Sat, Dec 3, 2016
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. M&A - AllianzGI to acquire Sound Harbor Partners, SS&C completes acquisition of Wells Fargo's Global Fund Services business[more]

    AllianzGI to acquire Sound Harbor Partners Allianz Global Investors (AllianzGI), an active investment manager, announced that Sound Harbor Partners, a US private credit manager led by Michael Zupon and Dean Criares, have agreed to join its fast-growing Private Debt Platform. Under the te

  2. Hunt for yield pushes more investors into riskier assets[more]

    From FT.com: Pension funds and insurance companies have increasingly embraced riskier assets in their hunt for higher returns over the past five years. Alternative assets such as property, infrastructure, private equity and hedge funds have been bought up by institutional investors in a world where

  3. People - Nectar Financial hires senior investment team, Texas A&M replaces retiring foundation investment chief, Ex-Cadwalader partner Woolery makes another sudden exit, How to become a Python coder at a top hedge fund, by the co-CTO of Man AHL[more]

    Nectar Financial hires senior investment team Nectar Financial AG, a Swiss financial technology company for wealth and asset management, has announced that it has hired two key senior leaders to spearhead its digital asset management efforts. The company also announced that it has entere

  4. Activist News - Cognizant has introductory discussion with activist investor Elliott; to review letter, Starboard Value makes huge investment in Hewlett Packard, Hedge fund calls for removal of First NBC Bank CEO[more]

    Cognizant has introductory discussion with activist investor Elliott; to review letter From Indiatimes.com: Cognizant said it had an introductory discussion with Elliott Management after receiving the activist hedge fund's letter asking for a board shakeup, a buyback, a dividend and chan

  5. Opalesque Exclusive: Ireland relaxes treatment of direct lending funds[more]

    Bailey McCann, Opalesque New York: The Irish Central Bank has relaxed its treatment of direct lending funds, according to a recently released