Collective Investment Schemes in Switzerland

Collective Investment Schemes in Switzerland

Updated on Tuesday 08th December 2015

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Collective-Investment-Schemes-in-SwitzerlandSwiss legislation for collective investment schemes

Switzerland has a well-established and comprehensive legislation regarding collective investment schemes. Among the most important laws regulating investment funds are the Swiss Federal Act on Collective Investment Schemes (CISA) that was enabled in 2006, the Swiss Federal Ordinance on Collective Investment Schemes (CISO) adopted at the end of 2006. The latest legislation on investment funds in Switzerland is the Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes Bankruptcy issued at the end of 2012.

Types of collective investment schemes in Switzerland

The law offers four types of investment companies that can be employed to structure Swiss collective investment schemes. Open-ended collective investment schemes may be opened as contractual funds or companies with variable capital (SICAV) in Switzerland. Close-ended collective investment schemes may be structured as limited partnerships or Swiss companies with fixed capital (SICAF). Foreign investment funds falling under the regulation of Collective Investment Schemes Act can be registered as open-ended and closed-ended collective investment schemes in Switzerland. According to the Swiss Commercial Code, investment funds may also be registered as contractual funds and holding companies. Associations and foundations registered as collective investment funds fall under the regulations of the Civil Code in Switzerland.

Other types of investment funds in Switzerland are:

  • - real estate investment funds,
  • - securities funds,
  • - funds for traditional investments,
  • - funds for alternative investments.

For details about all types of investment funds available you can contact our lawyers in Switzerland.

The authorization procedure for Swiss investment collective schemes

The management of collective investment scheme is subject to certain licensing requirements and authorization from the supervisory authority in Switzerland. Those applying for authorization of an investment fund must submit the relevant Articles of Association, organizational documents and organizational regulations depending on the type of Swiss business vehicle employed to register the investment fund. The supervisory authority will only issue an authorization to a licensee that satisfies the conditions stipulated in Article 14 in the Collective Investment Schemes Act. According to Article 14 in the CISA the managers of Swiss investment companies must have a good reputation, must guarantee an appropriate management and must possess professional qualifications.

Our Swiss law firm can provide complete information about the authorization procedures for investment funds.