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On this date, the associated amendment to the Collective Investment Schemes Ordinance (CISO) will enter into force together with the amendment to the Collective Investment Schemes Act (CISA), as announced by the Federal Council.

The Asset Management Association Switzerland (AMAS) has strongly advocated the introduction of the L-QIF in Switzerland and welcomes this new Swiss fund category. It should offer qualified investors a genuine alternative to foreign fund competition in the alternative investment universe and offers investors the greatest possible choice thanks to its flexible structure. The L-QIF is intended to strengthen the competitiveness of the Swiss fund and asset management centre by increasing the number of collective investment schemes launched in Switzerland.

"AMAS assumes that the L-QIF will strengthen the Swiss fund centre," says Adrian Schatzmann, CEO of AMAS. "However, the proposal does not fully achieve the original objective of a liberalised structure and thus the creation of a competitive alternative to the Luxembourg Reserved Alternative Investment Fund (RAIF)."

The L-QIF is not subject to authorisation or supervision by the Swiss Financial Market Supervisory Authority (FINMA). However, it may only be managed by certain institutions supervised by FINMA. This means that an L-QIF can be set up much more quickly and cost-effectively, while indirect supervision ensures both quality and security and takes appropriate account of the client protection needs of qualified investors.

The current CISO revision also introduced far-reaching changes that are not related to the L-QIF and have expanded the scope of the revision.

"We realise that this bill also introduces numerous tightening measures that are not conducive to the international competitiveness of the Swiss fund and asset management industry," says Schatzmann, "Key concerns of the industry have not been taken into account."

AMAS will assist its members with the implementation of the new provisions and will promote and support the introduction of the L-QIF in the industry.

Press release
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Related article:
25.Aug.2020 L-QIF: an innovation for the Swiss fund market