CapLaw-2012-42

On 10 July 2012, the Swiss Financial Market Supervisory Authority FINMA opened the consultation process on the Collective Investment Schemes Bankruptcy Ordinance (CISBO-FINMA). Since 1 September 2011 FINMA has been in charge for the bankruptcy over certain institutions subject to the Swiss Collective Investment Schemes Act (CISA), such as fund management companies, investment companies with variable capital (SICAVs), limited partnerships for collective investments and investment companies with fixed capital (SICAFs). As the CISA provides only a rudimentary framework for bankruptcy proceedings and confers FINMA the competence to issue implementing rules, FINMA has made use of this competence by drafting the…