In September 2012 the Swiss Parliament passed amendments to the Swiss Collective Investment Schemes Act (CISA).
In February 2013 the Swiss Federal Council adopted an amendment to the Collective Investment Schemes Ordinance (CISO) that effectively completed the process of turning the revised CISA into law.
While both enactments came into effect on 1 March 2013, transitional provisions have been in place to allow marketers of foreign collective investment schemes enough time to adjust to the new regulations.
By 28 February 2015 all market players must be in compliance with the new regulations.
"In our view the Swiss regulator has established a set of rules for distribution of foreign collective investment schemes to qualified investors only based on a pragmatic, business-oriented approach. The requirements for foreign funds or duly authorized and supervised distributors (both Swiss and foreign) to continue doing business in Switzerland are relatively simple, clear, implementable and inexpensive", says OpenFunds that has tried to focus on the impact of the revised CISA and CISO on the distribution of foreign collective investment schemes in Switzerland and from Switzerland to qualified investors as defined by CISA and CISO.
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