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Anne-Cathrine Frogg Benedicte Gravrand, Opalesque Geneva: A new regime governing the distribution of non-Swiss funds to Swiss investors comes fully into force on 1 March 2015.
According to a report from Schulte Roth & Zabel, a global law firm, the new regime segments Swiss investors into three categories:
(1) unregulated qualified investors (pension plans, corporates, family offices, family trusts and high-net-worth individuals);
(2) regulated qualified investors (a more restricted list of Swiss-regulated financial entities, such as banks, securities dealers, fund managers and insurance companies); and
(3) non-qualified investors (effectively retail).
Investment managers who expect to be distributing their funds to unregulated qualified investors (1) in Switzerland on or after 1 March 2015 must comply with new requirements, which include, amongst other things, for the fund to appoint a Swiss-licensed representative and a Swiss bank as a paying agent. The fund’s investment manager must also enter into a distribution agreement with the appointed Swiss representative.
The Swiss paying agent is usually a Swiss bank that collects information on the fund; it is not necessary to open an account with the bank, according to a Swiss representative.
The marketing and sale of non-Swiss funds to Swiss investors is governed ...................... To view our full article Click here
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