Tue, Jan 23, 2018
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   |   
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. Opalesque Exclusive: Statsure Financial launches captive insurer for hedge funds[more]

    Bailey McCann, Opalesque New York: Hedge fund managers have a new option for protecting their business. Launching this week at the annual MFA Conference, Statsure Financial is offering a captive insurance solution for hedge fund managers. Many large companies have captive insurers - insurance

  2. Legal - Former Och Ziff hedge fund executive indicted for fraud in Africa investment scheme, prosecutor says, Hedge fund blasts defense of Puerto Rico restructuring law[more]

    Former Och Ziff hedge fund executive indicted for fraud in Africa investment scheme, prosecutor says From CNBC.com: A former hedge fund executive faces federal charges for defrauding a UK-based charity over investments in Africa, according to a grand jury indictment made public Wednesday.

  3. U.S. economy, inflation and alternative investments to dominate 2018 markets, says family office Wilmington Trust[more]

    Komfie Manalo, Opalesque Asia: The emergence of a late-cycle economy in the U.S., the mystery of inflation and growth from a domestic and global perspective, and the potential for alternative investments to prosper against a backdrop of rich valuations, low yields, and higher volatility are the t

  4. Performance - Some hedge funds deliver double-digit gains for 2017, Brevan Howard's hedge fund suffers biggest annual loss in 2017, Crispin Odey's flagship hedge fund plummeted about 20% in 2017, Profits fall 90% at ex-Morgan Stanley banker's hedge fund, Fannie-Freddie overhaul might mint hedge fund riches, losses[more]

    Some hedge funds deliver double-digit gains for 2017 From Reuters/Investing.com: A handful of hedge funds ended 2017 with double digit returns, their investors said, at a time the $3 trillion industry took in fresh money and posted its best returns in years, industry data show. Act

  5. Investing - Hedge funds start 2018 with record $19 billion bet on the euro, Hedge fund Kora Management invests in Satin Creditcare[more]

    Hedge funds start 2018 with record $19 billion bet on the euro From Reuters.com: Hedge funds have kicked off 2018 with their biggest bet ever on the euro rising, a clear vote of confidence in the single currency but, with positioning so stretched, one which could backfire in the near ter