Recent And Future Developments Impacting Investment Management In Switzerland

A. INTRODUCTION

The purpose of the present article is twofold: Driven by the AIFMD (Directive 2011/61/ EU on Alternative Investment Fund Managers), the Swiss collective investment schemes legislation underwent a major (partial) revision which entered into force on 1 March 2013. Most of the various transitory periods to adapt to the revised legislation have now lapsed. In addition, the regulator has issued further guidance pertaining to the application of the new rules in the meantime. This article summarizes the somewhat complex new framework affecting the management and distribution of collective investment schemes in Switzerland and compares them to the previous regime for better understanding (see below section B).