Switzerland's status as a 'light touch' centre - regarding
by many an offshore haven in the heart of of Europe - is
suddently being challenged as the country's parliament
discusses proposed revisions to the regulation of its financial
Proposed revisions to the Collective Investment Schemes Act
(CISA) envisage changes to regulation in the areas of
management, custody and distribution - though it doesn't cover
new regulations on products like hedge funds.
"CISA should be seen in context with the Alternative
Investment Fund Managers Directive (AIFMD) rules in Europe and
aims to raise quality in asset management in general and
strengthen investor protection," a spokeswoman for the Swiss
Financial Market Supervisory Authority, or FINMA, says.
"Another aspect is to keep on giving asset managers the