Wed, Apr 16, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Swiss Funds Association welcomes approval by the European Parliament

Thursday, November 11, 2010
Opalesque Industry Update – At today’s vote, the European Parliament passed the AIFM Directive. Although there are still numerous legal terms that have to be defined in more specific detail over the coming months, the Swiss Funds Association SFA welcomes this decision.

Compared with the draft presented in April 2009, the directive in its present form contains two significant improvements from the Swiss perspective:

1. Under the AIFM Directive there remains the possibility for portfolio management and/or risk management for an Alternative Investment Fund established in the EU to be delegated to a Swiss-domiciled manager, provided the latter is subject to FINMA supervision.

2. Swiss asset managers may at a later date acquire authorization in respect of marketing in one or more EU member states, or even an EU Passport. For this, however, they must comply with comparable requirements to those applicable to EU managers.

In addition to this, Switzerland will also have to meet certain conditions, e.g. concluding supervisory cooperation agreements and double taxation treaties (OECD 26).

“At this juncture, we believe this will be achievable. This will also require certain amendments to the Collective Investment Schemes Act, which the SFA actively supports. The Swiss authorities responsible should now implement the necessary measures as quickly as possible in close cooperation with the industry associations,” said SFA President Martin Thommen.

“Even under the AIFM Directive, our country remains an attractive location for asset managers from the hedge fund and private equity sectors. For this, however, Switzerland’s advantages as a third country must be harnessed with regulation that remains pragmatic and is oriented towards the reduced need for protection among institutional investors,” explained SFA CEO Dr. Matthäus Den Otter.

(press release)

The Swiss Funds Association SFA, which was established in Basel in 1992, is the representative association of the Swiss fund and asset management industry. Its members include all the major Swiss fund management companies, many representatives of foreign collective investment schemes, and asset managers of collective investment schemes. These cover more than 95% of the fund assets distributed in Switzerland. Among the SFA’s members there are also numerous other service providers active in the collective investment schemes sector. The SFA is an active member of the Brussels-based European Fund and Asset Management Association (EFAMA) and the globally active International Investment Funds Association (IIFA), which is based in Montreal. In the alternative investments sector, it works together closely with the London-based Alternative Investment Management Association (AIMA).

Source


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
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. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably