Tag Archives: FINMA

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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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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Swiss Regulation of Independent Asset Managers at a Turning Point

Posted on 14. June 2011 by Christian Koller

by Christian Koller (A short version of this article was published in “Banking Law News” of September 2011) Contrary to asset managers of most major financial markets Swiss independent asset managers are generally not subject to a registration duty or … 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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FINMA Distribution Report 2010 – Deadline for Consultation Expired

Posted on 14. June 2011 by Christian Koller

by Christian Koller In October 2010, the Swiss Financial Market Supervisory Authority FINMA published a discussion paper on the ‘Regulation of the production and distribution of financial products to retail clients – status, shortcomings and courses of action’. Meanwhile, several … Continue reading →

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Too big to fail – Strengthening Financial Sector Stability in Switzerland

Posted on 14. June 2011 by Christian Koller

by Dr. Jonas Bornhauser The latest global financial and economic crisis has demonstrated that a major Swiss financial institution in distress (as it was the case with UBS in 2008) may pose a serious threat to the entire economy of … 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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Revision of the Swiss Collective Investment Schemes Act

Posted on 14. June 2011 by Christian Koller

The Federal Council has mandated the Federal Finance Department to prepare a draft for the revision of the Swiss Collective Investment Schemes Act by summer 2011. The planned revision is in response to the adoption of the Alternative Investment Funds … Continue reading →

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FINMA Circular on Rating Agencies

Posted on 14. June 2011 by Christian Koller

FINMA proposes amendments to the circular on rating agencies. Read more on: http://www.finma.ch/e/aktuell/Pages/mm-anhoerungratingagenturen-20110325.aspx

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FINMA Circular on Remuneration Systems

Posted on 14. June 2011 by Christian Koller

Following the lapse of the transition period for the implementation of the FINMA circular on remuneration systems of financial institutions on December 31, 2010, the financial institutions concerned were asked to submit an implementation report to FINMA by the end … Continue reading →

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