Managers fret about additional rules in ‘Swiss finish’

Mon May 21, 2012

Changes are afoot in the Swiss financial services sector. Joy Dunbar, editor of Absolute UCITS, explores what some of these changes might mean

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 services sector.

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 possibility...

ISSN: 2151-1845 / CDC10004H

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