CapLaw-2012-32

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…