14/02/2013
Revised law on collective investments comes into effect on 1 March
The Swiss Federal Council on 13 February announced that it has set the date of 1 March for the introduction of the revised law on collective investments, which also aims to guarantee access to the Swiss financial market to the European market. Switzerland urgently had to close loopholes in its regulations to prevent some financial actors restricting access to European markets. The European Union is planning to introduce the AIFM directive in July this year. The revised ordinance, which provides for a tax hike and fees charges by the financial regulator (Finma), will also cone into effect on 1 March. Reservations expressed by those affected have been taken into consideration, the government says. Two new clauses in the law will come into effect on 1 June. One of these concerns qualified investors. According to the definition adopted by Parliament, all parties who sign a wealth management contract are considered “qualified investors,” unless explicitly stated otherwise in writing. The law will only protect “unqualified” investors. The other clause related to key investor information. Investors will receive a written record of information exchanged when they subscribe to a fund.
