The two year transitional period applicable to the rules for the marketing of non-Swiss funds to unregulated qualified investors in Switzerland under the amended Collective Investment Schemes Act (CISA) ended on 28 February 2015. As from 1 March 2015, a Swiss representative and a Swiss paying agent must be appointed and Swiss law governed distribution agreements between the Swiss representative and the entities distributing the relevant non-Swiss fund in Switzerland must be in place, prior to marketing such funds to unregulated qualified investors in Switzerland.

By Patrick Schleiffer/Michael Kremer (Reference: CapLaw-2015-17)