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Eric Stupp Benedicte Gravrand, Opalesque Geneva:
FINMA, the Swiss Financial Market Supervisory Authority, proposed some amendments to financial regulations in February. With a view to protect financial clients, FINMA advocated better transparency from banks, insurers and portfolio managers among other things. The proposals are currently being looked into by various Swiss government bodies.
"What FINMA wants to do is to regulate the promotion of funds in Switzerland," Nicolas Roth, co-manager of the REYL Resurgence fund of hedge funds recently told Opalesque. "So for example, a fund manager who wants to come from New York to Geneva to promote his fund would have to be regulated by FINMA. This could have side effects as some managers might decide not to offer their product in Switzerland any longer. It is not clear how this will play out."
"Moreover, FINMA intends also to regulate independent asset managers and fund managers located in Switzerland that are managing offshore funds," he adds. "This could result in a significant change in the landscape for the fund industry in Switzerland." He is monitoring the situation closely no doubt as all Swiss-based fund managers are doing nowadays although he is in a sweet spot, as REYL & Cie, the Geneva-based private bank he works for, is already regulated by FINMA.
According to Eric Stupp, Zurich-based partner at Swiss law firm ...................... To view our full article Click here
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