Guernsey's financial services regulator, the Guernsey
Financial Services Commission (GFSC), has signed a Memorandum of
Understanding (MoU) with the Swiss Financial Market Supervisory
Authority (FINMA) regarding the distribution of investment funds to
retail investors.
The MoU facilitates close cooperation between the two
authorities and key elements include the exchange of information,
cross border on-site visits and assistance in the enforcement of
each jurisdiction's laws. One of the principal reasons for the
MoU is that amendments have been made to the Swiss Collective
Investment Schemes Act relating to the distribution of foreign
funds to retail investors in or from Switzerland. This requires the
existence of a MoU between FINMA and the financial services
supervisory authority responsible for the foreign funds.
