Our mission

We assist foreign fund managers/promoters to market and distribute funds in Switzerland in compliance with local rules.

Our aim is to untangle regulatory complexity by offering simple and efficient compliance solutions.

Our Swiss compliance services at a glance

1. Compliance with the Swiss Financial Services Act (“FINSA”)

2. Compliance with the Collective Investment Schemes Act (“CISA”)

• Swiss representation for UCITS funds offered to private/retail in Switzerland. This requires the fund to be registered with the Swiss Financial Market Supervisory Authority (“FINMA”)
• Swiss representation of Alternative Investment Funds (“AIFs”) offered to elective professionals in Switzerland

3. Active fund distribution services in Switzerland and the EU through FundRock’s Distribution network

General legal principles

FINSA, in force since January 2022, is a promoter-based regulation which requires that fund managers/promoters marketing a fund to Swiss investors/prospects (“Investors”) comply with various obligations as set out below.

CISA, in force since March 2015, is a product-based regulation which requires the appointment of a Swiss Representative (SR) and Paying Agent (PA) by the fund.

Swiss Regulatory Services

The Swiss Financial Services Act (“FINSA”)

Compliance with FINSA has been required since January 2022.

The FINSA obligations applicable to the manager/promoter of a fund depend on the regulatory status of the targeted investors.

Managers/promoters marketing a fund to Swiss investors need to:

  • Conduct a client segmentation of all investors
  • Ensure compliance with local organisational rules
  • Ensure compliance with local conduct rules
  • Undertake an ombudsman affiliation and join a Client Adviser Register if marketing DIRECTLY to elective professionals (HNWI's and family office type structures with no professional treasury operations, or advisors thereof)

The Collective Investment Scheme Act (“CISA”)

The applicable CISA rules depend on:

  1. The type of fund marketed: AIFs versus UCITS
  2. The clients targeted: private/retail or elective professionals
  3. Only UCITS (not AIFs) can be registered by FINMA for offering to private/retail investors

For UCITS funds registered with FINMA for offering* to private/retail investors, the rules remain largely unchanged:

  • Swiss Representative and Paying Agent appointment continue to be
    required
  • FRS conducts the FINMA filing and ensures that the local publication of funds’ information is made

For AIFs & UCITS (non-registered), since January 2022, the appointment of Swiss Representative and a Paying Agent is STILL required IF AIFs & UCITS are offered/distributed directly, or indirectly via local intermediaries to:

  • HNWI's**
  • Family office type structures** with no professional treasury operations***
  • Advisors of the above (unregulated)**
  • Banks and other regulated entities who would like to offer/market AIFs & UCITS to elective professionals but do not have preexisting investment management agreement (discretionary or advisory) with elective professionals

OR if the investors listed above have already invested in the AIFs & UCITS

* Offering to non-qualified investors is typically made via Swiss banks or banks platforms.
** Who opts to be treated as elective professionals.
*** A private investment firm or structure established for high-net-worth clients has a professional treasury when it appoints, internally or externally, an experienced person with financial qualifications to manage its long-term financial resources.

FINSA compliance (manager/promoter regulation)

  • Full assessment of applicable provisions of FINSA to the manager/promoter
  • Access to our online proprietary Investor Segmentation Database with over 1,000 Swiss investors duly classified in accordance with the FINSA rules
  • Ensure compliance with Swiss organisational rules via a gap analysis questionnaire
  • Ensure compliance with Swiss conduct rules via a client information notice
  • Ombudsman affiliation and Client Adviser Register appointment with third parties, if relevant
  • Regulatory monitoring on Swiss fund distribution matters

CISA compliance (product regulation)

Swiss Representation of FINMA regulated UCITS offered to private/retail Investors in Switzerland.

  • Appointment of FRS as Swiss Representative and selection of a Paying Agent
  • Preparation and filing for FINMA registration of the fund/sub-fund
  • Ongoing administrative and filing obligations with FINMA (amendments to fund documents, fund mergers, fund liquidations, etc.)
  • Local point of contact for Swiss investors and FINMA
  • Publication requirement with publication agency
  • Marketing documents in compliance with Swiss laws and regulations
  • Provision of fund documents to Swiss investors
  • Assistance with third party marketers’ agreements if required by the client
  • Regulatory monitoring on Swiss fund distribution matters

 

 

Swiss Representation of AIFs & UCITS offered to elective professionals and banks requiring a Swiss representative.

  • Appointment of FRS as Swiss Representative and selection of a Paying Agent
  • Due diligence of the fund and the manager
  • Local point of contact for Swiss investors and FINMA
  • Marketing documents in compliance with the laws and regulations of Switzerland
  • Provision of fund offering documents, free of charge, to Swiss investors
  • Regulatory monitoring on Swiss fund distribution matters

It is difficult to ascertain in practice if a Swiss Representative and Paying Agent continue to be required for AIFs & non-registered UCITS, because many funds are marketed indirectly via local intermediaries to elective professionals.

We are therefore offering our FINSA and Swiss Representative services at a very competitive rate to ensure our clients are fully compliant with the Swiss rules at the level of both the fund and the fund manager.

Distribution

We provide active distribution services in Switzerland for selected fund managers and offer guidance and insights into the Swiss asset management ecosystem.

Find out more on our Swiss Distribution page.

Anne Empain

Anne Empain

Country Head - Switzerland

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Stephen Allen

Stephen Allen

Business Development – FundRock Switzerland

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Distribution

We provide active distribution services in Switzerland for selected fund managers and offer guidance and insights into the Swiss asset management ecosystem.

Find out more on our Swiss Distribution page.

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