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