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SFAMA (the Swiss Funds and Asset Management Association) supports this project, the implementation of which represents an important step toward strengthening the Swiss financial sector and enhancing Switzerland's competitiveness as a location for funds and asset management.

The core aim of the draft is to create a flexible form of collective investment scheme under Swiss law that is not subject to FINMA (the Swiss Financial Market Supervisory Authority) approval and can thus be launched much more quickly and cost-effectively. At the same time, this innovative product, which is to be available only to qualified investors, should guarantee the usual levels of quality and security. The asset manager or fund management company responsible for an L-QIF must be an institution supervised by FINMA. This indirect supervision takes due account of qualified investors' need for protection.

Both open-ended and closed-ended collective investment schemes in accordance with the CISA could be set up as L-QIFs. They would enjoy flexibility as regards their investment universe so as to offer investors the greatest possible choice. In addition, the tax treatment of L-QIFs as Swiss funds would be crucial to their success.

Parliament is expected to debate the draft in its 2020 winter session after the preliminary advisory committee. It is likely to enter into force in 2022.

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