On 1 March 2024, the revised Collective Investment Schemes Act (CISA) and its implementing ordinance (CISO) came into effect. The key element of the revised CISA is to allow under Swiss law the long awaited possibility to launch, under certain conditions, collective investment schemes for qualified investors in the form of a so-called Limited Qualified Investor Fund (L-QIF). This, by definition, implies that they are operated without approval, authorisation and product supervision of the Swiss Financial Market Supervisory Authority (FINMA).

By François Rayroux (Reference: CapLaw-2024-37)