ASR AIMA Webinar explaining the new FINSA Requirements
Anne Empain explains the new FINSA rules and their practical application including deadlines for compliance.Please click here to view a recording of the webinar Download our FINSA short presentation & ASR compliance services
AIMA – Navigating Private Placement Seminars
Anne Empain (Simond) will be speaking at the AIMA – Navigating Private Placement Seminars at the following locations:
New York - 20th March 2017
London - 16th May 2017
Hong Kong - 17th October 2017
Singapore - 19th October 2017
Until the credit crisis of 2008 an estimated one third of all hedge fund assets were allocated via Switzerland. But also after the crisis, Switzerland remains one of the most important destinations for hedge funds and alternative investment managers. However, as of March 2015, substantial changes to the rules for distributing investment funds (CISA) to Swiss investors came into force.
The new rules leave no room for manoeuvre: While in the past, foreign funds could be distributed easily via private placement, today all foreign managers wanting to market to any Swiss pension, family office, HNI or independent wealth manager are required to designate a Swiss Representative and a Paying Agent (bank). This representation is now a mandatory compliance function while "reverse solicitation" has become almost impossible to demonstrate in practice and is not an option.
The good news is that the industry has found that compliance with CISA and the process of on boarding a Swiss Rep and Paying Agent is a lot easier and more painless than anticipated. In fact, over 1000 foreign managers have already designated a Swiss Representative. This is almost the double than the approximately 600 firms who so far have qualified as AIFM within the European Union's directive. With Switzerland being outside of the EU, AIFM compliance is not required for domestic distribution.
Hear Anne Simond, founder and CEO of ARM Swiss Representatives talk about:
• Why foreign funds find it much easier to comply with Swiss than EU distribution requirements
• The Role and Functions of the “Swiss Rep” and the Paying Agent
• Requirements to market to Swiss pensions, family offices, HNI and independent wealth managers
• Investor Classification: the one remaining challenge for foreign funds
Anne Simond is a qualified English solicitor with almost 20 years in alternative investment industry. She has extensive experience in legal, compliance and product development for alternative asset managers as well as legal and structuring expertise for derivative products in investment banking. Anne held various senior legal positions with such firms as EIM, UBP, Credit Suisse and Morgan Stanley. She has a Master of Law from the Université des Sciences Sociales in Toulouse and is also a founding member of the Geneva chapter of 100 Women in Hedge Funds
In March 2013 Swiss authorities tabled amendments governing the distribution of non-registered funds. The category of non-registered funds includes foreign-domiciled hedge funds, private equity, real estate, etc. Essentially the regulation, amongst other things, requires every non–registered fund distributed in Switzerland to appoint a representative who is responsible for ensuring the marketing of the fund is in compliance with the law. The potential target market of professional and experienced investors now referred to as Qualified Investors has also been defined, and it is now a requirement that distributors of the funds are regulated and the fund appoints a paying agent.
Compliance of a fund with the law is mandatory from 1st March 2015 if any offering activities are being conducted to certain categories of Swiss investors, including pension funds, HNWI and private wealth managers, whether they be existing investors or new prospects.
Funds authorized for sale in Switzerland, either Swiss-domiciled funds or UCITS funds approved for distribution, have always been required to appoint a Swiss Representative and Paying Agent, so the new rules ensure a certain consistency. It should be noted that non-registered funds may only be offered to Qualified Investors and therefore the overall regulatory requirements are much lighter for this category of funds.
ARM Swiss Representatives SA
Route de Cité-Ouest 2, 1196 Gland – Switzerland.
For Representation services contact:
T: +41 22 354 25 33
M: +41 78 892 92 97
For Distribution services and ASR Link contact:
T: +41 22 354 25 32
M: +41 79 138 02 32