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
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......................
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