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By the Opalesque Team: The Swiss Financial Market Supervisory Authority (FINMA), an independent supervisory authority, was approved by parliament in 2007 and launched on 1st January 2009, with the objective of grouping together under one authority the government supervision of banks, insurance companies, stock exchanges and securities dealers as well as other financial intermediaries in Switzerland.
According to Swiss daily Le Temps, FINMA has already taken one of G30’s recommendations into account. In its 15-Jan-09 report called ‘Financial Reform – A framework for financial stability’, the consultative group of elders on international economic and monetary affairs, the Group of Thirty, recommends among other things, that alternative funds should be supervised by the fund managers’ country of residence’s regulator. This would mean a totally different set-up to the current system, in which offshore funds are regulated by their domicile, not by the managers’s country of residence. Le Temps reports that this would affect the 100 of so hedge fund managers who are established in Switzerland and whose funds are domiciled offshore, on whom FINMA’s only authority lies in not allowing such funds to be sold to the Swiss public – not a big issue for hedge fund managers who recruit their investors among the professionals or HNWIs anyway. ...................... To view our full article Click here
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