations and liability requirements for investment schemes. The Association charges that the Federal Council has overstepped its bounds and missed the desired target in the process.

"Many CISA provisions go beyond the EU standards, or create specific Swiss features where there......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Regulatory - David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge, Carried interest tax: How much does it matter?, Odey sees 'terrifying' mix in MiFID, tapering, asset values, Hedge funds come together to share cost of MiFID and research, SEC turns up the heat on U.S. investment advisers, India's Sebi asks hedge funds to report investments in commodity derivatives[more]

    David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge From CNBC.com: David Stockman is warning about the Trump administration's tax overhaul plan, Federal Reserve policy, saying they could play into a severe stock market sell-off. Stockman, the R

  2. North America - Puerto Rico rejects loan offers, accusing hedge funds of trying to profit off hurricanes[more]

    From TheIintercept.com: Puerto Rico has rejected a bondholder group's offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico's Fiscal Agency and Financial Advisory Authority said the offer was "not viable" and would harm the islan

  3. Investing - WPP targeted by short-selling American hedge fund, Sun co-founder sells secretive hedge fund on big chip trade[more]

    WPP targeted by short-selling American hedge fund From Cityam.com: An American hedge fund has mounted a bet against WPP, the world's largest advertising group, with a trade worth almost £90m. Lone Pine Capital has built a short position worth 0.51 per cent of the FTSE 100 company,

  4. Hedge funds up as industry adjusts to rising rates[more]

    Komfie Manalo, Opalesque Asia: Hedge funds have reshuffled their portfolio after nearly four weeks of rising rates as the Lyxor Hedge Fund Index was up +0.2% from 19 September to 26 (+1.1% YTD), fuelled by strong results of global macro funds, Lyxor Ass

  5. Manager Profile - How the world's hedge fund king used 'idea meritocracy' to become a billionaire[more]

    From Forbes.com: In 1982, Ray Dalio made what he calls the biggest mistake of his life. He made a bet that there would be an economic collapse stemming from a debt crisis. And he was wrong. He lost money. He lost his client's money. He had to let people go from his firm and borrow money from his dad