Benedicte Gravrand, Opalesque Geneva – The partial revision to the Swiss Collective Investment Schemes Act (CISA), after months of thorough checking, has finally passed the test. The Swiss National Council approved the revision in September (after the Council of States approved it in June).
The Swiss Funds Association (SFA)’s Autumn 2012 newsletter says that all remaining differences have been resolved as both chambers of parliament gave their approval. The Association regards the solution reached as a balanced compromise between investor protection, dmarket access, and competitiveness. "This partial revision will make an important contribution to our long-term goal of strengthening asset management as a key
mainstay of the Swiss financial sector. The next step will be to add
specific detail to these good principles at the ordinance level." The SFA had attacked the proposed amendments to the CISA in March this year (see Opalesque article here).
According to a June 2012 report by AIMA, the hedge fund industry body, regulation of asset managers in Switzerland is governed by the Introduction Collective Investment Schemes Act of 23 June 2006 (CISA), whic......................
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