On 1 January 2020, the Amendments of the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) will enter into force. On 6 November 2019, the Federal Council issued ordinances containing the implementing provisions for FinSA and FinIA — the Financial Services Ordinance (FinSO), the Financial Institutions Ordinance (FinIO) and the Supervisory Organisations Ordinance (SOO).
Under these new regulations, foreign asset managers must comply with Swiss rules for 'offering' funds in Switzerland instead of the previous 'distribution' definition under CISA. All communications that include sufficient information about the offering terms and the financial instrument concerned are considered an 'offer'.
Non-Swiss fund managers who 'offer' funds in Switzerland should note the following main requirements:
Also, based on the targeted investor in Switzerland, the following changes apply:
Offers to non-qualified investors
Offers to qualified investors only
As of 1 January 2020, it is no longer mandatory to appoint a Swiss representative and paying agent if distributing to qualified investors. This is subject to certain exceptions.
Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.
Tel.: +352 22 51 51 7271
© 2020 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.