The main purpose of the proposed revision of the Collective Investment Schemes Act (CISA) is to adjust the Swiss regulatory framework to current international standards, especially the UCITS- and AIFM-Directive, in order to enable Swiss based assets managers to access the European market. The draft legislation provides for a general authorization and supervision requirement for all Swiss based asset managers; it defines the scope of tasks of an asset manager, services which may be performed additionally and the possibility of delegation. SICAFs are required to appoint a regulated custodian bank; these banks will have to implement appropriate organizational structures. The concept of public advertisement will be replaced by the concept of distribution, which includes any offering of and advertising for a collective investment scheme; any kind of distribution will be subject to the authorization of the FINMA. Foreign collective investment schemeswill always be obliged to appoint a Swiss representative, who will have to ensure the compliance of the fund’s foreign management with the provisions of the CISA; the catalogue of persons that are regarded as qualified investors is being modified.