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, the 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
("CISO-FINMA", 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 Federal Act on Financial
Institutions of 15 June 2018 ("FinIA",
SR 954.1) and its implementing ordinance, the Ordinance on
Financial Institutions of 6 November 2019
("FinIO", SR 954.11) set out the
legal