1 Regulatory Framework
1.1 What legislation governs the establishment and operation of
Alternative Investment Funds?
The establishment and operation of Alternative Investment Funds
("AIFs") (and their managers) is governed by the Federal
Act on Collective Investment Schemes of 23 June 2006
("CISA", SR 951.31) and its implementing ordinances,
Ordinance on Collective Investment Schemes of 22 November 2006
(CISO, SR 951.311), the Ordinance of the Swiss Financial Market
Supervisory Authority on Collective Investment Schemes of 27 August
2014 ("CISOFINMA", SR 951.312) and the Ordinance of the
Swiss Financial Market Supervisory Authority on Collective
Investment Schemes of 6 December 2012 ("CISIO-FINMA", SR
951.315.2). In addition, the Swiss Financial Market Supervisory
Authority ("FINMA") has published a number of circulars
addressing specific areas of collective investment schemes law
(such as the distribution of collective investment schemes).
Finally, a number of