Fund Distribution Alert 2021-28

Asset Management Association Switzerland publishes revised guidelines and model fund documents in Switzerland

Revised guidelines and model fund documents in Switzerland

With the entry into force of the Financial Services Act (FinSA), the Financial Institutions Act (FinIA), and the revised Collective Investment Schemes Act (CISA), the Asset Management Association Switzerland (”AMAS”) recently published revised guidelines, model documents and model distribution agreement.

Guidelines

The AMAS revised following elements:

  • Code of Conduct
  • Guidelines for real estate funds
  • Technical guidelines (Guidelines for money market funds, Guidelines on the valuation of assets and the handling of valuation errors, Guidelines on the calculation and publication of performance data, Guidelines on the calculation and disclosure of the TER)

The revisions enter into force on 1 January 2022, replacing the existing minimum standard.

Revised model documents and model distribution agreement

  • Revised model documents:

The model “Information for investors in Switzerland” has been standardized to simplify the approval process for foreign collective investment schemes for non-qualified investors. It is therefore limited to the minimum content required by law and the self-regulation regime. The wording given in the new model may not be changed.

Following this, prospectuses and, if applicable, financial reports of the fund will have to be updated.

ASMA recommends adopting to the new wording as quickly as possible.

  • Revised model distribution agreement:

The updated version of the model distribution agreement reflects the industry practice within the new regulatory environment. Among other things, it now includes information for those cases in which third parties are used to promote the sale of collective investment schemes (previously “distribution”), even if the range of specific sales activities remains as before.

 

The new guidelines are available in French here, in German here and in English here.

The revised model fund documents and model distribution agreement are available (documents are not free of charge) in French here and German here.

The AMAS publication is available in French here, in German here and in English here.

Please feel free to contact us should you require any additional information.

Contacts

Said Fihri

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Stephanie Zedda

Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu