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ARTICLE · 04 AUGUST 2023

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Alternative Investment Funds 2023

Bär & Karrer Ltd.
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The establishment and operation of Alternative Investment Funds ("AIFs") (and their managers) is governed by the Federal Act on Collective...

SwitzerlandFinance and Banking
Daniel Flühmann
Daniel Flühmann
Peter Hsu
Peter Hsu
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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) and the Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes of 27 August 2014 ("CISO-FINMA", SR 951.312). In addition, the Federal Act on Financial Institutions of 15 June 2018 ("FinIA", SR 954.1) and its implementing ordinances, the Ordinance on Financial Institutions of 6 November 2019 ("FinIO", SR 954.11) and the Ordinance of the Swiss Financial Market Supervisory Authority on Financial Institutions of 4 November 2020 ("FinIO-FINMA", SR 954.111) set out the legal framework for financial

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