Building a Gibraltar Fund into a Swiss Management Framework

One of the most relevant questions when considering the option of a Gibraltar Fund is how this fits into the Swiss Legal and Regulatory framework, in particular the Collective Investment Schemes Act (CISA) which governs the promotion of non-Swiss collective investment schemes in Switzerland. This, along with the guidance offered by the Swiss Federal Banking Commission (SFBC) on public offering and private placements allows us to create a picture of how a Gibraltar Experienced Investor Fund might fit into a Swiss asset manager´s business model.

By way of background it is worth noting that CISA imposes relatively strict rules with regard to investment restrictions (permitted investments, limited leverage etc.), subscriptions/redemptions as well as administration, all of which place Switzerland at a regulatory disadvantage relative to hedge fund jurisdictions such as Gibraltar. Furthermore, Swiss collective investment schemes are as a general rule subject to a