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Benedicte Gravrand, Opalesque Geneva:

Switzerland wants to preserve and build on its competitiveness as an asset management location, and its financial regulations are adapting to the general regulatory developments. So are those Swiss fund managers who want to raise money in Europe – even if this is likely to become more difficult going forward. However, some investors do not think more regulation will necessarily provide more protection.

A consultation for the revision of the Swiss Collective Investment Schemes Act (CISA), which aims to bridge regulatory gaps and introduce amendments necessary in view of UCITS IV and of the implementation of the EU’s AIFM Directive, ended in October 2011. The implementation is for 2012. The key points of the partial revision focused on (1) management and regulation (all asset managers of collective investment schemes to fall under FINMA supervision and requirements for regulated firms to be enhanced); (2) custody; and (3) marketing and distribution.

At the media conference held by the Alternative Investment Council of the Swiss Funds Association (SFA) in Zurich on 18 October, André Keijsers, Senior Managing Director at Gottex Asset Management, a Swiss FoFs house, said of the implementation of the AIFMD that the next measures are to be presented in definitive form by the beginning of 2012; third countries such as Switzerland can distribute fund units to qualified investors under s......................

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