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Anne Simond Benedicte Gravrand, Opalesque Geneva:

The hedge fund landscape has changed slightly in Switzerland. For a start, there aren’t as many local funds as before the crisis. Then there are new regulations for foreign fund managers looking for Swiss-based investors.

Distribution redefined Anne Simond, CEO of ARM Swiss Representative SA, a FINMA regulated firm offering representative services to offshore alternative investment funds, recently talked to Matthias Knab on Opalesque TV.

Switzerland's new CISA regulation, which has been live for the past couple of years and came into force on 1st March, essentially changes the definition of distribution, she explains. Before, you could rely on private placements. But now any action with a view to promote the subscription of the fund is defined as distribution.

"So if I am a manager and I am calling a prospect or assigning a fact sheet to a prospect, I am actually undertaking a distribution activity, and I would not be able to say that I am relying on reverse solicitation, because I am giving information to someone," she says. "So someone who would want to rely on reverse solicitation will have to show a trail of evidence that he hasn’t sent anything or sold any solicitation for the investor to come to them, and that’s extremely difficult to justify." The best thing to......................

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