Benedicte Gravrand, Opalesque Geneva:
On September 28, 2012, the Swiss parliament passed the amendments to the Swiss Act on Collective Investment Schemes (CISA), Opalesque announced last month. A referendum may be applied for until January 17, 2013.
When the law was enacted in 2006, it was designed to bring Switzerland in line with the EU’s UCITS directive and strengthen the overall competitiveness of the Swiss financial sector. Officials proposed several amendments earlier this year. Opalesque reported on the Swiss Fund Association's reaction to the proposed amendments and also on subsequent criticisms saying that newly proposed financial regulations coming out of Switzerland would affect hedge fund managers negatively.
According the Zurich Wealth Management team of global law firm Baker & McKenzie, which yesterday presented a summary of the new law and other Swiss regulatory developments, a referendum on CISA’s amendments is not likely, given its technical nature. If there is one, there would be a poll on the relevant revision. I......................
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