Tag Archives: CISA

Revision of the Swiss Collective Investment Schemes Act

Posted on 10. October 2012 by Christian Koller

By Christian Koller On September 28, 2012 the Swiss Parliament passed the revision of the Swiss Collective Investment Schemes Act (“CISA”). For Swiss standards, this is a relatively swift conclusion of a law-making process which started with the initiation of … Continue reading →

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Federal Council Adopts Dispatch on the Partial Revision of the Swiss Colletive Investment Schemes Act

Posted on 29. March 2012 by Christian Koller

By Christian Koller On March 2, 2012 the Federal Council adopted the dispatch on the partial revision of the Federal Act on Collective Investment Schemes (“CISA“) which shall enter into force in 2013 following its parliamentary consultation. In our view, … Continue reading →

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Increased Dynamics in the Regulation of Independent Asset Managers

Posted on 29. March 2012 by Christian Koller

By Christian Koller (This subject was also discussed in an article published in ROI (Finanz und Wirtschaft) n. 2 of June 20, 2012) Our article of June 14, 2011 headed “Swiss Regulation of Independent Asset Managers at a Turning Point” … Continue reading →

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Delay in the Revision of the CISA

Posted on 13. December 2011 by Christian Koller

by Christian Koller As reported on Financial Law Update the Collective Investment Schemes Act is currently revised. By the close of the consultation period on October 7, 2011, more than 90 statements commenting on the draft bill of July 4, 2011 … Continue reading →

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Revision of the Swiss Collective Investment Schemes Act: Initiation of Consultation Procedure

Posted on 15. July 2011 by Christian Koller

by Christian Koller On behalf of the Federal Council the Federal Department of Finance has initiated the consultation procedure for the revision of the Swiss Collective Investment Schemes Act (“CISA”). The revision aims at bridging regulatory gaps and introducing amendments … Continue reading →

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The EU-Directive on Alternative Investment Fund Managers – New Challenges for the Funds Industry

Posted on 14. June 2011 by Christian Koller

by Christian Koller Swiss mangers of alternative investment funds (“AIF”) not domiciled in Switzerland are not subject to special regulation and state supervision if such funds are not distributed publicly in or from Switzerland: neither does Swiss legislation provide for … Continue reading →

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UCITS IV ante portas – Still Some Homework to Be Done

Posted on 14. June 2011 by Christian Koller

by Christian Koller As of July 1, 2011 the EU Directive 2009/65/EC relating to Undertakings for Collective Investments in Transferable Securities (“UCITS IV”) will be applicable. In comparison to the existing UCITS III regime the new law will entail some … Continue reading →

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Collective Investment Scheme vs. Operating Company / Decision of the Federal Supreme Court of November 5, 2010 /

Posted on 14. June 2011 by Christian Koller

by Christian Koller In case of doubt a collective investment subject to authorization will be assumed.

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Public Advertisement I / Decision of the Federal Supreme Court of February 10, 2011

Posted on 14. June 2011 by Christian Koller

by Christian Koller The Supreme Court terminates FINMA’s interpretation of the term “public advertisement” for collective investment schemes.

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Public Advertisement II / Decision of the Federal Administrative Court of April 6, 2011

Posted on 14. June 2011 by Christian Koller

by Christian Koller The Administrative Court questions FINMA’s interpretation of the term “advertisement”.

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